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All parents want the brightest possible future for their kids. And without a doubt, a large portion of that possible future will be an education. However, quality education doesn’t come for free. School fees are rising with each passing year. But the cost of attending college goes up much higher. That’s why so many parents search for an insurance plan that will include an education allowance for kids.
A plan like this will help you save money and will also provide your child with money for education even when you are not there. It will make you happy because it will give your child a safe future.
I will share 7 child insurance plans with an education allowance facility. I will explain it all in easy words so that anyone with basic knowledge about English will be able to understand it. My intention here is to help you make an educated and optimal decision for your child.
Why You Should Consider Buying Child Insurance with Education Allowance
We will begin with a single concept. Who will then pay for your child’s school or college fees if something happens to you?
That’s why it is essential to have a child insurance plan. It will save your child from any financial troubles. A plan with a child education allowance will make sure that your child receives money on an annual basis or at a specific time for school/college.
Below are the best benefits:
- It assists you with planning for educational expenses in the future.
- It preserves your child’s dreams, even if things get tough.
- It trains you on how to save money.
- It provides life insurance and support for education.
Let us proceed and examine the 7 best plans.
1. Education Booster Child Plan
This plan is very easy, safe, and useful for parents who wish to have an easy financial journey.
It includes:
- Life insurance for the parent
- Payouts at critical educational points
- Special Children Education Allowance every year
It works well if you need a constant flow of money for school fees, coaching fees, and textbooks as well as stationery. It makes parents happy because they get to relax knowing that a child doesn’t have to put learning on hold.
2. Smart Future Child Insurance Plan
It’s a plan meant for parents who would like to be protected and have savings at the same time.
It provides:
- A good life cover
- A large lump sum amount at a higher education age
- Education allowance that will enable your child to learn without stress
It will be useful if your child goes to college because there are high costs associated with this stage. You will be able to select the amount your child will get.
3. Rising Star Child Education Plan
It is a highly sought-after child plan, as it aims at a long-term objective.
It will provide you with:
- Annual Education Payments
- A special top-up benefit
- A child education allowance rising with time
It’s a good plan if it’s usually the case that there’s an increase in fees year after year. The amount given will also increase, so your child will be assured there’s enough.
4. Secure Scholar Child Plan
So, if you want complete peace of mind, I would recommend this plan.
It includes:
- Life Insurance
- Premium Waiver: Your child will still receive benefits even if you are unable.
- Fixed educational payouts
- Guaranteed Children Education Allowance
One good thing about this plan is that it waives the premium. Even if something bad happens to you, your child will still receive benefits without paying anything.
5. Future Genius Child Insurance Plan
This plan will be formulated for parents who want to support their child’s higher studies.
It provides:
- Handling money in four ways during higher education
- An annual education allowance
- Savings + Insurance Together
This becomes useful when a child requires money at various levels, like entrance coaching classes, entrance into colleges, semester charges, and special courses.
6. College Support Child Education Plan
Tuition fees have become very high. It’s on account of that fact that this plan aims at assisting parents in coping with it.
It provides:
- A big lump sum amount at your child’s 18th birthday
- A Children Education Allowance every year
- Life insurance on the parent
This plan works. You save money, and your child receives excellent financial support at an appropriate age. The money given as an allowance can be enough for stationery, travel, hostel fees, and coaching costs.
7. Bright Steps Child Insurance Plan
It is an advantage for young kids because it acts as a long-term preventive.
It covers:
- Guaranteed payouts
- Education annual allowance
- It will provide insurance cover and benefit on completion of
It acts as a good plan for parents who would like a smooth and steady flow of money for school education. It will also be an excellent plan to start as soon as your child is young.
How to Choose the Best Child Insurance Plan
Various things should be considered while choosing. Since you are aware of the seven plans, let’s discuss ways on how you can select the most suitable plan for your child. All kids are different, and as a result, no plan will fit them perfectly. However, here are some easy considerations to ponder on:
1. Your budget
Choose a plan based on your savings amount. Do not select a plan that weighs you down.
2. Your Child’s Age
Younger kids need long-term plans. Older kids need short-term plans with rapid payoff.
3. Your Future Goals
Do you want money for:
- School fees?
- Coaching classes?
- College fees?
- Foreign Studies?
Your plan will depend on your objective.
4. Payout Options
Some plans award money bit by bit. Some award one big payment. Some award money both ways. Pick what works best for your child.
5. Education Allowance
As you would require plans involving children’s education allowance, check:
- How much allowance you will get
- When you will get it
- For how many years you will get it
It should be a practice to always select a plan that will provide an allowance big enough for educational requirements.
Why Education Allowance Matters So Much
Children Education Allowance is not just additional money. It’s a safety net.
Imagine these scenarios:
- You lose your job
- You have a medical emergency
- You can’t save for a couple of months
Will your child’s education be brought to an end
Because my allowance keeps arriving on time. That is why parents rely on child insurance plans for an education allowance. It promotes stability in life.
The Way a Child Insurance Plan Provides Peace of Mind
Parents are worried all the time.
Will my child learn well?
Will I have enough money?
What about if something happens with me?
A child plan relieves you of that fear. It says:
- “Your child will be safe.”
- “Your child will learn without interruption.”
- “Your child’s dreams will not stop.”
Having peace of mind is precious for every parent.
Conclusion
All parents want the best for their kids. And clearly, there is no better thing that you can provide for your child than a secured future. And without a doubt, education is the unshakable foundation for securing your child’s future. And with the best child insurance with education allowance benefits, your child will always have someone who will be there no matter what. All 7 plans we talked about are good, easy, and useful. Pick a plan based on your goals, your budget, and your child’s aspirations.
