This Diwali my husband deducted an amount from the staff bonus and gifted them Insurance Policies instead. Did this make all his employees happy? Surprisingly, it did not! Most of them argued that they wanted to make other purchases and the Health and Insurance Policy could wait. My husband called for a staff meeting and tried his best to explain to them that his dicision is based on experience and let’s face it Life is UNPREDICTABLE! His idea was applauded by a few but criticised by the others. But he anyhow went ahead with his dicision.
A few days earlier, as we discussed about his Insurance Policy Gift Idea, my husband told me he was also pondering upon what plan should we choose for our son, the one most significant person in our lives. I had quite a few questions popping up in my head When he chose a child plan to which he replied in the following fashion.
– Why Invest In Child Plan?
• Why Not? Isn’t it our prime duty to safeguard our child’s future. The idea here is to safeguard his future even if something happens to me. Also with the rising expenses like education, marriage etc., savings will only help us meet his needs without worrying then.
It is better to start early to take advantage of compounding. Don’t vision this policy as a insurance to pay off liabilities but an essential investment made to safeguard our baby’s castle of dreams.
– But how will the premium be paid off if something happens to us?
• We will opt for waiver off premium rider, which means that if I am no longer there, the premium will be waived off and paid by the insurance company. The policy will continue without interruption and the amount will be given to our son on the maturity of the policy.
– What should we choose – an Insurance Plan or an Investment Plan?
• It is of utmost importance that we have an investment plan with a SMART (Specific, Measurable, Attainable, Relevant, Time-bound) goal. Investing with LIC ensures that you develop a Healthy savings habit, where the goal and the priorities are well defined. This ensures that you have enough money at different stages-when your child steps out of school to enter college, higher education, marriage, etc. So we must choose a plan that Best caters to the needs of our child.
– Why Now? Can’t we wait a little?
• Life is unpredictable and there are many what-ifs that we cannot ignore. You just never know what will happen to us tomorrow. But remember we are taking this plan considering the worst case scenario. We will definitely remain in a pink of health and take advantage of this plan together as a Happy family. But the sooner we take the policy the better it is for us and our child.
I am definitely convinced that one most significant investment that parents must make is a Child Plan. The one name that comes in mind when we speak of Insurance or Policy is Life Insurance Corporation of India (LIC)
LIC brings to us various such plans which help us plan our finances in an organised and smart manner that would ensure our child a bright future. They are specially designed to meet the increasing educational, marriage and other needs of growing children.
Last but not the least, the proposer of the policy can avail Tax Benefits u/s 80C of the Income Tax Act.
Incase you’d like to learn more about various Child Plans and choose the best one for your child, you must get in touch with a trusted individual. A person who would understand your needs as a parent and help you plan your child’s future better. We got our child’s LIC policy from one such trusted person who has been in the industry for over a decade. You could Contact Mr. Manjeet Singh to gift yourself and your family a life time of security.
Mr Manjeet Singh
phone – 986 913 2827
Email – Manjit2705@gmail.com