For a child’s future we now have insurance plans specially designed for them. The plan is made in such a way that once the child grows up or at a specific target date, he has sufficient funds to either pursue his education or for marriage.

These policies are a mix of life insurance and investment. In child insurance plans a small portion of the premium is goes toward providing the life insurance of the parent and a large portion of the premium goes towards the investments. In an unforeseen event if the parent dies within the premium paying period the policy continues and the future premiums are waived off and the beneficiary that is the child gets the Sum Assured and all other benefits and along with the bonus.