Child Savings Plan in India

The need to invest in your child's future is an increasing need. Inflation and increasing living expenses, making it tough for coming generations to manage the wide-ranging demands of their lifestyles. To build a considerable corpus for your child, you need to start planning and investing in advance.  Fortunately, there are various child savings plan that can give good returns in the long run.

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Build wealth forFuture Financial Needslike child’s education
  • Insurer pays premium in case of loss of life of parent

  • Create wealth for child’s aspirations

  • Tax Free maturity amount+

  • 12+ plans available

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

  • Insurer pays premium in case of loss of life of parent

  • Create wealth for child’s aspirations

  • Tax Free maturity amount+

  • 12+ plans available

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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What are Child Savings Plans?

Child Savings Plans are plans that offer the dual benefits of investment with insurance. You can invest in these plans to save for your child's future education, health, and marriage. 

If you invest in a child savings scheme, you can raise funds for the child's needs when demands arise. In the unfortunate event of your death, a kids savings plan enables your child to receive a lump sum amount. It could prove beneficial for the child with their education & general needs. You have the option to avail of loans against the plan as well.

Here is a list of child savings plans for you to choose from:

  • Sukanya Samriddhi Scheme - This plan is from the Government of India to save and educate the girl child. You can open the scheme account at any authorized commercial bank branch or post office. The primary condition is your daughter should not be above 10 years of age. The minimum required deposit is Rs. 250, and the maximum amount annually is Rs. 1.5 lakhs. Investments are eligible for deductions under Sec 80C of the IT Act. 

    *Tax benefit is subject to changes in tax laws. Standard T&C apply."

  • Investments in Recurring Deposits - You can depend on recurring deposits in banks or post offices because their returns are relatively higher. The RD scheme is an ideal option to ensure sufficient amounts in critical situations with minimal investment risk.

  • Investments in PPF - Public provident funds are excellent investment types with a lock-in period ranging up to 15 years. The scheme is suitable for your child's investment if you are looking for stable returns. You can opt for the account via banks or post offices with a minimum investment of Rs. 500 and maximum investment of Rs. 1.5 lakhs.

  • Investments in NSC – The National Saving Certificate or NSC is a proven fixed income method to invest in your child's education. The plan offers low risk with tenure for five years. Upon maturity, you can reinvest in the plan. The minimum cost is Rs.100. Tax benefits are available on this scheme for up to Rs. 1.5 lakhs investment.

  • Investments in ULIP - Unit Linked Insurance Plans are the best options for low-risk investors. The annual return rate is 4-6%. You will learn about the best ULIP schemes under the child savings plan in the next section.

Child Savings Plans in India to Invest

Here are the best child savings plan to invest in India. Let’s take a look:    

Name of the Plan                                                     Benefits
Aditya Birla Sun Life Insurance Vision Star Plan
  • Apart from the death and maturity benefits, custom benefits are available. 
  • The plan provides many payout options.
  • The option of a reduced paid-up benefit is also available if you stop paying premiums after two complete years.
Aegon Life iMaximize Insurance Plan
  • This plan provides financial security for your child.
  • The plan provides for your child's needs in your absence through the Triple Benefit payout option, which provides financial relief in stages.
  • The plan starts with a minimum investment of Rs. 2000 monthly.
Ageas Federal Dream Builder Child Plan
  • Pay premiums only for the first eight years of the policy term. 
  • The plan provides guaranteed annual payouts in the last three years of the policy. They give it as a percentage of the maturity sum assured that ranges from 20 to 60%. 
  • If the life assured dies or becomes disabled, you don't have to pay future premiums.
Bajaj Allianz Young Assure Child Plan
  • Maturity benefits are paid in three stages of cash installment choices annually
  • Premium savings are available for policy tenure above ten years.
  • The riders covered are family income rider, accident, disability, premium waiver & critical illness. 
Bharti AXA Life Child Advantage Plan
  • Maturity benefits are available in two modes - money-back & endowment options. 
  • It offers a flexible policy tenure from 11 to 21 years.
  • A guaranteed payout option is available for money-back mode in the last 5 years. 
  • The payout amount ranges from 10 to 20%. 
  • There is the possibility of non-guaranteed benefits like annual simple reversionary bonus & terminal bonus.
Canara HSBC Smart Junior Plan
  • Annual guaranteed payments are available in this kids savings plan. 
  • It is payable in the last four years of the plan tenure before reaching the maturity period. Accrued annual bonuses are available, and they may give a final bonus depending on the paid-up amount. 
  • A rebate is possible on the plan if the sum assured is higher than Rs. 400000. 
  • Tax and loan benefits are available too.
Exide Life New Creating Life Regular Pay Plan
  • You can pay regular premiums over the full policy term 
  • Upon maturity, your child gets the sum assured with any accrued bonuses. 
  • There is also the option of premium waivers if any unfortunate event occurs. 
  • Your family can get Death Benefit as a lump sum or as monthly income for 60 months.
Exide Life New Creating Life Plus Plan
  • Your child gets the sum assured with a 10% guaranteed addition with any accrued bonuses on plan maturity.
  • The death benefit can be paid as a regular lumpsum payout or even in income installments for 60 months.
  • Tax-free returns
Premium waiver option available if the policyholder dies.
HDFC SL Youngstar Super Premium Child Plan
  • You can select the mode from a benefit payment preference. 
  • The beneficiary gets the fund value upon maturity. 
  • The regular death and maturity benefits are available. 
  • You can opt for riders in this scheme that covers critical illnesses.
Kotak Headstart Child Assure Plan
  • The regular benefits that pertain to death, maturity, and tax are available for this plan. 
  • In case of the policyholder's death, the beneficiary gets triple benefits.
  • With this plan, you can build up wealth for your child's future needs.
LIC -New Children's Money Back Plan
  • Death benefits are available and payable to the child as per specified conditions in case of your death during the policy term.
  • Survival benefits are available on completion of ages 18, 20 & 22 years with 20% of the basic sum assured payable on each occasion. 
  • Maturity benefits are available where the sum assured on maturity term is 40% of the basic sum. 
Max Life Shiksha Plus Super
  • Guaranteed loyalty additions are the benefits of this scheme. 
  • The benefits apply from the 11th year of the policy, where 0.2% of the fund value adds to the fund. 
  • Tax benefits are also available.
PNB Metlife Smart Child Plan
  • The plan provides a differentiated death benefit.
  • Loyalty additions are available at 2% & 3% for 15-year and 20-year term policies, respectively. 
  • The interest rates on the investment decrease every year. 
  • Systematic Transfer Option is also available that provides hedging against market volatilities.
Pramerica Rakshak Gold Plan
  • The plan provides a comprehensive death benefit as lumpsum payments & accrued additions. 
  • Guaranteed Maturity Benefits 
  • Premium payments for a limited tenure 
  • Tax Benefits and loan facilities are also available 
  • A monthly payout of 2% of the sum assured. 
  • Maturity benefits include a Guaranteed Maturity Multiple (GMM) i.e., varies from 150% - 175% over 12-18 years. 
Sahara Shubh Nivesh Jeevan Bima 
  • An endowment plan- Single premium with a fixed 10-year term
  • The minimum age at entry for a child is 9 years
SBI Life - Smart Champ Insurance Plan
  • The plan provides benefits for your child from ages 18 to 21. 
  • At 21 years of age, a terminal bonus is also available if applicable. 
  • There is an option to save on the future installments that are due. 
  • The annual discount rate is 6.25%.
SBI Life - Smart Scholar
  • This kids savings plan is a flexible and secure plan that offers liquidity benefits from the 6th year. 
  • The amount is payable as a lump sum on the policy maturity term. 
  • Rider benefits are available for accidental death and permanent disability. 
Shriram Life New Shri Vidya Child Plan
  • The plan focuses on your child's education. 
  • Additional sum assured for your child's education needs.
  • The plan provides riders or add-ons for accidents, critical illnesses, and extra insurance premiums.
Star Life Bright Child Plan
  • Child benefits and benefit boosters are available. These are payable as survival benefits. 
  • Special endowments are receivable that help you with career and marriage options. 20-50% of the basic sum assured is a part of the endowments scheme. 
  • You will get surrender benefits, which provide a guaranteed surrender as per the policy terms.
TATA AIA Super Achiever Plan
  • Guaranteed maturity additions are available at a 5% rate at the policy end. 
  • Top Up investments are available.
  • Regular death benefits & tax benefits are also available.

Things to Consider Before Choosing a Child Savings Plan

It is a wise choice to opt for a kids savings plan because:

  • Child plans provide financial relief about your child's potential future needs like education, marriage, health, and other activities. 

  • Prioritize the financial situation of your family at present. Child plans help you decide investment in your child's future.

  • Rely on a plan that also offers you life cover so that it brings you maximum benefits.

  • Opt for a plan that offers additional rider benefits. It could be premium waivers, maturity benefits, or benefits specific to a particular sector.

  • You can invest in a child savings plan if it serves as financial collateral for unexpected scenarios.

In Conclusion

You now know the top child savings plans and why your child needs them. You can now proceed with the purchase of your child's investment plan. To decide the ideal plans, consider factors such as risk appetite, age, investment term, age of child, ambition, and available capital. s

Choose Smartly and Invest Wisely. 

* Tax benefit is subject to changes in tax laws. Standard T&C apply."


  • Q. What is the right time to choose a child savings plan?

    A. Start investing early for a kids savings plan. It helps you to invest over a long period, enabling you with correct financial decisions.
  • Q. What is the expected tenure period for a plan to receive its maximum value?

    A. The right thing is to invest over a long time, preferably 10+ years. It will help you derive maximum value when you have to withdraw the amount for a specific purpose.
  • Q. What should I do if I want to withdraw money before the maturity period?

    A. You can opt for a plan that allows partial withdrawal. It ensures you can withdraw a sum for any necessity before the term of the maturity period.
  • Q. How do I select the best plan for my child?

    A. The choice of a plan depends on the financial need for which you invest. Select a plan from the various options after recognizing the best policy that suits your child's needs.
  • Q. What are the various investment types for a child savings scheme?

    A. The investment types you can choose from include Systematic Investment Planning (SIP), Public Provident Fund (PPF) & Debt Fund.

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