Which Companies Offer 4 Child Benefits?

Today, parents don’t buy child plans just for insurance protection alone. They look for policies offering a combination of a life cover, wealth creation, savings, income, etc. The good news is that there are ample options for you to explore. Insurance companies are introducing more and more benefits for children to cover them in case of emergencies like the death of a parent. 

Core Benefits of Child Plans

The usual expectation out of a child insurance plan is securing the financial future of children in the absence of a parent. Now to choose the best child insurance plan for your kids, you must look for the following 4 child benefits on your death -

• Immediate sum assured payable to the child 

• Future premiums waived off while the policy continues

• Final fund value with accumulated market returns payable to the child at maturity

• Additional family income benefit payable monthly

These core benefits are enough for the child to complete their education, pursue their dreams, and sustain their lifestyle. You can rest easy knowing that your child is not struggling to make ends meet in your absence. 

Read along to find out which companies offer these 4 child benefits with their child plans.

Companies Offering 4 Child Benefits

Disclaimer: Policybazaar does not rate, endorse or recommend any specific insurance provider or insurance product offered by any insurer.

Some additional benefits of 4 child benefit plans

In addition to the core benefits of the plans discussed above, there are some extra benefits that parents can enjoy. Some of these are - 

• Market-linked returns - The unit-linked nature of these child plans means that the money that you invest goes towards the equity market. This has the potential to increase your wealth through high returns as per market performance.

• Flexibility investment options - You have the opportunity to choose where and how you wish to invest your money in the funds. You can also make changes if you find that your choice of funds is not performing well.

• Tax benefits - Insurance plans come with tax benefits on the premiums paid by you and the benefits received. These tax exemptions are subject to change as per prevailing tax laws in the country. 

• Partial withdrawals - There may be times during the policy term when you find yourself in need of some money. For your benefit, companies offering 4 child benefits allow investors to withdraw some percentage from the accumulated fund value at such times. 

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

Summing Up!

Child plans offer you an opportunity to save regularly and grow a corpus for your child’s future. The four benefits including the life cover, premium waiver, monthly income, and maturity benefit are the most important. You can buy any of these plans at Policybazaar and pay absolutely no commission. This also gives you scope to compare different options so that you can make the best decision for your child.