Which Is The Best Plan For Girl Child?

Picking the best plan for your daughter may seem like a task but it is important that you do your research before deciding. Most parents look for a comprehensive plan that offers well-rounded coverage as well as wealth creation prospects. A child plan with a ULIP component might prove to be the best option for your daughter.

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  • Insurer pays premium in case of loss of life of parent

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How To Choose The Best Plan For Girl Child?

Your daughter deserves the best and she should be secured with the best financial instruments out there. To know which is the best plan for your girl child, you need to identify what your goals are. Take into consideration the rate of inflation, her age, your annual income, time till she attends school or college, cost of education, and living expenses if she chooses to pursue a field in a foreign country. All of these factors influence the choice of plan. 

Why Should You Choose ULIPs For Girl Child?

Ideally, ULIPs can earn you the best returns as well as offer financial respite in case of eventualities. Some of the key benefits of ULIPs are:

  • These plans invest a part of the premiums in equity and debt funds that generate significant returns to grow a huge corpus. 

  • Although the investment risk is borne by the parent, ULIPs come with a range of low and high risk fund options which balances out the risk involved. 

  • Moreover, the insurance component of these plans makes sure that your family is taken care of in your absence. 

  • Notably, most child ULIPs waive off future premiums payable in such cases but keeps the money invested till the end of the term to continue generating returns for the child.

In addition to growing your savings, you should also consider buying a term insurance policy that offers financial assistance to your family in case of your demise. A combination of these policies for your girl child can give her comprehensive protection, without her struggling to finance her education or other needs. 

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Best Plans For Your Girl Child

The table lists the best investment plans for a girl child along with child savings plans for parents with varying risk appetites. The following plans can be the best fit for your girl child and help give wings to her dreams and aspirations:

Plan Name Type Of Plan Eligibility Criteria (Premium, SA, Entry Age)
SBI Life Smart Scholar Child ULIP Minimum Annual Premium - Rs. 24,000/-
Minimum Sum Assured - Higher of (10 x Annual Premium) or (0.5 x Policy term x A.P)
Entry Age - Parent: 18-57 years; Child: 0-17 years
Aviva Young Scholar Secure Plan Savings based Insurance Plan Minimum Annual Premium - Rs. 50,000/-
Minimum Sum Assured - 10 X annual premium
Entry Age - Parent: 21-50 years; Child: 0-12 years
ICICI Pru SmarKid Plan Child ULIP Minimum Annual Premium - Rs. 45,000/-
Minimum Sum Assured - Higher of (10 x Annual Premium) or (0.5 x Policy term x A.P)
Entry Age - 20-54 years
HDFC SL YoungStar Super Premium Child ULIP Minimum Annual Premium - Rs. 15,000/-
Minimum Sum Assured - 10 X annual premium
Entry Age - 18-65 years
Bajaj Allianz Young Assure Savings based Insurance Plan Minimum Annual Premium - NA
Minimum Sum Assured - 10 X annual premium
Entry Age - 18-50 years
Max Life Shiksha Plus Super Child ULIP Minimum Annual Premium - Rs. 25,000/-
Minimum Sum Assured - Rs. 2.5 Lakh
Entry Age - 21-50 years
SBI Life Smart Champ Savings based Insurance Plan Minimum Annual Premium - Rs. 6,000/-
Minimum Sum Assured - Rs. 1 Lakh
Entry Age - Parent: 21-50 years; Child: 0-13 years

Note: The eligibility criteria across each plan shall vary depending on the variant chosen. 
Disclaimer: Policybazaar does not rate, endorse or recommend any specific insurance provider or insurance product offered by any insurer.

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Summing Up!

The best plan for girl child will give you the assurance that your daughter is well taken care of in the case of emergencies. While ULIPs offer the best of both worlds viz. insurance and market-linked returns through investments, these come with certain risks. Therefore, it is important that you do your due diligence and pick a plan per your risk appetite. Further, it is equally important that you get a term insurance cover to compensate for the loss of income in your absence. If you have multiple children, be sure to assign different funds for each child.

*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 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
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^^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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