Consider these 9 things before investing in mutual funds!

Daughters are the most precious member of the family who is always loved by their parents, grandparents, and siblings. While they are always protected and nurtured with extra care and sheer love throughout their lives, daughters’ day is marked as a significant day to express affection extraordinarily towards them. Indeed, they are assured with complete security and reverence in every aspect, but different types of insurance plans can add value to their lives from financial and health perspectives.

There are different plans that parents can buy for their daughters that can play vital roles at different stages of her life by accomplishing their needs and requirements. To start with, health protection is predominant of the baby girl as new born need doctor’s visits at regular intervals and at times she may need medical observation for some reason. Thus parents must include their baby girl in their family health insurance plan to ensure that she meets the medical facilities and treatments at the time of need. By this, parents can give a shield to her life as well as save money from medical expenses that can be utilized for a better reason for the daughter.

While, the family floater health insurance plans permit the kids to be part of the plan till the age of 21 or 25 years of age, depending upon the plan. But after that, she shouldn’t be left unprotected because medical emergencies can arouse anytime and anywhere. Hence it is always paramount to secure the life of the daughter with an individual health plan that can for the longest term of her life.

In fact, there are several women-special health insurance plans, designed to cater to the health needs of women particularly, which can be a great option for daughters. These are comprehensive health insurance plans that also encompass the treatment for critical illness diseases related to women’s health. Additionally, some insurance plans also offer a payout of 50% of the sum insured in case of birth of a child with congenital disabilities.

In the era of 2021, every parent has a dream to make their daughter independent, career-oriented and financially stable in their lives by giving them the highest education qualification. Child Investment plans are devised to arrange the funds for kids’ higher qualification as studying in top university/ college and abroad is an expensive affair and parents want money to be the last hindrance in the growth of kids especially daughters. Thus, a Child plan i.e. combination of savings and insurance plans allows parents to build a strong financial corpus that can be used to meet the child’s future needs like education. In fact, these child plans are helpful to assimilate funds for a daughter’s marriage that is a grand affair in India.

In a child plan, the premium is paid for a selected time period which becomes the policy term. Once the policy term ends, the insurer provides a lump sum amount of the plan in the form of maturity benefit. Moreover, in case of an unfortunate event happens with the parent during the policy term, the entire life cover amount of the plan is given to the nominee who is responsible for taking care of the daughter in the future. The insurance provider waives off all future premium payments for the remaining policy term to ensure that the daughter’s future is always secure.

Last but not the least, every parent must buy term insurance to ensure that their daughter’s requirements are not compromised in their absence. The term insurance that promises to safeguard the needs of the kids can play a lead support role in the life of daughters by fulfilling their dreams to make her self-reliant.

(The author is Founder & CEO, PolicyX.com; views expressed are personal)