Myth 3: The Policy Can Only Be In the Name of the Person Who Buys It

Fact 3.

Anyone with a regular source of income and who is not a minor can buy a policy, either in their own name or in the names of their spouse or children. Some insurers offer a joint insurance policy to cover both spouses under a single policy. 

Parents can invest in a child plan to protect their children’s future needs. In case the child is a minor, once he/she attains the age of 18 years, the policy vests in the name of the child.