Triple Benefit Child Plan

These are child plans that offer combined benefits of a life cover, waiver of premiums, and monthly income to the child. Ideal options for parents to explore would be child ULIPs. The insurance space in India features a number of these plans that offer all three benefits in case of adversities. 

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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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What is a Triple Benefit Child Plan?

It is an insurance plan for children that offers 3 primary benefits for comprehensive protection. The triple benefit includes life cover for the parent, waiver of premiums on the death of a parent, and monthly income for the child. All the benefits can be found in a select few Child ULIPs such as the Bajaj Allianz Life Future Gain, Max Life Online Savings Plan, Bajaj Allianz Life Smart Wealth Goal (Child Wealth Variant), among others.

Child ULIPs have caught the attention of people because these offer market-linked returns, which are generally higher than FD or PPF. However, these plans should be opted for only if you have a high-risk appetite. The returns are completely dependent on the market performance of the funds and the entire risk of investment is borne by you.

What are the Triple Benefits of a Child Plan?

The best child investment plans come with 3 important benefits that take care of the needs of young children after the death of their parent. These are -

  1. Life cover paid as lump sum death benefit

    If the parent of the child dies within the policy term, the family receives the death benefit amount in a lump sum payout. The entire sum can be assigned to an adult who will be in charge of taking care of the childrsquo;s needs, his/her education, or marriage, etc.

  2. Future premiums waived off by insurer

    On the death of the parent, all the due premiums are paid off by the insurer. This ensures that the plan keeps accumulating returns from the market-linked funds till the end of the policy term. The burden to pay premiums is essentially taken over by the insurer. The child is paid the fund value on the date of maturity to be used per their needs.

  3. Regular income benefit for the child

    The child receives a monthly income starting from the date of death of the parent till the end of the policy term. The amount is usually limited to a percentage of the annual premium or the sum assured. This helps the family meet the regular needs of the child or pay for school fees, etc.

Even if the parent survives the policy term, the child receives the accumulated corpus or the fund value at the end of the policy term. This helps the parent pay for education abroad, or any other expenses that require a large sum. The child is also now equipped with the financial means to pursue whichever field they desire without any restrictions.

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Key Features of Triple Benefit Child Plans

  • These are unit-linked insurance plans for children.

  • Premium payments can be done on a regular basis, for a limited time, or as a lump sum amount.

  • The premiums are invested in different types of funds, including equity, debt, or hybrid to balance out the risks.

  • The policyholder has the flexibility to switch between funds if an existing fund is not performing well.

  • If the child is a minor at the time of receiving the proceeds, the parent can assign a nominee to hold the funds.

  • Most plans come with the option to receive the maturity benefit in installments. These can be used towards financing key milestones in a childrsquo;s education.

  • Bonuses in the form of fund boosters, loyalty additions are added to the fund value which increases the final corpus for the child.

  • Some plans such as the Bajaj Allianz Life Smart Wealth Goal (Child Wealth Variant) and the Max Life Online Savings Plan offer 100% of the amount invested back to you at the end of the policy term.

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

People also read: Sukanya Samriddhi Yojana

Eligibility Criteria of Triple Benefit Child Plans

Criteria Minimum Maximum
Entry Age 1 year 60 years
Maturity Age 18 years 85 years
Policy Term 10 years 30 years
Premium Payment Single, Limited, Regular
Premium Payment Frequency Yearly, Half-yearly, Quarterly, Monthly
Sum Assured 10 times the annual premium

Note - The above table depicts a broader view of the eligibility conditions. These shall vary across different plans and therefore, each policy should be carefully studied before purchase.

Rider Benefits of Triple Benefit Child Plans

Parents can opt for extra protection against unforeseen circumstances by paying a premium amount.

  • Accidental Death - Most child plans come with riders against death and disability of the parent arising out of an accident.

  • Accidental Disability - Disability coverage can be both long-term and short term, thereby compensating for the loss of income.

  • Critical / Terminal Illness - Many plans offer riders against various critical and terminal illnesses to help the family pay for the expenses as a result of it.

Other Policy Details

  • Lock-in Period - Some plans may come with a lock-in period during which no withdrawals shall be applicable. This encourages parents to stay invested longer and earn higher returns on the full investment.

  • Partial Withdrawal - Parents can withdraw a percentage of the fund value after a certain period to fund urgent liquidity needs for the child.

  • Surrender Benefit - Policies can mostly be surrendered at any point during the policy term. However, the benefit amount will be dependent on when the policy is being surrendered.

  • Tax Benefit - Parents can for file income tax exemptions under section 80C of the Income Tax Act.

Note - Tax benefit is subject to changes in tax laws

*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:-
^^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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