After becoming a father you need to start planning for the expenses on your children's higher education, professional degree and marriage. Children's plan is a life insurance policy that helps you in sharing expenses in the future of your children.
Higher education in India, especially professional courses, is becoming expensive by the each day. The good old days of government support is practically over. Marriage is also an expensive event in the life of an average Indian. Insurance companies offer policies such as children's money back, which give a defined payout at a defined period for the need of the children. The most favorable aspect of a children insurance plan is that the money is clearly earmarked for the use of the child at a target date for a particular purpose, be it education or marriage.
According to children's plan, if something unfortunate happens to you as a parent, not only does the child still get the sum assured on maturity, but the interim premiums are also waived off.