Which is the best LIC insurance plan for my child? Kareem khan, 05 Nov 2012

Which is the best LIC insurance plan for my child? I need help in knowing the best LIC s insurance plan for my 5 years child.

Fintotal Answer

Insurance is meant to cover risk to life and consequent loss of income for dependents. Your 5-year old child does not have dependents and surely does not need an insurance plan. Kareem, What you need to build for him/her is a long term investment plan for education, marriage, etc. You are looking at LIC traditional plans or ULIPs which are insurance cum investment plans. They are a poor match to mainline investment products like mutual funds in terms of returns and charges. Right, we understand the agent what the agent told you was different.  Start an SIP with one of the best diversified equity mutual funds and stay invested until your child needs the money. You would do phenomenally better through a good SIP than through any LIC plans. Hope this answered your query. Read http://www.knowledge.fintotal.com/financialplanning/Best-Investment-Plans-for-Children/6478 for more on this

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