What Is a Child Protection Plan?

A child protection plan is a good investment for parents because of the overall coverage that the child gets. It covers children in the event of a parent's death and case of financial emergencies. Such plans ensure that your kids do not have to struggle for finances in the absence of an earning parent.

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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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  • 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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58.9 Million
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Child Protection Plan

A child protection plan is a financial umbrella over kids for their use in the future. Parents can create this cover of protection through child plans that come with a life cover on the parent, income benefit, and market-linked returns. 

A key benefit that most child insurance plans offer is the premium waiver feature on the parent’s death. What this does is that when a parent dies, the insurer pays off all the remaining premiums for the policy. The policy keeps accumulating wealth through market returns till the end of the tenure. 

All these features combined create a triple benefit child plan that parents ideally look for. 

Key Features of Child Protection Plans

The best child plans are those that come with the following features - 

  • Sum assured on death of the parent, premium waiver, and accumulated fund value at maturity. 

  • Flexibility in the choice of the policy term, premium paying term, and high sum assured. 

  • Coverage for parents from the birth of a child till up to 25 years of age.

  • Capital guarantee at the end of the policy term meaning that the entire amount invested is returned back

  • Choice of multiple fund options including high-risk equity funds and low-risk debt funds. 

  • Option to switch between funds if their market performance is down. 

  • Choice of investment strategy.

People also read: Sukanya Samriddhi Yojana

What Are The Types Of Child Protection Plans?

You can choose a plan based on what future goals you would like to accomplish with the funds. It could be child education, marriage, wealth creation, etc. 

Briefly, child plans come with a life cover on the child or the parent. Your child will benefit from the latter which compensates for the loss of a parent. Further, you can either choose a traditional child plan, a child ULIP (unit-linked insurance plan), or a capital guarantee solution. Choosing which type of child plan to purchase will depend on your needs, budget, future planning, current savings, etc. 

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Why Buy A Child Protection Plan?

Here are a few reasons why you need a child protection plan - 

  1. Death Benefits When The Parent Dies

    Nothing is scarier than not having a benefactor to support your child in your absence. At least with a life insurance cover, you can ensure that your kids get the death benefit amount on your passing. The amount can be used towards their education or to give wings to their dreams even when you are not around to support them anymore. 

  2. Bigger Corpus Through Market-linked Returns

    The cost of education is growing as inflation scores. Your savings alone cannot possibly fund your kid's education be it in India or abroad. You need to take risks to grow a larger corpus. If the market performs well, you stand a chance to maximize your savings with the right child protection plan. Whatever amount you accumulate over the years, your child gets the whole sum at maturity. 

  3. Increased Savings With Tax Benefits

    The premiums paid for a child protection plan and the final proceeds from it are eligible for tax relief U/S 80C and 10(10D) of the IT Act of India, 1961. Therefore, you are not only securing your child’s future but also saving a significant portion of your income every year from income tax cuts. 

  4. Monthly Income For The Kids

    On top of all the above benefits, plans such as Max Online Savings Plan - Child Solution and Bajaj Allianz Life Smart Wealth Goal Child Plan come with a regular income for a specific duration. This amount can take care of your child’s daily needs through their school or college tuition.

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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 *

Summing Up!

Child protection plans offer well-rounded financial compensation to a child in times of need. All the entitled proceeds from such plans go to the child once he or she comes of age. Parents that are covered under this policy can rest assured that no matter what the future holds, their children will have the financial freedom to pursue their dreams.

*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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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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