Cover For Your Child

Start financial planning today for your child’s better tomorrow. As a parent or parent-to-be, the only priority is to secure their child’s present and future by fulfilling their necessities. As we all know, life is full of uncertainties, so it is important to have enough savings that help your child in fulfilling his/her dreams. This requires financial planning for your child’s future at the right age. In such cases, Child Insurance is the one-stop solution for your every problem. While there are several term insurances plans available in the market, but child insurance is one of the right plans for your child.

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Investing in your child's future:A wise decision & a loving choice
  • 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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6.7 Crore
Registered Consumers
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Insurance Partners
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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

Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr Tax Free*

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We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

Child Insurance Plans 

Child Insurance policies are guaranteed return plans or endowment or Unit Linked Insurance plans that provide financial protection and security to your child. These plans look after the savings requirements for the child’s future and education. Every parent’s first goal is to ensure that their children to have a successful future and live their lives securely. Child plans help you to save for the higher education of your child. In this, you can build a corpus for the long term and get good returns. Child plan offers unique benefits such as waiver of premium, tax benefits, life coverage, etc. 

Let’s understand this with the help of an example: Mr. Ravi has taken a insurance plan of 10 years for his child.  He requires to pay a premium depending on his choice of premium payment mode. The payment modes are monthly, half yearly, yearly, or in single pay. If Mr. Ravi dies in the 7th policy year, in such cases his beneficiary/nominee receives all the lump-sum payments. If in case Mr. Ravi survives the entire policy term, then he is eligible to select the use of amounts in equal parts for his child's education or he can also choose to receive a lump-sum amount at the policy end.

Benefits of Child Insurance Plans 

Nowadays, child insurance is important, if you want to secure his/her child financially. However, before deciding which is the right option for you, one should be aware of such insurance policies. Let’s discuss some of the points about child insurance plans: 

  • Financial stability and protection: Your income is the only source that provides security to you and your family. However, in case of uncertainty in life due to which financial support stops, in such situations, a child plan is one of the safest options. It offers a lump-sum amount in case of an unfortunate event that protects your child if you are not there. So, cover for child in term life insurance is important for every parent. 

  • Lump-Sum amount at the time of maturity: A lump-sum amount is offered by the child insurance policy at the end of the policy tenure. These plans provide you an option to choose a maturity date that suits your child’s future requirements.  Over the tenure, your investment grows and you save enough for fulfilling your child’s dream. 

  • Flexible Payout options – Child insurance offers two payout options i.e., regular and lump-sum. Lump-sum is a large fund given at one time to fulfill all the major and the long-term needs of your child such as fees of higher education and marriage. Regular payouts take care of irregular expenses such as learning new skills, tuition fees, etc. 

  • Waiver of Premium Benefit: In case of an unfortunate demise of the policyholder, the insurer pays the benefit and the plan does not end. This benefit waives off all your due future premiums. The fund grows until the maturity age and your child receives the maturity amount when he/she is ready to take admission in college or other life stages. This benefit is quite different from direct investment options in a mutual fund. In direct one, the plan stops in case of an unforeseen accident of assured. But child plan continues premiums benefits on your behalf, thus keeps your child’s future financially stable and safe. 

  • Partial Withdrawals: Child plans offer you an option to withdraw a part of your funds in case of your child’s urgent needs. You are eligible to cash out some of your amounts after the lock-in period and pay for the college fees or immediate medical expenses. 

  • Tax Benefits: Get the tax benefit on premium paid as per Section 80C of the Income Tax Act, 1961.  You can claim for deductions up to Rs. 1.5 lacs for your child's plan premiums. 

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Invest ₹10K/Month YOU GET ₹1 Crores* For Your Child View Plans
Invest ₹8K/Month YOU GET ₹80 Lakhs* For Your Child View Plans
Invest ₹5K/Month YOU GET ₹50 Lakhs* For Your Child View Plans
Standard T&C Apply *

Why Do I need a Cover for Child in Term Life Insurance? 

  • Child Insurance Plan offers protection to your child and also provides a chance to save money for your child’s bright future. 

  • This plan makes sure that your child receives a lump-sum payment at maturity date or in case of any unforeseen event.

  • It gives you a protective shield that ensures your child’s education does not get affected if you will not there with your child in future. The plan provides life cover to your child, in case of an unfortunate event. 

Types Of Child Plans 

There are three types of child insurance plans available. Here’s a quick laydown: 

  • Child ULIP Plans – Child ULIP plan provides market-linked returns on the investment. One part of the investment is invested in securing the child’s future and the other remaining part is invested in debt and equity. 

  • Savings Plan – You can go for a savings plan if you want to save and secure your child’s future without any market introduction. It also offers unique benefits such as maturity benefits, life cover, and tax benefits as per prevailing laws. 

  • Single-Premium Insurance Plan – In this, a lump-sum amount is payable to the policyholder in a single premium for the complete policy tenure. 

Comparison between Child Covers – Child ULIPS and Traditional Plans 

Child ULIP Traditional Plans (Endowment Plan)
It is a combination of insurance and investment benefits under a single plan.  It is an insurance cum investment plan. 
Investments are done in the form of equity markets and the returns depend on the market performance.  In this, the amount of payout is guaranteed
It provides you an option to make fund switches to the complete investment policy The plan does not allow any changes to the policy 
In this, after the lock-in period, you can withdraw the amount.  There are limitations and penalties in case of withdrawal 

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

Final Thoughts!

As parents, kids are the most valuable part of their lives and they want to provide the best facilities to them. Parents spend half of their time thinking about their child’s aspirations and the inadequacy of funds might become a hindrance in your child’s dream. It is always better to start saving at the right age for a child’s higher education. Start financial planning today for your child’s better tomorrow. Choose the right cover for child in term life insurance at the right age and time.

*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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