Which Companies Offer Triple Benefit Child Plans?

Finding the perfect child plan is no easy task. Parents should create a backup that takes care of all their children’s needs in case of emergencies, especially death. Triple benefit child plans offer you a complete package that financially protects your children. If you are looking for similar options, you should check out these insurance companies and their plans.

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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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With each child plan comes a standard set of benefits. And the insurance sector in India has way too many options for you to explore. However, to pick the best child plan for your kid, you need more than just insurance protection and savings. You need a plan that covers all the bases when you are not around to guide your child. This is where insurance companies offering triple child benefits can assist you.  

What are the triple benefits of a child plan?

Insurance companies are introducing the following 3 core benefits with their child plans - 

  • Immediate sum assured to the child on the death of a parent

  • Future premiums paid off by insurer to keep the policy in force

  • Full accumulated fund value to the child at the end of the policy term

Some insurers have raised the stakes with another feature on top of the above offerings. This is the monthly income benefit that covers the loss of a regular income after the death of a parent. 

Let’s find out which companies offer triple child benefits with their insurance plans. 

Companies Offering Triple Child Benefits

Here is a list of child plans that combine the triple benefits mentioned above along with information on which companies offer them. 

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
Bajaj Allianz Future Gain Unit-linked Insurance Plan Top-up premium, withdraw any amount after 5 years, monthly income
Max Life Max Life Online Savings Plan - Child Solution Unit-linked Insurance Plan Multiple withdrawals, 100% of the invested amount returned
ICICI Prudential iPru Smart Kid Unit-linked Insurance Plan Loyalty Additions and Wealth Boosters, partial withdrawal
Edelweiss Tokio Edelweiss Tokio Life Wealth Plus - Rising Star Unit-linked Insurance Plan Future premiums added to fund value on death, partial withdrawal
HDFC Life HDFC Life Click 2 Wealth - Waiver of Premium option Unit-linked Insurance Plan Special additions, Return of Mortality Charges, partial withdrawal
TATA AIA TATA AIA Life Fortune Pro Unit-linked Insurance Plan Top-up sum assured, partial withdrawal

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

Why buy triple benefit child plans?

The importance of such child plans lies in the financial benefits that a child receives after the death of a parent. Given the unit-linked nature of these insurance plans, you can ensure a big corpus for your child through market returns. Most importantly, you can rest assured that your child’s education is fulfilled without any financial struggle in your absence. Your children can also use the funds to start their own ventures and follow their dreams. All these are reasons why any parent should start looking at companies that offer triple child benefits. 

People also read: Sukanya Samriddhi Yojana

Summing Up

You can buy triple benefit child plans offered by any of the companies mentioned above through Policybazaar as well. It charges zero commission when you make a purchase. You also get the benefit of comparing the different options before buying one that best suits your needs.

*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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