Child Marriage Plan: In our society, as parents, we have to plan/invest for child’s education as well as for the marriage expenses, as it’s mostly higher then education expenses, and there is no limit of expenses in this particular head.
We have different plans which are suitable for child’s marriage planning with insurance coverage of the parents;
- Endowment Plans: We can have endowment insurance plans, which help to get lump-sum money at particular time and for the same period there will be risk coverage of insured parents.
- Unit Linked Insurance Plans: As you are inclined towards the equity / Mutual Funds, then it’s the best option as it beat the returns of Mutual Fund with the unbeatable benefits of insurance. In long term ULIP, it’s not deal of loss, you can see last 10 to 20 year from today.
- Money Back Plans: Money Back Plans are another best option, in money back plan there guaranteed returns and try to choose plan with discounting and deferment features available there. As date of marriage is not fixed and may money be needed in particular time span, to beat the need at time span, plan’s discounting and deferment feature definitely help out here.
You are thinking that there are many ideas other-than insurance’s marriage plan, then why we go for the insurance;
- Returns will be tax-free u/s 10(10D), as not in Mutual Funds.
- Premiums will be tax exempted u/s 80(c).
- In ULIP, we are offering best returns over the Mutual Funds.
- If you are thinking to invest in property, it’s not bad idea, but why you sold it for just marriage, you can gift it to your children as asset that will help them for rental income, as property not easy to purchase as easy to sell.
- If thinking, about investment in gold , you can see, after demonetization, Gold and Property are not profitable, as it was earlier.
- And most important reason, that if there any mishap with the insured parents, even then there will be no effect on planning done by them, if rider “waiver of Premium” opted or inbuilt in the insurance plan. You will got higher returns ever in comparison to any Financial Product.