Child Plan for Education and Marriage

Having a financial backup plan for children always serves as a good option for their future. Child plans allow parents to raise funds that can support their child’s higher education or marriage, two of the most expensive events right now. These child plans also help prepare against eventualities such as a parent’s death. 

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Investing in your child's future:A wise decision & a loving choice
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How can Child Plans help with education & marriage?

Child plans are designed to meet the financial requirements of a child in case of a parent's death/ disability/ loss of income. Even in your absence, your child will have the financial means to support themselves.

Further, these child insurance schemes help parents save regularly while also earning market-linked returns. Over time, this creates a bigger corpus that can effectively fund your child’s education or marriage in the long term.

The best child plan thus gives you the benefit of insurance protection, savings, and investments combined.

Best Child Plans For Education & Marriage in India

Some of the best child plans are given below:

Name of the plan Plan type Sum assured
Aviva Young Scholar Secure Plan Traditional child plan 10 times the annual premium
Aditya Birla Sun Life Insurance Vision Star Plan Traditional child plan Minimum-1lakh
Maximum- no limit
Bajaj Allianz Young Assure Traditional Endowment plan 10 times the premium paid (annually)
LIC New Children’s Money Back Plan Money-back plan Minimum-1lakh Maximum – no limit
HDFC Life Young Star Udaan Money-back plan/Traditional endowment Maximum- no limit
ICICI Prudential Smart Kid Solution ULIP 10 times of single premium.
Max Life Shiksha Plus Super ULIP Rs. 2.5 lakhs
Reliance Nippon Life Child Plan Money-back plan Equal to policy
  1. Aviva Young Scholar Advantage Plan

    It is a traditional savings plan that provides coverage throughout a child’s education. In this plan, the parent will be insured for the child's benefit.


    • Guaranteed annual payouts will start once the premium paying term ends and will continue till the child turns 17.

    • A lump sum amount will be paid as college admission fund when the child turns 18.

    • Another lump sum payout at 21 years of age to cover for post-graduation expenses.

    • The total assured death benefit amount is paid on the death of the parent without any deductions.

  2. Aditya Birla Sun Life Insurance Vision Star Plan

    It is a traditional money-back policy that provides life coverage to the children against any unfortunate events.


    • Insured can avail of money-back benefits in the form of assured payouts once or twice a year.

    • Parents have the flexibility of choosing the sum assured.

    • Bonuses are paid out regularly.

    • Maturity benefits comes with accumulated bonuses plus terminal bonuses (if any).

    • Death benefits is equal to the sum assured plus assured payouts plus bonuses.

    • Secured loans are available under this policy .

  3. Bajaj Allianz Young Assure

    It is an endowment child scheme that provides death benefit to the child on the death of a parent and an assured payout on maturity along with bonuses.


    • Assured guaranteed maturity benefit is paid out at the end of policy term.

    • On the parent's death, the remaining premium payments will be paid by the company itself to provide a guaranteed maturity benefit to the child.

    • Various premium payment and policy tenure options are provided to the insured.

    • Insured can avail of Accidental Permanent Total Disability add-on with this policy.

    • Insured can choose to get maturity benefits on the completion of 3, 5, 7 years to finance their child's needs.

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  4. LIC New Children’s Money Back Plan

    It allows parents to save regularly following which it pays out survival benefits that help fund milestones in a child’s life such as education or marriage.


    • The policy can be purchased for a child aged 0 to 12 years.

    • Survival benefits are paid out when the child turns 18 years, 20 years and 22 years.

    • Survival benefit each year is equal to 20% of the sum assured.

    • At maturity of the policy, the final 40% of the sum assured is paid out in lump sum along with bonuses.

  5. HDFC Life Young Star Udaan:

    It is a money-back child scheme to cover for future education and marriage expenses. On the parents' death, this plan provides the death benefit with guaranteed add-ons.


    • Three maturity benefit options are available according to the child's needs - Aspiration, Academia, Career.

    • On the death of the parents, there are two choices available to the children and their families.

      • (a) Classic Option - The policy will come to an end on payment of death benefits.

      • (b) Classic Waiver Option - on payment of death benefit, the policy will continue, but the future premiums will be waived.

    • In the first five years of the policy tenure, guaranteed add-ons are paid.

  6. ICICI Prudential Smart Kid Solution:

    It is a ULIP, which gives various options for market-linked investment for the child along with a Smart Benefit. The plan accumulates returns from funds even in the absence of parents.


    • Partial withdrawal can be requested anytime for a child's education after five years of the policy term.

    • Parents can choose to invest money in 10 different funds.

    • Insured can choose the policy period.

    • Tax benefits can be availed under the IT Act.

    • The lump-sum fund value is paid on maturity along with the accumulated returns.

    • Death benefit is equal to 150% of the total paid premiums.

  7. Max Life Shiksha Plus Super:

    It is a unit-linked child insurance plan designed to help children with their education and marriage expenses through high returns from the market.


    • Partial withdrawal of funds is allowed in case of unfortunate events.

    • Insured can choose the policy tenure and PPT.

    • Insured can invest in five different funds with different degrees of risk.

    • The policy offers family income benefits along with future funding of premiums.

    • Loyalty add-ons are paid along with the maturity amount.

  8. Reliance Nippon Life Child Plan:

    This is a Traditional Money Back plan where 25% of the sum assured will be paid in the last four years of the policy term. It ensures guaranteed benefits to the child for their future needs.


    • Guaranteed payments at regular intervals.

    • Insured can avail three riders: critical illness rider, total disablement rider, permanent disablement rider, accidental death benefit, and family income benefit rider.

    • Accrued benefits are paid on the maturity date along with the lump sum maturity benefit.


Every parent wishes to fulfill their child's future life goals either of their higher education or marriage. Opting for the child’s plans is the best way to fulfill them. The returns from such a plan can potentially beat education inflation and cover the ever soaring expenses of a wedding.


  • What are the documents that need to be submitted to opt for a child plan?

    Age proof, income proof, identity proof, address proof, and application form are required.
  • What is the limit for beneficiaries in child plans?

    No limit is there. Multiple beneficiaries can be there for child plans.
  • Under which sections of the IT Act, tax benefits can be availed?

    Under Sections- 80C and 10(10D) of the IT Act, one can avail of these benefits.
  • Is it advisable to invest in a child plan?

    Yes, here are some reasons why you should invest in a child plan –
    • The assured amount will be available even before the maturity period if in case the insured dies.
    • Tax benefits under section 80C of the Income Tax Act (IT Act)
    • Premium waiver: Future premiums will be waived in case of the insured's death. The maturity benefit will still be payable at the end of the policy term.
    • Flexibility in paying the premiums, as there are many payment periods available to the insured.
    • Choice of availing loans against the child plans.
    • These plans pay out the maturity benefits to the children even after the parents die.
  • Will the premium payments Waiver options be available in all plans?

    No, premium payment Waiver options are not available for all the plans.

*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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