When you buy a life insurance plan, it is vital that you figure out who will receive the money that the policies pays, once you are gone. So, it is important to understand the role of a nominee and the manner in which a child insurance plan works
Always consider various economic conditions such as inflation, cost of education and standard of living, etc. while selecting the best child insurance plan. These factors will help you know the actual costs or expenses for your child’s future needs.
Experts suggest investing in a child insurance plan at the earliest possible. This will help in building a large corpus to fulfil your child’s future needs. It would be wise to invest in a child plan when your child is a year old than invest when he is 12 years old
In case of death of the parent during the policy tenure, insurance companies waive off the future premiums, continue the policy and the child receives all the plan benefits at maturity. This can also be taken as a rider.
It is important to understand the policy terms and conditions before buying the same. This is how you will understand the functioning of the child insurance plan, its benefits and the returns that the plan offers. Comparing various child insurance plans considering what is covered and what is not, will help you buy the best child insurance plan.
It is best to buy a child insurance plan from an insurer who boasts of a high claim settlement ratio. This will ensure a quick and hassle-free claim process and settlement during the tough times. Mentioned below is the step-by-step procedure for claiming child plans
On successful registration of the claim, submit other reports and supporting documents
Mentioned below is the list of documents required for avoiding any claim rejection. These documents may vary on a case-to-case basis.
Yes. You can avail the rider benefits offered by the insurance company to gain additional protection and benefits.
This depends on the policy holder’s requirement and the size of the cover. One can start with a minimum premium of Rs 500 every month. The premium may vary from insurer to insurer.
You very well know that you’ve paid for it but are hoping to never require using it! When you file an insurance claim, you probably have suffered some type of loss or damage that is insured by your Insurer. This is when your Insurer offers you coverage and compensation for the losses covered or for the damages after validating your claim. So it is vital to be familiar with the claim process to avoid any headache at the later stage.
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