Which Companies Offer 4 Child Benefits?

If you are a parent, you are probably looking for a complete package for your children. Given the range of child plans in the market, it may not be possible for parents to research all of these. To make things easy, the article discusses the four core benefits to look for in a child plan and which companies offer these 4 child benefits.

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Investing in your child's future:A wise decision & a loving choice
Benefits of Investing In Child Plan
Waiver of Premium Benefit
Future Premiums are paid by the insurer upon death of policyholder
Flexible Payout Options
Your premiums help your child achieve their dreams through lump sum or regular payouts
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Zero Commission
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Tax Benefits^
You get tax benefits under Section 80(C) and no tax on returns under Section 10 (10D)
Investment Flexibility
It offers the flexibility to invest at regular intervals or as a one-time contribution
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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.

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Invest ₹10K/Month YOU GET ₹1 Crores* For Your Child View Plans
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 *

Companies Offering 4 Child Benefits

Insurance Company Name of Child Plan Type of Plan Extra Benefits
Bajaj Allianz Bajaj Allianz Life Smart Wealth Goal -
Child Wealth Variant
Unit-linked Insurance Plan Income benefit, partial withdrawal, amount invested returned on maturity
Max Life Max Life Online Savings Plan - Child Solution Unit-linked Insurance Plan Multiple withdrawals, 100% of the invested amount returned, choice of investment strategies

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

People also read: Sukanya Samriddhi Yojana

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.

*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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