Child Care Plan

A comprehensive child care plan should be a combination of both investments and insurance. The former allows parents to save and grow funds for their kids’ future. If you add an insurance component to it, you can ensure that the child is protected even in times of adversity. While there are no insurance schemes by the name of Child Care Plan, there are several fund options that serve similar needs. If you couple these funds with a term insurance plan or a child ULIP, you can ensure well-rounded financial protection for your kid.

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Investing in your child's future:A wise decision & a loving choice
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rating
6.7 Crore
Registered Consumers
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3.4 Crore
Policies Sold

Types Of Child Care Plans

Let’s look at the different options to give you an idea of the best possible ways to secure your child’s future. 

Child Care Funds

These investment instruments park your money in the equity market. You earn generous returns on your investments if the market performs well. Some important pointers to note about these child care plans are:

  • The risk of investment in these funds is high and borne entirely by the investor.

  • You should invest for a longer term, possibly more than 5 years to earn the best returns. 

  • The returns can be used towards a child’s education or their marriage. 

  • Most of these funds come with a lock-in period, during which the investor or the child cannot withdraw any money. This period allows capital appreciation and your money to grow. 

  • You can choose to invest a lump sum amount or a monthly sum through a SIP (systematic investment plan).

  • SIPs are easier on the pocket and balance out the risk to an extent.

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Child Care Funds To Explore

The following table lists examples of child care funds that allow parents to grow their savings for their children’s future. 

Name of Fund Description
SBI Magnum Children’s Benefit Fund Growth
  • This child care fund invests in debt and equity markets. 
  • A minimum investment of Rs. 5000 is required.
  • It is a moderately high-risk investment fund. 
ICICI Prudential Child Care Fund (Gift Plan)
  • The objective of this child care plan is to offer long-term monetary benefits to the child through equity investment. 
  • The minimum purchase price is Rs. 5000 and a minimum additional investment of Rs. 1000 is required. 
HDFC Children's Gift Fund
  • The lock-in period is 5 years or till the child attains 18 years of age, whichever comes early. 
  • 65-80% of the money is invested in equity and the remaining in debt funds. 

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

ULIP Based Child Care Plans

Child plans such as ULIPs (unit-linked insurance plans) have the additional advantage of insurance protection. The combined benefit of market-linked returns and insurance make these plans ideal for children. Key benefits of such child care plans are:

  • Future premiums are waived off on the death of the parent. 

  • A part of the premium is invested in market linked funds such as equity and debt. 

  • On the parent’s demise, the child receives the death benefit amount. 

  • The investment risk is borne by the parent. 

  • Some insurers may provide loyalty benefits to existing customers. 

  • Investors have flexibility in choosing funds and investment strategies. 

  • Investors can enjoy tax benefits under the existing tax laws in the country. 

Best Child ULIPs 

Name of Fund Description
SBI Life Smart Scholar
  • It offers liquidity benefits from the 6th year. 
  • This child care plan comes with 9 fund options 
  • Premium waiver benefit is applicable on the death of a parent along with the death benefit.
HDFC SL YoungStar Super Premium
  • It comes with 4 fund options and you can switch between them anytime. 
  • Future premiums are waived off and the child is paid the death benefit amount on the demise of a parent.
Max Life Shiksha Plus Super
  • It funds future premiums due if the parent dies. 
  • It offers an income benefit to finance your child’s key milestones. 

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

*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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