Which Is The Best Insurance Policy For A Child?

There are several types of insurance policies available for children, depending on the specific needs and financial goals of the parents or guardians. Here are some of the best insurance policies for children:

• Child insurance plans: These are specially designed insurance policies for children that provide financial protection in case of the parent's or guardian's untimely demise or disability. They also offer savings and investment benefits, which can be used for the child's education or other future needs.
• Endowment policies: These policies provide a guaranteed sum assured along with bonus additions at the end of the policy term. They offer financial protection and savings benefits, which can be used for the child's future needs.
• Unit-linked insurance plans (ULIPs): ULIPs are insurance policies that also offer investment benefits. The premiums paid are invested in market-linked funds, and the policyholder can choose the level of investment risk based on their risk appetite and financial goals.
• Money-back policies: These policies offer periodic payouts of a percentage of the sum assured during the policy term, which can be used for the child's education or other future needs. In case of the parent's or guardian's untimely demise or disability, the policy provides the full sum assured.