Securing the future of your children is just as important as securing your own future. While it is considered that the future of children is safe when the parents are around, there are those instances where your absence could leave them facing financial problems. A child education plan will provide financial security at a time that matters. So whether you want to take financial control of your children’s education plan or daughter’s wedding plan, you can be sure that prior planning will play a key role to make one of the best decisions of your and your child’s life.
For most of us, supporting our child education or sending them in best schools, colleages and universities is our biggest dream. However we all know tht the cost of child education has gone skyrocket in the last few years and evening increasing day by day. Therefore you must plan to make the plan to save for your child education.
Who Offers a Child Education Plan in Pakistan
As highlighted below the following are few of the leading life insurance companies that offers a child education plan:
- Child education plan offered by Jubilee Life Insurance
- Child education plans offered by EFU Life Insurance
- Savings plan for college education offered by IGI Life Insurance
- Child education and marriage assurance plan offered by State Life Insurance
- ABC Education plan offered by Pak Qatar Family Takaful
- Education secure plan offered by United Insurance Company
Types of Child Education Plans
As highlighted above, most of the leading life insurance companies are offering child education plans in Pakistan. However those plans falls in one or another category as highlighted below. Thse plans come with the investment and insurance options as part of the policy. This then makes it possible for you to take control of the dates and the amount of any future payments that are made to your child.
Regular Premium Plan: This plan involves paying premiums until the child reaches 18 years of age. After this, the insurance company will then pay the recipient the total amount throughout the coming years.
Single Premium Plan: These plans involve a lump sum being paid once the policy reaches maturity.
Unit-Linked Child Plan: There are a number of advantages that come with these plans as well as good returns. They offer a number of withdrawal options and provide the right level of cover that offers high returns and over time, the value increases.
Money Back Plan: These plans offer an efficient way to plan and they can be used as a child plan. They are designed to meet the future expenses of the individual while also offering a regular income option.
Endowment Plans: These plans bring together the best of insurance and investment plans. After an agreed period of time, the investment aspect of the plans comes into effect. At the end of the endowment period, you will also receive a lump sum, making it a great option for saving for the future of your child.
How a Child Education Plan Can Benefit You?
A Child Plan will enable you to plan the provision of school fees in the unfortunate event that you pass away (God forbidden). The insurance company will pay the fees up to an agreed amount to cover the cost of education essentials.
Additional Reading: Savings for Children Education – a Myth or a Reality
It is common for children to have interests and hobbies that can prove to be expensive, especially if you want to support them in every way. If you invest in a child plan, your insurance provider will give you the financial support you need. Every parent wants their child to have the wedding of their dreams and this means that a Child Plan can help you to save for that important moment in their life. The cost of the wedding will be covered by the insurance provider.
A Child Plan will also make it possible for you to ride out financially unstable times by making the right investment choices. Over time, this investment will bring excellent returns, ensuring that they are significantly higher than what you invested.
The cost of higher education can spiral to a significant amount but a child plan will enable parents to help cover the cost of tuition. This will help your child to pursue their dreams and get the future they deserve.
Whatever Your Need, Always Compare
The important thing to remember when it comes to finding a child plan is to ensure that you compare cover from all providers. They can vary in cover, investment options and cost and so, Mawazna.com can help you to quickly compare cover across all providers in just a few seconds. This enables you to find the right cover for you and at a cost that you can afford.
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