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Everything You Need To Know About Buying Life Insurance For Your Grandchildren | Bajaj Allianz Life

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Everything You Need To Know About Buying Life Insurance For Your Grandchildren


May 31, 2022

By : Bajaj Allianz Life

One of the greatest and proudest events in a grandparent's life is the birth of a grandchild. Your grandson/granddaughter may look up to you as a role model in the future. To set a good example, the present you choose for your grandchildren should be one that will last a long time. This necessity may be met by life insurance for grandchildren.

Aside from being a lifetime companion, life insurance for children may also assist in ensuring your grandchild's financial future and provide financial security by building a corpus of market-linked wealth by the time your grandchild is ready to leave their nest. If you're searching for insurance for grandchildren, here are some of the things to know about them:


The Workings of Insurance Plans for Children


In India, there are different kinds of life insurance for children. A whole life insurance policy, a Unit Linked Insurance Plan, an endowment plan, or a guaranteed returns plan are some of the options. Many other variations of these common kinds of insurance policies are available from various insurance companies.

When it comes to buying life insurance for children, parents, and grandparents may find that choosing ULIPs makes for a preferred option. The returns on these plans are market-linked.


Minimum Entry Age


In India, the minimum age for life insurance policies varies depending on the insurance company and the kind of policy you choose. There are life insurance policies with a minimum entrance age of 0 years, for example. As a result, such insurance may be purchased even for newborns. There are also savings and further education plans that need your grandchild to be at least 18 years old. Grandparents may prefer these policies to help secure their grandchildren's financial and professional futures.


Wrapping Up


If you want to give your grandchild something important, practical, and long-lasting, life insurance may be one of the preferred possibilities. Contact an insurance company such as Bajaj Allianz Life to learn more about the many plans available and to choose the one that you feel is the suitable match for your grandchild. Before you buy, make sure you understand the plan, its advantages, and its restrictions to prevent any potential setbacks in your financial security.


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The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information. 

The views stated in this article is not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on carefully before concluding a sale.