Which insurance policy a must have for children?

The most important ones are hospitalization and personal accident plans - these two HAVE to be in place as soon as your child is born. The reason is simple, it helps to cover anything that might happen from Day 1 - and if anything happens before you get covered, it'll be a lot harder to get insurance coverage after! After that, the next thing you should look at would be critical illness covers and saving plans. If you can afford it, the best would be having critical illness covered as soon as you can too - especially early critical illness :) Savings would be the next when you have your finances settled, endowment plans would help you to set aside the cash necessary for further education!