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.Read more
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*
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.
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:
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.
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.
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.
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.
Some of the features of the plan are:
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.
Interested individuals can choose different premium terms from 13 years to 21 years, based on availability and requirements.
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.
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.
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.
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.
Listed below are some of the major benefits of the plan:
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.
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.
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.
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.
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.
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|
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
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.
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.
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.
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.
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