10 Smart Actions Every Indian Parent Should Take, Once Their Baby Is Born.

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10 Smart Actions Every Indian Parent Should Take, Once Their Baby Is Born.

8. Don’t invest in CHILDREN PLAN
The moment you become parents, apart from the joy and happiness, some part inside you will also be “very worried” about the kid’s future and how you will provide him/her best in life. This is the perfect mis-selling moment on the name of kid by various agents. All the insurance agents will come to you and try to sell you a CHILD PLAN. You will be sailing on the emotional boat at that moment and you will hear sentences like – “Gift you kid his bright future” and “This is the perfect thing you can buy for your kid in the start”.
While I am not against any policies and plans, but these Child Plans are often designed to exploit these kinds of emotions and things are bundled in such a way that they look over attractive proposition to a new parents for their kid. Inside the product it’s often the mix of insurance and investments with some kind of payout on regular basis. These are high on costs and a bit complex products. It’s nothing but slightly changed versions of ULIP’s or traditional insurance plans.
In case you are really impressed with those products, my suggestions is to wait for some months, and later study them properly and then buy them if you are fully convinced about them. In general I would recommend any new parent to insure them with a simple Term plan and either open a Recurring Deposit or just invest in a simple mutual fund with SIP route to start with.

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