Child Education Plan Comparison

A Child Plan is an excellent form of insurance that can help you secure your child's future. The plan entails developing funds and investing in the plan that can cater to the child's future needs. In this regard, one will be required to pay the premiums. When the plan reaches maturity, the insurer will offer a lump sum amount. Individuals can use this amount to cover various expenses relating to the children like higher education or skill enhancement.

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Investing in your child's future:A wise decision & a loving choice
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  • Insurer pays premium in case of loss of life of parent

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Benefits of Child Plans in India

With a child plan in your investment kitty, you can stay assured that the future financial needs of your child will be fulfilled. However, policy comparison is a must before buying any Child Education Plan. It educates one on the factors of the investing market and deciphers the customized plans for you.

Here are some of the features and benefits the plan offers: 

  • In case of a medical emergency, the plan will offer you a partial withdrawal to meet the expenses. 

  • Besides that, the Child Education Plan can be used as collateral against an education loan. In this way, it will assist you in securing a loan and meeting your financial obligations. 

  • One can also withdraw a partial amount to enhance the child's talent. 

  • In-built riders of Child Education Plan like waiver of premium offer additional help during death/disability of the primary policyholder (parent/s) or loss of their income.

How to Choose an Adequate Plan for Your Child? 

Financial stability is one of the primary concerns of every parent. Even though you may find many plans in the market, the need for a better education plan is more. They act as insurance plans and a medium to create funds for the child's future needs. 

There are many indicators that you must look for before selecting a policy.

Here are some things that you must keep in mind: 

  1. Entry and maturity

    There are plenty of child education plans with different parameters in the market. They vary in size and coverage. In addition, the plans will vary in entry age of 30 Days to 8 years from the day of the child’s birth. Choose an appropriate age and maturity value to gain maximum benefits.

  2. Maturity

    Different kinds of plans offer different payment options. While some plans will offer a lump sum maturity amount, other plans will offer it in instalment. This will be beneficial in various matters. You can cover the expenses of the different milestones. These instalments cover various small and significantly high expenses of the child. 

  3. Death Benefits

    The child education plans are designed to cover every expense and uncertainty of life. Under these plans, death benefits are also offered to the child in case of untimely demise of the primary policyholder, i.e. a parent. Besides a continued coverage, the policy also facilitates waiving off premiums as an advantage of its in-built rider. Death benefits are usually offered as a lump sum benefit if not chosen the opt-out option otherwise. 

  4. Withdrawal and Loans

    You will also have the child's education plans that will offer you a partial withdrawal before maturity. Once the lock-in period is over, partial or full withdrawals are allowed to cover any immediate expenses. Besides, one can also take a loan while keeping the policy as collateral.

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Child Education Plan Comparison

The Child Education Plan offers you various benefits absent across multiple investment plans such as Public Provident Fund and Sukanya Samridhi Yojana. One is provided with an excellent return on one's investment that stands at 11%-14%. In addition, the insurer will pay the premium in the policyholder's demise. The regular payments will fund the child's education, and there's also the lump sum payment to the parents. In addition to that, it also acts as an emergency fund. 

  1. HDFC Life YoungStar Udaan Child Plan

    The plan covers almost all the expenses of your child. However, in the case of the policyholder's death, there are two benefits. In one, the benefit is paid on death, and the policy gets terminated. However, another one where the death benefit is paid on death, but the policy continues. In addition to that, you can customize the policy according to the needs of your children. In this case, it will be better to take your preferences into account and decide in sync with them. 

    Eligibility Minimum Maximum
    Entry 30 Days 60 Years
    Maturity 18 Years 75 Years
    Premium Monthly and quarterly Half-yearly and yearly. 
    • Money Back plan with various interesting features

    • Two death benefit options as Classic and Classic Waiver

    • Three options for maturity benefits, as per the child's achieved milestones: Aspiration/Academia/Career

    • Guaranteed additions at maturity

  2. ICICI Pru Smart Kid Solution

    ICICI Prudential Life Insurance Company offers the Smart Kid Solution plan. It is a brilliant plan to create funds and invest in the future needs of your child. In addition to that, it also covers the educational milestones of the child. 

    Eligibility Minimum Maximum
    Entry 20 Years 54 Years
    Maturity 30 Years 64 Years
    Premium Annual Half-Yearly and Monthly
    • A ULIP to grow investments to reach the child’s educational milestones

    • No upper limit on the premium amount

  3. LIC Child Career Plan

    Designed by the Life Insurance Corporation of India, the LIC Child Career Plan caters to your child's future requirements. The plan offers you convenience, and you will get to choose the maturity, policy term, payments, and waivers. In addition to that, the risk cover can be further extended to seven years. 

    Eligibility Minimum Maximum
    Entry 0 Years 12 Years
    Maturity  23 Years 27 Years
    Premium Quarterly and yearly Monthly and half-yearly
    • Premium waiver benefit available in case if the parent dies( not applicable in suicide cases)

    • Simple reversionary and other additional bonuses available

  4. LIC New Children's Money Back Plan

    Designed by the Life Insurance Company of India, the Career Plan caters to your child's future requirements. Moreover, the plan offers one convenience, and the nominee will also get the death benefits in case of the policyholder's demise. 

    Eligibility Minimum Maximum
    Entry 0 Years 12 Years
    Maturity - 25 Years
    Premiums Monthly and quarterly Half-Yearly and Yearly
    • A loan facility against the policy is available.

    • Policyholders can participate in the Corporation’s profits to earn bonuses through the same.

    • The policy can be surrendered after three years.

  5. Max Life Future Genius Education Plan

    Offered by the Max Life Insurance Company, the Genius Education Plan provides an excellent opportunity to prepare funds for the child's future educational needs. In addition, it offers various kinds of generous benefits such as customization of the plan, money backs, maturity benefit, death benefit, premium waivers, and much more. 

    Eligibility Minimum Maximum
    Entry (Child)  21 Years 45 Years
    Maturity - 66 Years
    Premium Yearly and half-yearly Monthly and quarterly
    • Four guaranteed money back in the last four policy years.

    • Three Bonus options available: Premium Offset/Cash/Paid-up Additions

    • Rider benefits available

  6. Max Life Shiksha Plus Super

    The plan allows you to customize the policy. You can choose your term and premium. In addition to that, you will be offered Family Income Benefit. It's equally important to mention that you are allowed to make a partial withdrawal if an immediate expense. In case of the policy holder's death, the nominee will get a death benefit, a lump sum amount, family income benefit, and assistance on the future premiums. 

    Eligibility Minimum Maximum
    Entry 21 Years 50 Years
    Maturity  60 Years 65 Years
    Premium Quarterly and yearly Monthly and half-yearly
    • ULIP with 6 Fund options available

    • Guaranteed annual loyalty additions after 11 policy years

  7. Reliance Child Plan 

    This is yet another excellent option for the needs of your children. It offers you a secure cover for your child, and it will also offer you tax benefits. It's a brilliant choice to fund your children's education. You will also be offered 25% of the sum assured in maturity. 

    Eligibility Minimum Maximum
    Entry 20 Years 60 Years
    Maturity  30 Years 70 Years
    Premium Quarterly and yearly Monthly and half-yearly
    • Guaranteed benefits are added periodically.

    • Parent’s life insured for the child’s benefit

  8. SBI Smart Champ Insurance

    This is yet another excellent option for the needs of your children. It offers you a secure cover for your child, and it will also offer you tax benefits. It's a brilliant choice to fund your children's education. It also offers you coverage in total permanent disability. 

    Eligibility Minimum Maximum
    Entry Age Child : 0 Years
    Parent: 21 years
    Child: 13 Years
    Parent: 50 years
    Maturity Age 42 Years 70 Years
    Child: 21 years
    Premium Monthly and quarterly Half-yearly and yearly
    • Triple benefits of Waiver of due Premium, Immediate Payment, and Smart Benefits available, in case of parent’s death. 

    The insurance market has an abundance of child education plans. However, one will need to do extensive research before concluding. In this regard, nothing is to be taken for granted. Child Education Plan Comparison is a careful process, and one must make sure that one reads the terms carefully.

Child Savings Plan vs Sukanya Samriddhi Yojana Scheme and Public Provident Fund

How Much Should I Invest In a Child Plan?

It will depend on a lot of things. The first thing that you must ascertain is when exactly you will need the funds for assistance. In this regard, one must consider your child's age and the time one will need to save. The next thing is to assess the potential financial needs of the child for higher education, skill enhancement, or marriage. 

Considering the inflation, every plan must offer coverage on the higher sides with a favourable rate of return to stay assured against future uncertainties. One can also use online child plan calculators to decide sum assured and other features of the policy.

Conclusion

A little research in inflation and various other factors will help assess the financial risks and the future needs of your child. This knowledge will come in handy while selecting the plan. Compare as many plans as you want to and choose the best to suit all your child’s future needs.

*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:- http://bit.ly/3J20bXZ
^^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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