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.

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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.

People also read: Sukanya Samriddhi Yojana

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.

*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

HDFC Life

ICICI Prudential

Bharti AXA Life

Edelweiss Life

Kotak Life

Future Generali

PNB MetLife

SBI Life

Aviva

Bandhan Life

Canara HSBC

IDBI Federal

IndiaFirst

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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