As of these days, formulating a proper financial plan has become one of the essential aspects of every individual’s life. Without an adequate financial plan, it is very tough to survive in this world unless and until you are already a billionaire. In India, inflation has steadily been on the rise each year, thus reducing the purchasing power of your money. An individual has various life goals such as purchasing a car, house or financing children’s education, marriage or retirement. All these life goals can only be fulfilled if your finances are very well-planned. A financial plan includes insurance planning, investment planning and retirement planning.
Insurance planning is one of the critical portions of any financial plan as it protects an individual financially in case of occurrence of any unfortunate event. In most cases, one cannot avoid an unfortunate incident but a person can prevent himself from financial burden by insuring himself against the same. In India, insurance companies offer various types of insurance plans on the basis of various individuals' needs. One of the insurance plans offered by insurance companies is the children’s insurance plan. This insurance plan is available as a Unit-Linked Insurance Plan (ULIP) or Endowment Plan.
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