Child Education Plan Comparison In India

Every parent in India wants their child’s future to be financially secured and stable. Life is full of uncertainties and any unfortunate event can hit you anytime. It is important to save a sufficient amount of money that helps your child for his/her higher education. In such situations, Child insurance comes as a saviour. While there are several long terms investment plan options are available in the market but child insurance plan is one of the safest plans. With this plan, you can provide financial assistance and protection to your child at decisive stages of life.

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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

  • Create wealth for child’s aspirations

  • Tax Free maturity amount+

  • 12+ plans available

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Child Education Plan 

Child plans are investment cum insurance plan that helps in financial planning your child’s future requirements at the right age and right time by creating funds over a period of time. It ensures payments of a lump sum amount to a child on maturity to cover the child’s college fees or other educational responsibilities. As we have discussed, before purchasing a child insurance plan, analyse your financial planning again and calculate the requirement for funds during different critical stages of life. Calculate what are you saving for a child’s school, college education, or higher studies. 

Importance Of Child Plans 

A child life insurance plan offers both benefits of investment and insurance by safeguarding the different milestones of a child’s life. These plans help in funding the education of children, in case of the family history of critical illness and in unexpected parent’s demise. If there is a family history of serious illness then it is important to buy a child insurance plan at the early stages of life, so when your child reaches school or college, you have sufficient savings for your child. 

Comparison Of Child Education Plans 

Investing in good insurance is one step closer to your child’s dreams. Apart from providing security to your child it also offers you the benefits of the investments. With so many insurers offering child education plans, parents often get confused about what to choose. Let’s discuss some of the factors required while comparing child education plans. 

  1. Age 

    Entry and maturity age is one of the decisive factors that should be considered while comparing child plans. The age varies with the plan. The entry age ranges from 30 days to 8 years. One should always select a plan that suits their requirements. And always try to understand the age when you would need financial assistance or when your child reaches school or college for higher studies. Select the child education plan carefully so that your policy matures when your child is 15 -25 years. 

    It is also advisable to invest in a child plan at an early age. The earlier the investment, the better your child’s future. For example, Karuna, a 30-year-old software engineer who works in an IT company has a 4-year-old daughter, Myra. She is planning and saving for his daughter’s education for the past few years. Now she is thinking to invest in a child insurance plan that provides Myra, the maturity benefit when she crosses 18 years. Child insurance will help Myra to pursue her dream, even if Karuna will not be there with her in the future. 

  2. Premiums 

    Plans offer different modes of premium payment. They provide the option to choose any of the modes as per your requirement. You may choose to pay a lump sum amount at the starting of the policy term or regularly or for a limited period. Other options are also available such as monthly, quarterly, half-yearly, and yearly. The premium amount also varies as per the selection of sum assured. 

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  3. Maturity Benefits 

    A child education plan offers number of amazing benefits to the policyholder. One of them is the complete maturity benefit along with a life cover that provides financial security and stability. While several plans provide a lump sum amount on the maturity, but in some of the plans, the maturity amount is divided into smaller installments which are then paid to the child at different milestones of his /her life. 

  4. Death Benefits 

    A child’s financial security is the parent’s priority. But what if you are not even around your child? How will your child manage all the expenses alone? 

    A child education plan offers death benefits also. In such situations, when the policyholder dies in an unfortunate event during the policy term, the beneficiary will be eligible to receive death benefits. Always make sure that the plan you choose comes with a waiver of premium benefit. This benefit ensures that there is no need to pay premiums for continuing the plan in case of an unfortunate event. 

  5. Type Of Child Plan 

    The plans that provide lump sum maturity benefit in the form of bonuses or installments over the sum assured are endowment plans. Unit Linked Insurance Plans (ULIPSs) are also available in which the maturity payouts are determined by the market. They are market-linked plans where the amount of maturity depends on the growth of the market. If you are investing in a child plan for more than 10 years along with having a risk appetite then, opting ULIPs is the smart financial decision. 

  6. Riders 

    Most of the child insurance policies come up with different riders i.e., the additional benefits attached with your base policy. To avail rider, the policyholder is required to pay an additional premium. Plans offer accidental death, critical illness, and premium waiver rider. Critical illness rider can be used in the case when one is diagnosed with the critical illnesses mentioned on the company’s brochure whereas accidental death and disability rider pays an extra sum assured amount in case of an unfortunate event that causes disability or death of the policyholder. 

  7. Partial Withdrawals

    Sometimes you want to withdraw your amount in between because of some uncertainties in your life. Always choose a child plan that offers you the partial withdrawal option. Some child education plans allow the policyholder to withdraw their accrued amount even before the date of maturity. To withdraw the amount successfully, usually, there is a lock-in period. Some plans also allow you to take a loan against the maturity amount which is a foremost benefit of having a child insurance plan. 

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Child Insurance Plans In India 

Plan  Type of Plans  Entry Age  Maturity Age 
LIC Child Career Plan  Money back Endowment Plan  30 days – 12 years  23 years – 27 years 
HDFC Life Youngstar Udaan - Child Plan Endowment Plans with Money back option  30 days – 60 years   75 years (Maximum)
ICICI Pru Smart Kid Plan  ULIP  Parents: 20-60 years
Child: 30 days – 15 years 
Parents: 75 years
Child: 19-25 years 
Max Life Shiksha Plus Super Plan  ULIP Parents: 21 to 50 years
Child: 30 days – 18 years
For 5 pay: 60 years
For Regular pay: 65 years 
Bajaj Allianz Young Assure Endowment Plans  18 -50 years  28-60 years 

**Information sourced from Company’s Brochures 

People Also Read: HDFC Life Youngstar Udaan

The Bottom Line

Education plays a crucial role in building your child’s successful future. So, you should be financially planned and prepared before your child reaches a certain age. Having child insurance is a necessity these days as education costs are touching the sky. Comparing plans with Policybazaar.com helps you save a lot of time and money because we present all the premiums as per your requirement in a couple of minutes. Be aware of the policies terms and conditions, their features, benefits while comparing and selecting the right one for your 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.
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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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