IndianMoney Complaints: Cheated while buying a child insurance policy

Child insurance plans are one of the fastest growing insurance products in India. A child insurance policy is one of the best investment tools to secure child’s future as well as build corpus over a period of time and fulfil investment goals.

What is child insurance policy?

A child insurance policy is a combination of insurance and investment that ensures a financially secure future for your child. The child insurance policies are designed in a manner that financially secures the child’s future in case of untimely demise of the parent as well as helps build a corpus over a period of time. These plans provide flexible payouts at important milestones of child’s education. These plans also allow people to achieve their long term investment objectives.

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Best child education plans in India:

Child insurance plans help individuals build a corpus over a period of time to secure his/her child’s future. On maturity these plans pay a lump sum amount which can be used to pay the child college fees or marriage expenses. In case of death of the parent/ policy holder, the child/nominee receives the death benefit as promised while purchasing the policy. Listed below are some of the best child insurance plans in India:

• Bajaj Allianz Young Assure
• Aviva Young Scholar Advantage Plan
• Max Life Shiksha Plus Plan
• MetLife College Plan
• SBI Life Smart Scholar
• Aegon Life Educare Advantage Insurance Plan
• ICICI Pru Smart Kid Assure Plan

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Child insurance frauds:

Insurance frauds are everywhere. But, insurance frauds happen due to lack of knowledge on the part of customers. Some investors also invest in any scheme that is recommended by insurers.  Unscrupulous agents take advantage of the low level of financial literacy in India. Listed below are the ways in which people get cheated while buying insurance plans for their children:

• Less coverage for the premiums paid: a child insurance policy is an investment scheme to secure child’s future by paying premiums for a certain period of time. Carefully go through the different policies and choose child insurance plans that provide maximum coverage and come with added benefits or riders, especially waiver of premium rider. Sometimes people tend to avail child insurance policies without understanding the terms or the coverage. They may feel cheated on realizing there are better policies available in the market, that charge lesser premiums on sum assured.
• Mis-selling of child insurance policy: sometimes your insurance agent or bank will convince you to buy a child insurance policy. Do not buy a policy in lieu of some other policy or without knowing details on the policy. Make sure you go through the policy carefully and read inclusions and exclusions thoroughly before investing. Your bank or agent might not disclose the terms or the exclusions and you might feel cheated later on.
• Claim settlement ratio: before buying the policy for your child, check the claim settlement ratio of the insurer. You can check the claim settlement ratio online and then decide on the purchase. Do not buy policies from insurers that have low claim settlement ratio. Always make sure to check the claim settlement ratio of insurers before zeroing in on the right one.

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