I wanted to buy an insurance policy for my 2-years-old son. Which LIC policy would be best for him?
-Anuj
Before you decide to buy insurance for your young child, make sure you have a term insurance policy for yourself. A policy covering you is more important because you have dependents who will need to be financially secure in case something happens to you. Once you have insured yourself, you can save for your child’s future by investing regularly in a well-performing, diversified equity mutual fund. You can begin with investing in an aggressive equity fund, and move your money to less aggressive funds as and when you reach closer to your investment goals.
This article was originally published on May 25, 2012.
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