What is the Maximum Age to Buy a Child Insurance Plan?

To secure a child's future, a well-informed parent ensures comprehensive financial planning starting from an early age only. Investing in the right child insurance plan as per the requirements of your child's goal is a crucial step in deciding the direction of their future. As the child entry age criteria changes per policy, let us look at a few of the best child insurance policies and the best age to buy them.

Read more
Build wealth forFuture Financial Needslike child’s education
  • Insurer pays premium in case of loss of life of parent

  • Create wealth for child’s aspirations

  • Tax Free maturity amount+

  • 12+ plans available

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

  • 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*

+91
View Plans
Please wait. We Are Processing..
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs #Discount offered by insurance company Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp
We are rated
rating
58.9 million
Registered Consumers
51
Insurance
Partners
26.4 million
Policies
Sold

What is a Child Insurance Plan?

A Child Insurance Plan is one of the best life insurance investments a parent can buy for their child to financially secure their future even in the case of their absence. These child plans fulfill the purpose of both life insurance coverage and investment products. It allows them to build a steady corpus and receive flexible payouts during the major milestones of their lives, like higher education, competitive exam preparation, and marriage.

Is There a Maximum Age to Buy a Child Insurance Plan?

To ensure the wholesome future of your child, insurance companies start offering Child Plans from the time your child is born. But is there a limit to the child's age up to which a parent can buy these plans?

Financial experts recommend that starting a Child Insurance Plan as early as possible is always better to save large of the premium costs and earn a big corpus on maturity. But this plan can be bought for children within a certain age limit, after which they can be covered under other life insurance plans. Generally, the maximum age of a child to buy a child plan may go up to 18-25 years of age, depending on the company policies, after which the insurance coverage puts into effect.

Best Child Insurance Policies and Their Maximum Age Eligibility

Have a look at the following curated list for the age eligibility criteria for the best child insurance plans:

Child Plan Entry Age Limit Maturity Age Limit Sum Assured*
Bajaj Allianz Young Assure 18-50 years 28–60 years 10 times of annualized premium amounts
Exide Life Wealth Maxima-Maxima Child 18-50 years 65 years 7-10 times of annualized premium
HDFC SL YoungStar Super Premium 18-65 years 75 years 10 times of annual premiums
ICICI Pru SmartKid Assure Plan 20-54 years 30-64 years Based on the premium payment term selected
MAX Life Shiksha Plus Super 21-50 years 65 years As per the premium payment term chosen
PNB Metlife College Plan 20-45 years 69 years Rs. 2,15,000 to Rs. 5 crores
Reliance Child Plan 20–60 years 30–70 years Equal to the policy amount
SBI Life Smart Champ Insurance Plan 21-50 years 42-70 years Rs. 1 lakh to Rs. 1 crore
TATA AIA Life Insurance Super Achiever Plan 25–50 years 70 years 10 times the annual premiums
Canara HSBC Smart Future Income Plan 18-55 years 43-80 years Up to 100 times your monthly income

*excluding extra premiums, rider premiums, GST, policy charges, and more. 

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular company or product. The policyholder bears the investment risk in the investment portfolio.

Benefits of Buying a Child Insurance Plan

Let us go through the benefits a parent will gain by subscribing to a Child Insurance Plan.

  1. Backbone Support for Your Child's Education:

    Inflation-adjusted and well-accumulated child plan investments could be used to secure your child's higher education expenses over a period of time. 

    The investment under the child plan can also be utilized for coaching fees and other important events like marriage. 

  2. Tax Exemption Benefits:

    A parent can claim tax deductions for a Child Insurance plan under Section 80C of the Income Tax Act of 1961.

    Section 10(D) of the IT Act also allows for tax exemption claims after the child plan returns have matured.

    If the total premiums paid, do not exceed 1/10th of the basic sum assured, then the interest gained on the securities investment is likewise excluded from tax.

  3. Allows Liquidity of Funds During Emergency Situations:

    Apart from the features like tax exemption and education funding, the Child Insurance Plan also offers the flexibility to withdraw from the sum assured partially. In emergency situations like severe medical conditions, this helps ease the financial burden.

  4. Ensures Income Protection for a Child:

    This plan is for children who start earning at an early age, like child actors, musicians, and sports players. They can utilize this plan to protect their income and appreciate their capital investment over the long term.

  5. Acts as Collateral for an Education Loan:

    In case the child needs a loan for higher education or other related borrowings, they can keep the Child Plan amounts as collateral.

  6. Financial Support After the Demise of Parents:

    In the absence of parents, a child may face financial difficulties with their daily living expenses. If the policyholder passes away before the policy term matures, the child plan allows a rider premium in which a lump sum amount of the total accumulated funds is paid to the child. In this scenario, the policy doesn't lapse or end, and the insurer is allowed to continue to pay the rest of the premiums in continuation of the plan. 

  7. Rider Benefits:

    With some extra premium payments, rider benefits can be availed under the child plan. In the event of the policyholder's sudden demise or critical illness, extra benefits are made available to the child. The benefits like income benefits, premium waiver benefits, permanent disability benefits, critical illness benefits, accidental death benefits, and more are included in such plans.

On a Final Note!

It may be noted that different child insurance plans impose different age eligibility conditions. So, a parent must ensure that they check these criteria and compare the advantages well before deciding to subscribe to any particular policy.

Child Plan1
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Child Plan3
Child Plan4

Nothing is more important than securing your child's future

  • Life Cover paid to family to meet immediate expense
  • Future premiums are paid by the Insurance Company

Child plans articles

Recent Articles
Popular Articles
Children's Endowment Policy

30 Jan 2023

A children's endowment policy is a life insurance plan that
Read more
Bharti AXA Life Shining Stars Calculator - Child Plan Calculator

05 Aug 2022

This child plan by Bharti AXA is designed to help parents save
Read more
What is the Deferment Period Under a Child Plan?

04 Aug 2022

A child insurance plan is one of the most recommended ways to
Read more
How to Choose An Insurance Plan for Child?

04 Aug 2022

The biggest aim of any parent is to provide their child with a
Read more
LIC Children's Deferred Endowment Assurance Plan

04 Aug 2022

The plan is no longer offered by LIC. The company introduced the
Read more
Best Child Investment Plans to Invest in 2023
Planning for the child’s secured future is not an easy task. Most of the people try to create a strong financial
Read more
Prime Minister Schemes For Boy Child
Like the Prime Minister’s Sukanya Samriddhi Yojana savings scheme for a girl child, there are several
Read more
Best Investment Plans for Girl Child in India
The right kind of investment of your hard-earned money is necessary, but when it comes to your child, making
Read more
Best Child Insurance Plans
A child insurance plan is a combination of savings and insurance, which help the individuals to plan for the
Read more
Post Office Child Plans
Individuals can open post office savings account for their children and earn interest at a rate of 4% to nearly
Read more

top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL