There are a few moments in a person's life when one has to dig deeper into their pocket. The wedding of your children is one of them.

So, it will be wise to buy an insurance policy in their name so that you are not caught off guard when the big occasion arrives for your child to tie the knot.

The Marriage Endowment Policy Plan, an insurance policy, can be a good option to afford the expenses related to the marriage ceremony.

Jiban Bima Corporation, the state-run life insurer, has introduced such a scheme. In fact, the corporation is the first insurer in Bangladesh to have pioneered the policy.

The scheme's main goal is to help parents remain stress-free, meet the expenses, and enjoy the occasion.

The premium could be as low as Tk 10,000 per annum. There is no upper limit. The premium will be fixed as per the parent's income.  Anyone aged 20 to 50 can purchase it. The policy can be taken for a minimum period of five years and a maximum of 20 years.

One can open the policy with the help of an agent or directly at the insurer's office. Jiban Bima has 450 offices at the upazila level in the country.

In order to open the policy, a customer needs to submit three copies of photographs and the national identification card along with the beneficiary's birth certificates and photographs.

The Marriage Endowment Policy Plan is a bit different from others: there is no scope to receive the entire insurance amount with the bonus before maturity.

"In case of the untimely death of the policyholder before the maturity, all premiums are waived, and the original insured money is available with the full bonus at the maturity," said Sheikh Khairuzzaman, assistant general manager of Jiban Bima Corporation.

In case of the death of the child insured, all premiums paid except for the first year are refunded along with the bonus. The insurance may also be continued for another child.

"The policyholder will be able to meet the expenditures of future emergencies if they purchase the policy for a sufficient period of time," said Khairuzzaman.

Sheikh Rakibul Karim, acting chief executive officer of Guardian Life Insurance, says Guardian Life has a very robust policy, Child Protection Plan (CPP), which helps customers plan a beautiful future for their children.

At the end of the term, the policyholder can get an attractive maturity value along with accrued bonuses. The amount can help the child pursue higher education or attain other major milestone events like marriage, entrepreneurship, or settlement abroad.

The level of support to the child multiplies significantly if the policyholder expires while paying the premium. Some 15 per cent of the sum assured is immediately paid to the legal guardian to mitigate the initial shock and make sure that the education of the child doesn't stop.

After that, 1 per cent of the sum is provided every month to the child as a stipend until the end of the term so that the beneficiary can continue studies smoothly. By the end of the term, the full maturity value along with accrued bonuses are paid to the child.

"This is a highly effective policy that can be of great benefit for policyholders, their families and their children," Karim said.

Md Jalalul Azim, managing director of Pragati Life Insurance, said all insurers should introduce this type of policy considering the context of Bangladesh where parents usually provide for the expenses of marriage.

"A lot of money is spent on marriage, which many families struggle to afford. So, opening a marriage insurance policy could be a good support for them."