List of Child Education Insurance Companies

Securing your child's future is the best gift you can give. Child insurance plans work similarly to the other insurance policies. Except here, after the policyholder's death, the plan does not end. It stays in motion until policy maturity.

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Child education insurance policies are goal-specific that generate the corpus for your child's future. Some policies allow you to choose the mode of payout. You can choose between a lump sum, or monthly payouts, as per your needs. These are also the dual benefit policies, wherein you get investment along with the insurance.

List of Child Education Insurance Companies

Following is the list of companies that provide some of the most famous child education insurance plans in India:

  1. Aegon Life Rising Star

    Aegon Life offers unit-linked child education insurance plans. These plans protect against all adverse situations. Aegon life plans offer premium waiver benefits along with the death and income benefit to the beneficiary. You have the autonomy to select from the four types of different fund portfolios. Aegon Life Rising Star allows partial liquidity after five years of policy purchase.

  2. Bajaj Allianz

    Bajaj Allianz offers a plan meant for child education and insurance cover. The maximum maturity age of the Bajaj Allianz plan is 60. You can choose from various payment options and term plans per your requirement.

    There are several bonuses and maturity benefits paid. The insured is privy to get the additional bonuses towards the end of the tenure paid explicitly to them. This is a goal-specific policy. Therefore, you can choose maturity benefits over 3-7 years per your child's milestones.

  3. Bharati AXA

    Bharti AXA offers a plan for securing the child's future. The advantage plan is a non-linked insurance plan. You may select the specifications of this plan to be an endowment plan or a money-back plan.

    It has a default premium waiver option and tax rebate that you can avail of under Section 80c. You can also choose the term limit depending upon your child's age. The maximum period of maturity of the Bharti AXA plan is 76 years.

  4. Aditya Birla

    Aditya Birla offers many plans to secure your child's future. The insurer allows choosing from the two different pay-out options. If you wish to avail of the home loan, you can use this policy as collateral or surrender it with the maximum value.

    The premium payments option is also left to the policyholder's wisdom; you can opt for monthly, quarterly, biannually, and annually. If the insured dies during the policy's tenure, the nominee gets death benefits, and the remaining premiums will be waived. The insurer will make investments on your behalf throughout the policy term.

    The returns and the accrual interest are paid at maturity. If the insured does not pay premiums even for three years, the policy will remain in motion. The new amount will be determined and policy will operate under that. You can also claim the tax rebate under Section 80 C on the premiums paid.

  5. ICICI Prudential

    ICICI offers several unit-linked plans to protect your child's future. You can avail of ICICI Prudential Smart Kid Assure Plan to generate the corpus and the insurance coverage for your child.

    Policyholders are offered two premium payment options- regular pay and lump sum. The tenure ranges from 10 years to 25 years, with the maximum age of the insured at maturity of 64 years. Insurers offer full autonomy to policyholders to choose the fund.

    The policyholder can choose from the two portfolios. If you pay all the premiums on time, you will receive a maturity bonus towards the end of your tenure.

  6. Kotak

    Kotak offers a Kotak Health Start Child Assure Plan. It provides 7 funds with various portfolios. Kotak Health Start Child Assure Plan serves as a triple benefit plan. It works as an investment, an insurance cover, and health insurance cover.

    By availing of this plan, you can provide overall protection to your child and their future. You can also get tax rebates on the paid premium under the IT Act, 1961, Section 80 C, and Section 10 D. The maximum age for the plan's maturity is 70 years.

  7. Max Life

    Max Life has introduced Max Life Shiksha Plus Super Plan to take care of the education of your children. It is a unit-linked insurance plan that offers five different funds with varying portfolios. It has an inbuilt premium waiver if the insured parent passes away during the insurance plan tenure.

    At maturity, the insured will be privy to returns equal to the maturity fund value. You can also avail of tax rebates on the premium you paid under the IT Act, 1961, Section 80 C, and Section 10 D. Max Life Shiksha Plus Super Plan also offers partial withdrawals during the tenure in a financial emergency.

  8. Reliance Nippon

    Reliance Nippon offers a Reliance Nippon Life Child Plan as a child education insurance plan. This plan is a goal-specific plan that supports you in all of your child's milestones by providing financial assistance.

    While drawing up the policy, you need to mention the milestones. You can opt for periodic payouts, paid to you with surety. The minimum entry age for this plan is 20 years, and the maximum is 60 years.

    This plan provides funds for all educational needs, and life cover is extended until tenure. Tax redemptions are availed under the IT Act 1961, Sections 80 C and 10 D.

  9. SBI

    The State Bank of India's subsidiary offers an SBI Life Smart Champ Insurance plan. This plan has an inbuilt premium waiver benefit if the insured passes away. You can pick the frequency with which you wish to pay premiums.

    The plan pays maturity benefits in 4 installments after the child's age of maturity. You can also claim the tax benefits Sections 80 C and 10 D.

Features and Benefits of Child Education Insurance Plans

Multiple benefits come along with child education plans; some of them are listed below:

  1. Security for child's future

    Child education insurance plans have dual benefits. These plans not only generate a corpus for the child's future but also provide protective life cover for the child.

  2. Multiple options

    Child education plans invest in the market to generate better returns for you. Most insurers allow you to select the portfolio of the funds you wish to invest in. You can opt from the debt and equity fund as per your suitability.

  3. High returns

    Market-linked plans are bound to give you better returns. These returns beat the rate of inflation. In the child insurance plan investment to returns, the ratio is always high.

  4. Tax benefits

    After drawing up the child's educational insurance, you need to pay the premiums. These premiums will aid you in claiming tax rebates while filing income tax returns. You can also claim rebates under Section 80 C.

  5. Goal Specific

    Some child education insurance plans have goal-specific features. You can select a tenure as per your plans for your child's future.

  6. Additional riders

    Many child insurance plans come with additional benefits or riders that you can add to your policy. This way, you can customize it as per your requirement.

  7. Support in the absence of a parent

    Child education insurance plans offer a maturity period as per the goals or as the child is of a specified age. Both plans stay in motion until the specified tenure criteria are met, even if the insured dies during the tenure of the plan.

  8. Partial withdrawal

    Child education insurance plans allow partial withdrawal. Some plans also offer periodic payouts, or in the case of an eventuality, insurers provide a partial payout to the beneficiary.

  9. Premium waiver

    If the insured parent passes away during the policy term, the premium waiver comes to the rescue. The policyholder's beneficiary will be given the sum promised as a death benefit after the policyholder's death.

    The insurer will pay the remaining insurance premiums until maturity is reached. The recipient will get the insurance sum when the policy reaches maturity. In most cases, premium waiver advantages are included in the details of the insurance policy. If not, you can include it in your policy as a rider.

In Conclusion

There are multiple policy options with varying benefits. Before purchasing an education policy for your child, you need to look at your finances and the requirements you have from the plan.

Purchasing an insurance policy is a huge financial commitment and also a responsibility toward your child's future. Therefore, it is wise that you make an informed decision.

FAQ's

  • Q: Is it possible to buy a policy for a minor?

    Ans: A legally minor kid can be covered by a child insurance plan. You can opt for the plan that best meets your financial objectives. If you want to obtain higher returns on investment, the younger the child is, the better. The best time to buy insurance is while you're under ten years of age.
  • Q: Is it possible to compute my child education insurance premium online?

    Ans: Yes, you may compute the premium for a child's school insurance online. You must go to the official website of the insurance company where you want to buy your insurance policy. After that, fill in all of the essential information. The algorithm will process the information and return findings in a matter of minutes. The child education insurance calculator is a free online application that makes calculating premium amounts simple.
  • Q: What exactly is the distinction between a nominee and a beneficiary in terms of insurance plans?

    Ans: The nominee is someone you designate to manage your funds. Beneficiaries are people who are interested in your money. It is the nominee's responsibility to distribute your assets after your death. A beneficiary may be a legal heir or someone next of kin.
  • Q: What is a Unit-Linked Insurance Plan?

    Ans: A unit-linked insurance plan or ULIP pays out at the end of the policy's term. The market's performance will determine the returns. ULIP invests in equity funds that offer higher returns over a longer period. Some insurers let policyholders pick from a variety of investment funds. ULIP insurance plans that invest in both stock and debt securities are known as dynamic ULIPs.
  • Q: What is the assured sum in a child education insurance plan?

    Ans: A child's insurance policy invests on the policyholder's behalf in the market. This guarantees that the amount provided to you or your beneficiary at the conclusion is at least ten times your current net income.

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