Child Education Plans in India

A Child Education Plan in India offers an excellent choice to cover one of the most primary needs of one’s children, like education. It offers insurance coverage, as well as a future investment option for the education needs of the child. Furthermore, one can get flexibility and liquidity that is helpful.

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Investing in your child's future:A wise decision & a loving choice
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  • 12+ plans available

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Under this plan, one can either pay the premium as a one-time payment or opt for the monthly/quarterly/half/yearly premium. The plan also offers partial liquidity when the child turns 18 and full withdrawal after reaching 21 years of age.

Available Child Plan in India

Name of the Plan Insurer Eligibility Minimum Sum Assured (in Rs.)
Wealthsurance Future Star Insurance Plan Ageas Federal 18-54 Years 10/7 of the annual premium, or 0.5/0.25x. 
Insurance Vision Star Plus Birla Sunlife 18-55yrs 1 Lakh INR
Exide Life Mera Aashirwad Exide 21-50 Years 2.25 Lakh
Future Generali Assured Education Plan Future Generali 21-50 Years N/A
Future Idols Gold Plan Pramerica Life 18-50 Years 1.5 Lakh 
Reliance Child Plan Reliance Life 20-60 Years Rs. 25,000
Sahara Ankur Child Plan Sahara Insurance 0-13 years 5x of single premium
Smart Champ Insurance SBI Life 21-50 Years 1 Lakh
Smart Scholar SBI Life 18-57 Years 1.25 times of the single premium
SUD Life Aashirwad SUD Life 18-50 4 Lakh
  1. Ageas Federal Wealthsurance Future Star Insurance Plan

    This plan by Ageas Federal Insurance is a unit-linked insurance option that allows one to invest in any of the nine funds offered by the insurer. The policy not only allows one to secure the educational needs of their children but also offers an additional investment option. One will receive the total fund value when the policy reaches maturity.


    • The plan offers regular and limited premium options. 

    • In case of the policy holder's death, the amounts will be settled, and the benefits paid immediately. 

    • The policy will pay the death benefit in instalments. 


    • The plan provides tax benefits under the Child Education Support benefit. 

    • Security of funds is ensured due to Wealth Care Switcher Benefit and Education Support Benefit.

    • Guaranteed loyalty additions

  2. Birla Sunlife Insurance Vision Star Plus

    BSLI Vision Star Plan is an excellent way to invest in the future and create funds to cover the children's needs. Whether that's marriage or education, the plan is perfect. It offers one a creation of the funds and acts as insurance coverage for the children. Even when the parent isn’t there, the BSLI Vision Star Plan will secure his needs. 


    • One gets assured regular payouts after the 5 –year premium payment term. In this regard, you will be offered two options. Once you complete the premium paying, you will be offered four payouts bi-annually. 

    • In this regard, you will be paid 20% of the sum assured in the first two instalments and 30% in the last two. In option B, there will be five payouts. This will be in 15%, 15%, 2%, and 30%. 

    • In addition to that, there are bonuses in place and declared. There’s also the terminal bonus on the surrender, maturity, or demise. 

    • One can take a loan on the policy once it has a surrender value. 


    • The plan offers you a variety of benefits upon maturity as well as on surrender. In the case of the plan's maturity, one will be paid the maturity amount and any bonuses attached to the benefit. 

    • Rider benefits are available. 

    • The plan offers tax benefits under Sec 80C. In addition to that, the death benefit or the maturity benefit will also be exempted. 

  3. Exide Life Mera Aashirvad

    The Child Insurance Plan is one of the famous Child Education Plans in India. The primary reason for the coverage of the plan is to secure the child's needs even in the absence of parent/s. In this case, the policy will offer payments in case of marriage, education, etc. 


    • The policy will offer the beneficiary a 100% amount of the assured sum in case of the policy holder's death. In addition to that, the future premiums will be waived off. 

    • In case of maturity, Exide Life Mera Aashirvad will offer two options. Option A will offer 65 % of the sum, and Option B will offer a 100% sum assured payout. 


    • One will be offered tax benefits under Section 80C, 80D, and 10 (10D) of the Indian Income Tax Act. 

    • In addition to that, you are also offered a regular income in the form of staggering benefit payouts.

  4. Future Generali Assured Education Plan

    Future Generali Assured Education Plan is a perfect plan to meet the financial obligations of your child. It offers better coverage and extends the support even when you are not there to do it. 


    • The plan allows the parents to create funds for the child. The plan will start paying from the age of 17, and the money can then be invested in his education. So, in this case, the plan will deduct the age of the child from it. 

    • For instance, if your child is six years old, the policy term for him will be 11 years. 

    • In addition to that, the plan will offer you flexible payout options. 

    • It offers three payouts that can be processed given the time of the need. 

    • Besides that, one can add specific riders to the base policy. This will add more coverage to the base policy.


    • Maturity benefit: One is offered three options in payouts. These include – Option A, Option B, and Option C as per the child’s age. 

    • Option A: the child will be paid 40% of the sum assured on his 17th However, he will get 30% + 1year if he is 18. It’s equally important to mention that the assured percentage will decrease. 

    • Option B: In addition to that, he/she will be paid 10% of the sum assured after 17 years of age, but when they reach 20 in age, they will get 70%. 

    • Option C: The last option will pay one 100% on maturity. In case of the parent's death, then the insurance provider will give a death benefit to the nominee. Finally, you can pay the premium monthly or yearly.

    • Death benefit: One gets the guaranteed death sum assured benefit as per plan specifications, and the policy continues as usual after waiver of future premiums 

    Tax Benefits are available.

  5. Pramerica Life Future Idols Gold Plan

    Pramerica Life Future Idols Gold Plan is yet another plan that offers one better outcome and an ideal place to invest. It offers insurance and coverage to the needs of your child. 


    • The plan offers flexible premiums and regular payment options. 

    • Flexible tenure and premium payment term


    • One is also offered convenience in the payout of the death benefit. The nominee can take a lump sum or monthly instalments. 

    • In the event of a death, the final amount is settled in addition to any bonuses that it may have attached.

    • The plan also offered tax benefits according to the Income Tax Act of India. 

    • A loan can also be taken against the policy.

  6. Reliance Life Child Plan

    Reliance Life Child Plan pays the policyholder in the last four years of the policy. 


    • The plan features a bonus that will be accommodated. The 25% will be paid when one has paid the premiums.

    • In addition to that, if the parent dies, then all the accounts will be settled, the death benefit will be paid immediately, and all the premiums waived off. 

    • Besides all that, the policy will also offer you three kinds of riders.  This includes Accidental Death Rider, Critical Illness Rider, Total & Permanent Disablement Rider, and Family Income Benefit Rider. 


    • The death benefit will include the total assured sum that is paid to the nominee.  

    • Survival Benefit – One gets the survival benefits: 25% of the sum assured for three years before maturity and 25% for two years. In addition to that, on maturity, one will be offered a 25% + bonus.  

    • Tax benefits: One will also be eligible for a tax exemption as per existing income tax laws. 

  7. Sahara Ankur Child Plan

    Sahara Ankur Child Plan is an investment that will cover your expenses and offer you multiplying savings. In addition to that, you can shift between the funds, secure your future, and in addition to that, you are offered flexible premium options. The product was withdrawn in August 2010.


    • A regular premium ULIP plan

    • Flexible plan options to choose funds 

    • Partial withdrawals allowed.


    • One of the features of the plan is that one will get the whole amount on its maturity. Just in case, if a person paid the premium for more than one year, it will offer one 50% of the value. 

    • In addition to that, the maximum sum assured will be paid to you in case of death. After the age of seven, you can avail yourself of the coverage of the policy.

    • One also gets the benefits of income tax exemptions. However, it is best to ask your tax consultant. 

  8. SBI Life Smart Champ Insurance

    SBI Life Smart Champ Insurance offers coverage that is hard to overlook. The policy is designed to make sure that it provides adequate coverage to the child's educational needs. In addition to that, the policy will attract a bonus every year until the child turns 18. 


    • Until the child turns 18, you will be offered payouts in four instalments. The distribution of payouts is based on the child's age.

    • Besides that, the plan offers you flexible options for paying. This includes Single, Regular, and Limited. 


    • In addition to that, just in case the policyholder dies, the plan offers premium waiver benefits. All future premiums will be waived off, and the benefits will be paid. 

    • There is also the provision to receive terminal bonuses with the death benefit. 

    • The plan also provides Accidental Total & Permanent Disability coverage.

    • The policy will also offer you tax benefits under the relevant sections of the law. 

  9. SBI Life Smart Scholar

    SBI Life Smart Scholar is one of the leading Child Education Plan in India. It is a ULIP that offers market-linked returns.


    • The insured gets a lump sum amount. 

    • He also gets loyalty additions periodically on completion of specific times. 

    • In addition to that, one can select from nine fund options and can also withdraw a partial amount from the 6th year. 


    • In the case of the benefits of the scheme, one gets maturity benefits as well as death benefits. 

    • The policy benefits will exempt the policyholder from income taxes that fall under the Income-tax Act of the country. 

  10. SUD Life Aashirwaad

    At maturity, you are offered guaranteed benefits with SUD Life Aashirwaad. The maximum time set for the policy is 20 years, and one can decide from many payment options. 


    • The policy will continue even in case of the unfortunate death of the policyholder.

    • Sum assured from Rs. 4 lakhs to Rs. 100 crores.

    • One can either pay quarterly, yearly, monthly or half-yearly.


    • 5 payout options for the maturity benefit

    • Guaranteed additions

    • Section 80C & 10 (10 D) Tax benefits  available 

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India has been a growing market for insurance policies. However, the mere mention of the Child Education Plans in India will send you on a rigorous search and scan through various names. Though the sector has gained quite a market in the last two decades, its growth patterns are set to change, especially after the pandemic. One of the things that the current situation has exposed is the need to prepare for 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:-
^^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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Insurers Offering Child Plans

Tata AIA

Aditya Birla Sun Life

Bajaj Allianz

Max Life


ICICI Prudential

Bharti AXA Life

Edelweiss Life

Kotak Life

Future Generali

PNB MetLife

SBI Life


Bandhan Life

Canara HSBC

IDBI Federal


Pramerica Life

Reliance Life

Sahara Life

Shriram Life

Star Union

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