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How Can ULIPs Help You Plan for Your Child's Future?

One of the ways to ensure your children's future is by investing in financial tools like the ULIP policy that yield good returns, as ULIP policy allows us to invest in insurance as well as investments.

  • 2,383 Views | Updated on: Jan 10, 2024

Parenthood is one of life’s most significant experiences. This wonderful stage of life brings an abundance of love, joy, and fulfillment, as well as a sense of additional responsibility to provide your kid with the finest of everything.

As parents, you frequently feel inclined to guarantee our children’s future financially and plan for their ever-increasing expenses and requirements. However, this is when it becomes critical to plan financially for your children’s future to ensure they receive the greatest possible education, lifestyle, and much more.

The cheat code to ensure your children’s future is investing in financial tools that yield good returns!

One of the ways to yield good returns is investing in a ULIP policy. It is one of the best choices to go ahead with since you will know exactly how to achieve these results. The basic idea of ULIP is investing your premium amount in two components: namely insurance and investments.

A Unit Linked Plan is an insurance-linked investment that provides policyholders with both investing and insurance advantages. When policyholders purchase ULIP insurance, they must pay premiums to the insurance provider on a regular basis. The insurer provides the insured with life insurance for a set period. In addition, policyholders have the option of investing in equity funds, debt funds, or a combination of both in the ULIP scheme.

Reasons to Invest in a ULIPs for the Well-Being of Your Children’s Future

ULIP Child future

  • Best Education Opportunities

Education costs are continuously rising in our country. Over the next few years, things might be or might not be better but the current upwards trend is disturbing. With foreign education also becoming one of the common routes, the cost of higher education increases with respect to currency conversions too.

In between all this, if you do not plan for your little one’s future now, it will be difficult to get them the quality education they deserve to survive in a highly competitive world.

By investing in ULIP years in advance, you can build start building up a corpus now onwards so you don’t have to worry about them 15 years down the line. As long as monthly premiums are paid, the ULIP fund will flourish, allowing your children to follow whatever degree they choose at any university/college of their choosing.

  • Financial Safety Net Even After You’re Not Around

All parents are undoubtedly concerned about not preserving and fulfilling their children’s dreams. With ULIP insurance, you can guarantee that your children’s life aspirations are not harmed in the event of your unfortunate demise. Furthermore, even if you are not present, the children will have a solid financial safety net thanks to the lump sum payments handed out as death benefits.

  • Keep Debt Away

You may have to rely on loans and external finance to support your children’s school or pay for their wedding expenditures if you don’t have an investing alternative like a ULIP policy. However, if you have a solid investing strategy in place, you can avoid falling into this debt spiral. To safeguard your children’s life objectives, you could look at the success of the ULIP linked plan in the past.

  • The Habit of Saving

When you invest in a ULIP policy, you don’t have to worry about whether or not you’re saving enough because the premiums have already been set aside on a regular basis. To deal with any unforeseeable problems, you may always take a partial withdrawal from your funds.

To summarise, ULIPs provide a number of advantages due to its one-of-a-kind hybrid feature of insurance and investment, ensuring that the policy’s lump sum benefits combined with high investment returns is a feasible alternative for securing your child’s future.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

In this policy, the investment risk in the investment portfolio is borne by the policyholder.

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