Which are the Best ULIP Plans in India for Children?

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Which are the Best ULIP Plans in India for Children?

Which are the Best ULIP Plans in India for Children?
  • 15th Apr 2022 |
  • 4,154

Securing your child’s future is your primary concern as a parent. Given the exponential increase in the cost of living and financial requirements with time, you are deeply vested in finding the right solution for securing your children’s financial needs.

ULIP child plan is a financial tool that can help eliminate this woe. When you opt for a ULIP for child plan in India, you ensure they benefit from life insurance and the financial market. This will help you keep up with market inflation and simultaneously support them in fulfilling their dreams of future education or other essential requirements.

Also, since so many financial tools are available in the market, choosing the right one for your child’s future is tricky. Moreover, as you are unaware of the future and the kind of financial requirements that might occur to fulfil their needs, it is essential to make the right choice to serve your child’s future goals in their most crucial time.
This article will highlight how to identify the best ULIP plans in India for children. And we will also highlight the benefits of the ULIP child plan in India and why you should opt for the child ULIP plan.

Why do we need a ULIP for a child?

ULIP child plan in India is a financial tool that supports your child with a life insurance cover in case of any unfortunate event. It ensures their basic needs are served before they are old enough to take responsibility. By investing in the best ULIP plan in India for your child’s future, you provide for their cost of living, including education and other basic needs.

Some of the benefits of ULIP are:
This is a significant reason why a parent should do their research before choosing the best ULIP child plan in India.

  • Helps in providing basic facilities to your child in case of your absence
  • Pays for your child’s education
  • Allows partial withdrawal of funds as per the policy terms

How to identify the best ULIP plan for children?

Choosing the best ULIP plan in India for your child can be tricky. The market’s various types of ULIP plans significantly differ in their policy guidelines and offerings. But, more or less, most of them give you a vivid portfolio of funds to choose from. Still, you also have to check their performance in the past and consider other factors like additional charges and the cost of switching funds, among many other factors. Some of the major factors to consider are as follows.

Decide Insurance Objectives

Prior to choosing a ULIP plan, one should decide what their insurance goals are. In the case of a young person, both current and future family needs must be taken into account because the insurance coverage must be sufficient in the event that the insured suffers a loss. The number of children one intends to have, or family planning, is a crucial factor. It is critical to realise that ULIPs are long-term investment vehicles. To get the most out of an investment in a unit-linked insurance plan, one should be clear about both the investing and insurance objectives.

Analysis of Personal Investment Goals

Every investor must first evaluate their long-term financial goals before selecting a ULIP plan. A ULIP must be chosen that aligns with both the investment horizon and the investment objectives.

Compare ULIPs

To choose the plan that is ideal for a person’s specific needs, a thorough comparison is necessary. Online insurance comparison websites is one of the options for conducting the comparison, in addition to the conventional offline method. The websites rank and compare ULIP plans from various insurance firms based on factors including sum assured value, policy duration, and other fees, highlighting the significant variations between ULIP plans.

Decide Investment Goals

Investment objectives are crucial. Before choosing these objectives, one should give it enough time and thought. Investment objectives can range from having a corpus for the children’s future higher education needs to having sizable cash for the child’s marriage. Additionally, one of them can be having the required money to fulfil your post-retirement commitments. One’s investment goals should be accorded the utmost attention. Once these objectives have been established, one can search for ULIPs with advantages that sufficiently achieve the objectives.

Top features of the best ULIP child plans in India

As stated above, picking the best ULIP plan in India for a child from a pack of multiple ULIP plans for children can be challenging for parents. However, some of the top features you must look for while picking up a ULIP for a child are:

  • Joint life cover
  • Death and maturity benefit the beneficiary
  • Tax exemption on premium payment and maturity benefits
  • Diverse fund options (portfolio) to choose from
  • Multiple free fund switching and minimal switching cost post utilization of free ones
  • Auto rebalancing
  • Loyalty bonuses and other bonuses, etc.

  • As a parent, you should go through deep research and read the ULIP policy guidelines carefully before opting for a policy from an insurer and check all the costs and benefits involved. The features mentioned earlier are the must-haves in child best ULIP plans to be considered the best ULIP child plan in India.

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