Child Future Genius Education Plan

The Child Future Genius Education Plan offers life cover and savings plans. It helps solve issues related to the scarcity of capital when it comes to investing in children's education. The children get utmost benefits from the plan when it matures as it offers lump-sum money as an assured amount for career investment. 

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Best Child Saving Plans
  • Insurer pays your premiums in your absence

  • Invest ₹10k/month and your child gets ₹1 Cr tax free*

  • Save upto ₹46,800 in tax under Section 80(C)

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr Tax Free*

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The plans provide multiple benefits to children in the presence or absence of their parents. The different insurance plans offer other benefits and flexibility. These are discussed elaborately in subsequent segments below.

Types of Child Future Genius Education Plans

There are various child future genius education plans to match the demand and requirements of the beneficiaries and their families. The types of plans are discussed below:

  1. Single-Premium Child Plan

    In this type of policy, the policyholders will pay a single premium amount on the due date of premium payment. They are required to pay a lump sum amount annually. It reduces the stress of paying premiums on a regular basis.

  2. Regular Premium Child Plan

    The policyholders can choose different premium payment options such as monthly, quarterly, half-yearly, or yearly. They are required to pay premiums as per the selected premium terms.

  3. Child ULIP

    The insurance plan allows the policyholders to invest in market-linked funds such as equity, debt, or both to earn more benefits and ensure the security of the investment. The ULIP child plan also offers life cover to the beneficiary. In case of the policyholder’s untimely death, the beneficiary will not be required to pay the premiums while being entitled to the maturity benefits of the policy.

  4. Traditional Child Endowment Plan

    It is a traditional insurance plan which offers safety and security. The plan allows policyholders to invest funds in debt instruments and receive a lump-sum amount when the policy matures. The bonus is offered at the time of maturity, which decides the return amount.

Features of Child Future Genius Education Plan

Some of the features of the plan are:

  1. Life Insurance Coverage

    The child education plan helps to develop a corpus for future educational expenses of the child. It also offers an insurance payout in case of the proposer’s unexpected death.

  2. Flexibility to Choose Premium Terms

    Interested individuals can choose different premium terms from 13 years to 21 years, based on availability and requirements.

  3. Bonus Options

    The applicant can earn three types of b0nuses cash, premium offset, and paid-up addition. These bonus options help the applicant to earn money from the overall money fund in the plan.

  4. Guaranteed Money-Back

    Many child future genius education plans have a guaranteed money-back feature. In this case, the applicant will get guaranteed money-back per year in the last four years of the plan.

  5. Income Protection Facility

    The market-linked child education plan offers a return of around 20%. A ULIP-based child education plan offers applicants options to choose from various funds available such as money market, hybrid, equity, and debt. It helps individuals avoid the risks of inflation and save money in the long-term perspective.

  6. Rider Benefits

    The child's future genius education plan offers additional rider benefits such as cover for accidental death, disability rider benefit, and critical illness benefit. In rider benefits, the applicants get additional coverage on the sum assured. However, they are required to pay an increased amount of premium.

Benefits of Child Future Genius Education Plan

Listed below are some of the major benefits of the plan:

  1. Death Benefits

    In case of death of the insured individuals, the nominee will get the proceeds under the plan as a lump-sum benefit or monthly income. In case of the applicant’s untimely death during the policy tenure, the beneficiary can receive various other benefits as per the chosen plan. The death benefit is based on annualized premium, total premiums paid until death or any assured amount chosen in the policy term.

  2. Maturity Benefits

    The beneficiary will get accrued paid-up sums on maturity. In case of the applicant’s death, the beneficiary will receive only the terminal bonus.

  3. Partial Withdrawal Benefit

    The child's future educational insurance offers a partial withdrawal benefit that helps the beneficiary pursue hobbies or talents. They can invest this money in building a career other than the means of education. The partially withdrawn money can also be used for the medical and hospitalization expenses of the child.

  4. Tax Benefits

    The child plans are tax exempted as per the Income Tax regulations of India. They fall under the E-E-E category of income tax exemption. The plans offer the highest tax exemption.

  5. Waiver of Premium

    If the child’s parents pass away during the policy term, the child is not required to pay the premiums. The beneficiary will get the sum assured. The rest of the premiums will be paid by the insurer. At the policy’s maturity, the child is entitled to the lump sum amount assured in the policy terms.

Different Child Future Plans in India

In India, different child future education plans are offered by leading insurers. The details of these plans are listed below:

Plans Entry Age Maturity Age Minimum Annual Premium Minimum Assured Sum
Bajaj Allianz Young Assure 18 to 50 years 60 years N/A Ten times the annual premium
Bharti Axa Life Child Advantage Plan 18 to 55 years 76 years Based on the minimum assured sum INR 25,000
ICICI Pru SmartKid Solution 20 to 54 years 64 years INR 48,000 INR 45,000
Max Life Shiksha Plus Super 21 to 50 years 65 years INR 25,000 INR 2.5 lakh
Reliance Life Child Plan 20 to 60 years 70 years INR 25,000 Equal to policy
SBI Life- Smart Champ Insurance 21 to 50 years 70 years INR 6,000 INR 1 lakh
SBI Life - Smart Scholar 18 to 57 years 65 years INR 24,000 Different for regular and single pay premiums
Tata AIA Life Insurance Super Achiever 25 to 50 years 70 years INR 24,000 Ten times the yearly premium
Aegon Life Rising Star Insurance Plan 18 years to 48 years 65 years INR 20,000 Ten times the annual premium
Aviva Young Scholar Secure 21 years to 50 years 71 years INR 50,000 Ten times the annual premium
Edelweiss Tokio Life EduSave 18 years to 45 years 60 years INR 6,968 INR 2.25 lakh
Exide Life New Creating Life Insurance Plus 18 years to 45 years 60 years INR 50,000 (5 years plan), INR 30,000 p.a. (8 years plan) and INR 25,000 p.a. (10 years plan) INR 1.85 lakh (5 years plan), INR 1.62 lakh (8 years plan) INR 1.63 lakh (10 years plan)
HDFC SL YoungStar Super Premium 18 years to 65 years 75 years INR 15,000 Ten times the annual premium
IndiaFirst Happy India Plan 20 years to 54 years 64 years INR 48,000 INR 45,000
Kotak Headstart Child Assure 18 years to 60 years 70 years INR 20,000 (Regular)
INR 50,000 (% years PPT) INR 20,000 (10 years PPT)
Higher or 10 of 7 times of annual premium or 0.5/0.25*term*annual premium.
PNB MetLife College Plan 20 years to 45 years 69 years INR 18,000 INR 2,12,040
Pramerica Life Future Idols Gold Plan 18 years to 50 years 65 years INR 10,800 INR 1.5 lakh
Wealthsurance Future Star Insurance Plan 18 years to 54 years 64 years INR 25,000 Higher of 10 times of 7 times of annual premium or 0.5/0.25*term* annual premium

Documents Required

You must present these documents while buying the policy:

  • Address Proof: The photocopies of voter ID, Aadhar card, Ration card, electric bills, and others

  • Age Proof: The photocopies of birth certificate, 10th or 10+2-mark sheet or registration, passport

  • Identity Proof: Photocopies of Aadhar card, voter ID, driving license, passport, etc.

  • Income Proof: Photocopies of Aadhar card, PAN card, Salary slips, and others

  • Proposal Form

How to Claim Child Future Genius Education Plan?

The policyholders can claim insurance support if they face any emergencies regarding the child through a cashless or reimbursement pr0cess.

  • For cashless claims, the policyholders must inform the insurer about the emergency as-soon-as-possible through email or calls. The insurer will ask for policy numbers and necessary documents. Once they successfully verify the details and information provided through their service team, the insurer will process the claim within 30 days from the date of claim registered.

  • In the case of the reimbursement process, the policyholders are required to visit the insurance office and provide all the necessary documents regarding the expenses incurred. On verification of the information provided, the insurer will notify the policyholders about the date to settle the claims. However, the insurers must settle claims within 30 days from document submission.

How to Buy the Plan?

The applicants must visit the website of preferred insurers to read about their offerings and policy details. They can provide relevant information such as income, policy term, assured sum amount, and other information to calculate the premium amount through an online calculator available on the website.

To choose an appropriate insurance plan, buyers can also compare various available child insurance plans by claim-settlement ratio, premium amount, policy terms, and other details.

Once they choose the insurance plan, they can buy that insurance online through the insurer's website. They must provide the required annual income, family members, child's age, nominee details, policy terms, benefits chosen, and others. Once the process is complete, they can purchase the insurance through online payment through net banking, Debit, or Credit card.

Key Exclusions

The child insurance plans offered by various insurance providers do not provide coverage in some instances. These are known as exclusions. The critical exclusions are:

  • Drug or alcohol abuse: In case of the insured individual meets with an accident or dies due to drug or alcohol abuse, the insurance providers will not cover the expenditure.

  • Death due to self-harm or suicide: If the insured individual dies due to a suicide attempt or self-harm, the person will not be covered under the insurance purchased.

  • Death due to adventure: Death that occurred due to adventure sports or risky attempts will be excluded from the benefits offered by the insurance provider.

  • Injuries or death due to criminal activities: The person will be excluded from the insurance coverage if the death or injuries occurred due to illegal activities or war or weapons.

In Conclusion

Buying a child insurance plan can be beneficial in the long run. Everyone wants their children to be protected. With the help of the plans mentioned above, you can secure your child’s future regarding their education and many other expenses.

FAQ's

  • Q: When should one buy a child insurance plan?

    Ans: The interested individuals must buy the child insurance plan as early as possible. The early the plan is purchased; the less premium payment is required for the insurance providers. The early purchase of the policy also helps to get maximum benefits from the policy by investing a lesser amount of money.
  • Q: How to purchase the child insurance plan?

    Ans: The interested individuals must assess and compare different child insurance plans by claim-settlement ratio, premium payment flexibility, policy terms, and other vital aspects. It helps to determine the policies as per the individual perspectives and needs. The process also helps to choose the right child insurance plans from the pool of various competitive insurance policies.
  • Q: How does the child insurance plan help to make a better investment decision?

    Ans: The child insurance policies are offered based on various market-linked investment funds such as debt, equity, or both. Thus, policyholders can choose the type of fund they feel more secure with.
    The policies also offer tax benefits based on Section 80C, Section 10(10D), Section 80DD, and Section 80E norms of Income-tax regulations of India. It helps the policyholders secure a considerable amount of money.
    The insurance itself helps to save money for future expenditures in child education. Thus, the policyholders will be able to secure a significant amount of money by purchasing an appropriate insurance plan.

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