Girl Child Insurance Plans

Child insurance helps a parent secure the future of their children. The proceeds from a child policy can help your girl child fund her dreams and achieve her goals. Therefore, every parent should make child insurance a part of their financial decision-making. Women have been making big strides in every field globally. They deserve every opportunity to excel in life both professionally and personally.

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Investing in your child's future:A wise decision & a loving choice
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  • Insurer pays premium in case of loss of life of parent

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  • 12+ plans available

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In the early stages, they need the support of their parents or guardians to finance their education to enable them to achieve financial independence later. Girl child insurance plans allow parents to secure the finances for the child to deal with unforeseen unfortunate circumstances later in life.

What Are Girl Child Insurance Plans?

A girl child insurance plan is a type of policy that covers the risk of death of the girl child. Further, it offers financial assistance to the children if their parents die within the policy term. A noteworthy feature is the premium waiver benefit that comes with child plans. This feature waives off future premiums payable while keeping the policy in force. So, for instance, if the parent dies due to an accident, the unpaid premiums will be paid off by the insurer. The policy continues till the end of the policy term and the final amount is offered to the child as promised. 

Importance Of Girl Child Insurance Plans

The cost of education is growing and should not come in the way of your child’s progress. While small monthly savings are important, it cannot protect you against inflation. Child plans can help you offset this concern and also shield your daughter from financial struggle while growing up. Here are some of the few reasons why insurance for your girl child is so important.

  1. Offset risk of inflation

    Inflation in the education sector stands at around 10% in India. At this rate, a typical engineering degree in the next 15 years can cost you around Rs. 42 Lakhs. Do you think that regular savings can help you pay such a huge amount considering that there will be other significant expenses in the future? A girl child insurance plan can cover around 10 times the amount paid as annual premium. If you plan this well, you can negate the inflation rate and comfortably pay off your child’s tuition fees. 

  2. Pay for your daughter’s marriage

    Growing up, many young women have the fairytale wedding of their dreams already planned. While this should not be a priority, it can certainly help to plan ahead and give them the wedding they desire. Marriage being the biggest business in the country right now, you can expect to shell out anywhere between Rs. 20-25 Lakhs including the cost of venue, decor, and gold jewelry. By investing in a child insurance policy for your daughter, you can ensure a sizeable corpus to fund their wedding.

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  3. Financial backup in the absence of a parent

    The best child insurance plans offer the death benefit amount to the child on the death of an earning parent. Child investment cum insurance policies are designed to offer financial respite to the kids while keeping the policy in force. This ensures that the money keeps accumulating till the end of the policy term without the kid having to pay premiums. The final fund value can eleviate significant hardship on the girl child if the parent were to die within the policy term. 

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Types Of Insurance Plans For Girl Child

Parents can purchase the following sorts of insurance coverage for their daughters.

  • Term insurance  - It is a form of pure-risk life insurance policy that provides a guaranteed death benefit to the family of the dead life assured. Your daughter can be listed as a policy nominee, ensuring that the death benefit goes solely to her and for her benefit. If the child is under the age of 18 at the time of your death, you can appoint an adult to manage the fund until the child reaches that age.
    Notably, term life policies now include a return of premium benefit at maturity. It means that you won't lose any of the money you put into the policy if you live to the end of the policy term.

  • Child Endowment-based plans - The rising cost of education, from higher education to studies abroad, should not stop your child from receiving the best education possible while you are away. Also categorized as basic child education plans, this type of insurance coverage hepls  pay for your daughter's education and keep it going until she reaches financial independence.
    The government of India has introduced programmes such as the Sukanya Samriddhi Yojana for females, which has gotten a lot of attention in the previous decade. In the event of unforeseen events, child education plans can offer additional assistance to the girl child in overcoming financial constraints.

  • Child ULIPs - A ULIP is one of the greatest insurance policies for a girl child. These are unit-linked insurance plans, which means that a portion of the premiums is invested in market instruments like stocks, bonds, and other securities. The remaining portion is allocated to the insurance protection feature. The ULIP component ensures that a parent's money rises significantly based on the fund's market performance. On the date of maturity, the collected fund value is paid out to the girl child.
    The insurance component ensures that even if a parent dies during the policy term, the money is invested so that the child can access the entire corpus later, and in some situations, it also waives future premiums.

  • Traditional Money-Back Plans - If you have a budget for your child's expenses, these options are ideal. These are endowment-based plans that pay out at predetermined times. You may plan every stage of your child's future based on the predicted returns from these policies, whether it be schooling, college, or international study.

How To Pick The Best Insurance Plan For A Girl Child?

The number of options available can be very confusing for a parent. However, choosing the best child plan for your daughter need not be as complicated. All you have to focus on are a few fundamental factors. Here are some tips to pick the best investment plans for your girl child:

  • Decide the budget - Do not go overboard with the budget that you have decided to pay for premiums. The end goal is that the promised benefits should reach the child at important milestones and paying premiums duly is a key aspect of it. 

  • Factor in inflation - The current inflation in the education sector is 10%. Pick a cover that enable your to beat the inflation and comfortable pay for your daughter’s pursuits. 

  • Take balanced risks - Sticking to traditional child savings plans may seem like a good idea, however, the rate of return is significantly lower. A high corpus requires you to invest in ULIPs that diversifies your investment portfolio among high-risk equity market and low-risk debt funds. 

  • Identify child needs - Once you have decided on a budget and an investment strategy, look where your child’s interests lie. It is advisable to save for a corpus to that is high enough to accommodate any pursuit, be it international or local. However, certain technical fields such as engineering and medicine incur larger expenses that vocational fields. 

  • Cover against your death - The most critical part of this whole exercise is to make sure that your child is financially secure should any misfortune were to befall them. The insurance cover should be enough to take care of the needs of the family and also cover educational expenses of the girl child. 

Best Girl Child Insurance Plans

Child Plans Type Entry Age Maximum Maturity Age Minimum Annual Premium Minimum Sum assured
ICICI Pru SmartKid Plan  ULIP 20-54 years NA Rs. 45,000/-  Higher of (10 x Annual Premium) or (0.5 x Policy term x A.P)
HDFC SL YoungStar Super Premium ULIP 18-65 years 75 years Rs. 15,000/- 10 X annualized premium
Aviva Young Scholar Secure Plan  Child Education Plan Parent: 21-50 years
Child: 0-12 years
60 years Rs. 50,000/- 10 X annual premium
Bajaj Allianz Young Assure Traditional Savings Plan 18-50 years 60 years N/A 10 X Annualized premium
Bharti AXA Life Child Advantage Plan Money-back 18-55 years 76 years Depends on Minimum Sum Assured Rs. 25,000/-
Future Generali Assured Education Plan  Child Education Plan Parent: 21-50 years
Child: 0-10 years
67 years Rs. 20,000/- N/A
Birla Sun Life Insurance Vision Star Plus Money-back 18-55years 75 years N/A Rs. 1 Lakh
Exide Life New Creating Life Insurance Plus Child Savings Plan Parent: 18-45 years
Child: 0-17 years
60 years Rs. 25,000/- Rs. 1,62,380
SBI Life Smart Scholar  ULIP  Parent: 18-57 years
Child: 0-17 years
65 Years Rs. 24,000/- Higher of (10 x Annual Premium) or (0.5 x Policy term x A.P)
Max Life Shiksha Plus Super ULIP 21-50 years 65 years Rs. 25,000/- Rs. 2.5 Lakh
SBI Life Smart Champ Insurance Plan Child Savings Plan Parent: 21-50 years
Child: 0-13 years
70 years Rs. 6,000/- Rs. 1 Lakh

*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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Insurers Offering Child Plans

Tata AIA

Aditya Birla Sun Life

Bajaj Allianz

Max Life

HDFC Life

ICICI Prudential

Bharti AXA Life

Edelweiss Life

Kotak Life

Future Generali

PNB MetLife

SBI Life

Aviva

Bandhan Life

Canara HSBC

IDBI Federal

IndiaFirst

Pramerica Life

Reliance Life

Sahara Life

Shriram Life

Star Union

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