Best Insurance Policy For Girl Child

One of the most secure ways to ensure financial stability for your girl child is through life insurance and long-term investments or a combination of both. The best child insurance plans offer dual benefits of savings and insurance protection in addition to offering periodic payouts to fund the child’s needs. Read along to find an insurance policy that best fits your daughter’s requirements and also aligns with your goals.

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Investing in your child's future:A wise decision & a loving choice
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Need For Child Insurance 

Children are dependents who rely on their parents for education, basic standards of living, etc. A child insurance policy helps a parent ensure that the child does not have to suffer financially should anything untoward were to happen to the parents. The best insurance policy for girl child will be one that pays out a maturity fund or a death benefit to the child at the end of the policy term or on the death of the parent, respectively. This assured sum of money shall allow a parent to secure the financial future of the child. In turn, the funds can be used by the child to pursue their dreams and ambitions while keeping up with the rate of inflation.

Types Of Child Insurance Policies For Girls

The following types of insurance policies can be bought by parents for their girl child.

  • Term Insurance - Term insurance is a type of pure risk life insurance policy that offers an assured death benefit to the family of the deceased life assured. Your girl child can be named a nominee of the policy, which will ensure that the death fund goes only to her and for her benefit. If the child is a minor at the time of your death, you can name an adult to oversee the fund value till the child reaches the age of 18 years. 

    Notably, term insurance now comes with the return of premium benefit on maturity which means that you do not lose out on the money invested on the cover in case you survive the policy term.   

  • Child ULIPs - One of the best insurance policies for girl child is a ULIP. These are unit-linked insurance plans meaning that a part of the premiums goes towards investments in market instruments such as stocks, bonds, etc. The other part goes towards the insurance protection aspect of it. The ULIP component ensures that the money a parent invests grows substantially based on the market performance of the funds. The accumulated fund value is paid out to the girl child on the date of maturity. 

    The insurance component ensures that even if the parent dies within the policy term, the money remains invested for the child to access the full corpus later, while also waiving off future premiums in some cases. 

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  • Child Education Plans - The importance of education cannot be undermined and every parent should do everything in their power to ensure that their child receives it. Education for the girl child has garnered a lot of attention in the last decade with the government of India introducing schemes such as the Sukanya Samriddhi Yojana for girls. 

    Insurance protection has the potential to cover your girl child’s education and keep it continuing till the child achieves financial independence. From higher education to studies abroad the growing cost of education should not deter your child from getting the right education in your absence. Child education plans can help you offset any financial limitations in the case of unfortunate circumstances.  

  • Money-back Plans - These plans are well suited if you have a plan in place for your child’s expenses. These are endowment-based schemes that offer guaranteed payouts at periodic intervals. Be it schooling, college or studies abroad, you can plan every stage of your child’s future based on the expected returns from these policies. 

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List Of The Best Insurance Policies For Girl Child

Child Plans Type Entry Age Maximum Maturity Age Minimum Annual Premium Minimum Sum assured
ICICI Pru SmartKid Plan  ULIP 20-54 years NA Rs. 45,000/-  Higher of (10 x Annual Premium) or (0.5 x Policy term x A.P)
HDFC SL YoungStar Super Premium ULIP 18-65 years 75 years Rs. 15,000/- 10 X annualized premium
Aviva Young Scholar Secure Plan  Child Education Plan Parent: 21-50 years
Child: 0-12 years
60 years Rs. 50,000/- 10 X annual premium
Bajaj Allianz Young Assure Traditional Savings Plan 18-50 years 60 years N/A 10 X Annualized premium
Bharti AXA Life Child Advantage Plan Money-back 18-55 years 76 years Depends on Minimum Sum Assured Rs. 25,000/-
Future Generali Assured Education Plan  Child Education Plan Parent: 21-50 years
Child: 0-10 years
67 years Rs. 20,000/- N/A
Birla Sun Life Insurance Vision Star Plus Money-back 18-55years 75 years N/A Rs. 1 Lakh
Exide Life New Creating Life Insurance Plus Child Savings Plan Parent: 18-45 years
Child: 0-17 years
60 years Rs. 25,000/- Rs. 1,62,380
SBI Life Smart Scholar  ULIP  Parent: 18-57 years
Child: 0-17 years
65 Years Rs. 24,000/- Higher of (10 x Annual Premium) or (0.5 x Policy term x A.P)
Max Life Shiksha Plus Super ULIP 21-50 years 65 years Rs. 25,000/- Rs. 2.5 Lakh
SBI Life Smart Champ Insurance Plan Child Savings Plan Parent: 21-50 years
Child: 0-13 years
70 years Rs. 6,000/- Rs. 1 Lakh

Disclaimer: Policybazaar does not rate, endorse or recommend any specific insurance provider or insurance product offered by any insurer.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:-
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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