Insurance Products play an important role in future goals

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After the pandemic, Insurance products developed as the preferred choice of savings and investments for parents.

As they reflect, these as financial and low-risk tools to meet future goals.

According to the survey, based on an online self-administered quantitative process taken out with 11cities.

The responses are collected from the 1,333 parents with their children under the age of 10 years old.

The increasing cost of education from the pre-primary to post-graduation,  the desire of parents to give the best for their children,  recorded precedence to savings for education over other life goals such as carrier or marriages.

According to Unit Linked Insurance Plans surveyed, 2/3 of parents have invested in Life Insurance solutions.

It said endowment and moneyback plans for fulfilling their children.

The surveyed said most parents said they would prefer to save for their child’s higher education, as 40% recommended savings for their schooling.

A large group of the majority of the parents has already made a separate provision for their child’s educations.

This pandemic continues to roughcast a shadow over mental and physical, eductions, job security, and business success.

So most of the people were forced to cut down on their savings and investments.

According to a survey, parents choose those life insurance with a low-risk investment tool and a trustworthy financial instrument to cover the family against any future uncertainties.

When their child was around the age of 0-3 years, almost 60% of parents started investing for them.

A report said, almost 2/3 of parents believe that this is enough for investing.

However,  many households have experienced the challenges of cuts, job loss, uncertain business income, salary, and other financial stress.

Mostly, Parents have preferred the traditional career paths like (CA) Chartered Accountant, Teacher, Doctor, Engineer, Scientist, Pilot, and other tops career choices.

A survey report said Savings for their child’s future and breakthroughs began as the top priority for parents at 64% and 65% for medical emergencies.

It has followed by 54% the long-term wealth creation for the family and 41% building contingency fund or a corpus for rainy days.

Money-back life insurance plans seem to be the most popular choice among the parents, non-metros, and consistently across metros.

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