Child Plan is insurance cum investment plan that serves two purposes - Financially secure your child's future & finance the turning points in his/her life such as higher education and marriage. So, like a double-edged sword, the best child plan is designed to protect the future of your child in case of your unfortunate demise and at the same time, builds a corpus over a term to be utilized to finance prime moments in his/her life.
A wise mom once said, "Your child will keep building castles in the air; you better start buying bricks for the castle today." Loving your child is what comes naturally but as a responsible parent, you have certain obligations towards your child. Getting a child plan is one such obligation; in fact, the most important one. If you are reading this, you've already proved that you are a concerned parent finding ways to secure your child's future. Let us help you out in understanding what exactly a child plan is and the need to go for the best one.
Child education plan gives you various benefits such as life cover, building a corpus for the child's future needs and the option of adding specific riders. Go ahead and invest in an education plan, but always compare quotes before you finally sign on the dotted line.
|
Child Plans |
Entry age |
Maximum Maturity age |
Minimum Annual Premium |
Minimum Sum assured |
|
Bajaj Allianz Young Assure |
18 – 50 years |
60 years |
N/A |
10 times Annualized premium |
|
Birla Sun Life Insurance Vision Star Plus |
18 - 55years |
75 years |
N/A |
Rs. 1.00,000 |
|
Max Life Shiksha Life Super |
21 – 50 years |
65 years |
Rs. 25000/- |
Rs. 50000/- |
|
ICICI Pru Smart kid Assure plan |
20 - 60 years |
75 years |
Rs. 15000/-
|
5times the annual premium |
|
Aegon Life EduCare Advantage Insurance Plan |
20 – 60 years |
75 years |
N/A |
Rs. 100000/- |
|
MetLife Smart Child Plan |
18 – 55 years |
N/A |
Rs. 18000/- |
10 times annual premium |
|
Shriram New Shrividya Plan |
18 50 years |
70 years |
N/A |
Rs. 100000/- |
|
Bharti AXA Life Child Advantage Plan |
18 – 55 years |
65 years |
N/A |
Rs. 25000/- |
|
HDFC SL YoungStar Super Premium |
30 - 60 years |
75 years |
Rs. 24000/- |
Subject to underwriting |
|
Exide Life MeraAshirvaad Plan |
21 – 50 years |
65 years |
N/A |
Rs. 3.5 Lakhs |
|
SBI Life Smart champ Insurance Plan |
21 – 50 years |
70 years |
Rs. 6000/- |
Rs. 1 lakhs |
|
Edelweiss Tokio Life Edu Save Plan |
18 – 45 years |
60 years |
Rs. 6968/- |
Rs.225000/- |
|
Aviva Young Scholar Advantage Plan (Child Education Plan) |
21 – 45 years |
60 years |
10 – 25 years |
10 times the annual premium |
|
Future Generali Assured Education Plan (Child Education Plan) |
21 – 50 years |
67 years |
Minimum : 17 years minus the age of the child |
N/A |
|
MetLife College Plan (Child Education Plan) |
20 – 45 years |
69 years |
12 – 24 years |
Rs. 2,12,040/- |
|
SBI Life Smart Scholar (Child Education Plan) |
18 – 57 years |
65 Years |
8 – 25 years |
10/7 times the annual premium (regular pay) 1.25 times single premium (single pay) |
A Child Education plan offers the combined benefits of savings and protection. There are some unit linked products that provides the opportunity to create wealth as well. Child education plans are designed to provide financial security to your child so that his or her education never gets hindered due to any unfortunate event in the future.
These days there are a number of life insurance companies in India that offer child education plans. If you are thinking of investing in a child education plan for the future of your child, the below details you must go through well.
Yes, you do! Here's why - at the present rate of inflation, the ever soaring costs of education worry us all. Today, a typical MBA course from a top business school can cost anything between Rs 5 to Rs 8 lakh. Taking into account the present inflation rate, the education cost will only rise in the future.
So, 10 years from now if your child wishes to pursue MBA, you will need at least Rs 25 lakh to start with. Apparently, the cost will be unbearable until you start planning for your child's education today. That's where a child plan acts as a savior and helps you out.
|
Child Education Plans |
Entry age |
Maximum Maturity age |
Policy Term |
Minimum Sum Assured |
|
Aviva Young Scholar Advantage Plan |
21 – 45 years |
60 years |
10 year – 25 years |
10 times the annual premium |
|
Max Life Shiksha plus plan |
21 – 50 years |
65 years |
10 years or 15 – 25 years |
10 times the annual premium |
|
MetLife College Plan |
20 years – 45 years |
69 years |
12 year – 24 years |
Rs. 2,12,040/- |
|
SBI Life Smart Scholar |
18 years – 57 years |
65 Years |
8 years – 25 years |
10/7 times the annual premium (regular pay) |
|
Aegon Life EduCare Advantage Insurance Plan |
20 years – 60 years |
75 years |
14, 16 , 20 years |
Rs. 1 lakh |
1. Aviva Young Scholar Advantage Plan
This is a non-participating unit-linked child education plan. This plan allows you to create wealth for future through market investments. Based on your market strategy, you can choose from seven varied funds with different risk profiles. Both death benefits and maturity benefits are guaranteed under this child education plan. Loyalty additions are also paid out at different stages of the policy term.
2. Max Life Shiksha Plus Plan
This is a unit-linked non-participating child education plan offered by Max Life Insurance. Death benefits, maturity benefits, and loyalty additions are the obvious benefits guaranteed by this child education plan. 6 fund options are available for diversified asset allocation based on your risk appetite. Almost all child education plans in India offers the inbuilt waiver of premium rider and this plan is no exception to this.
3. MetLife College Plan
This child education plan is a type of non-linked deferred participating endowment plan. It offers the dual benefit of savings and protection. Along with maturity benefits and survival benefits, guaranteed additional bonuses are paid out. In case of the death of the life insured, the sum assured is immediately paid out as the death benefit.
4. SBI Life Smart Scholar
SBI Life offers this unit-linked non-participating child education plan which provides the twin benefit of investment and insurance. Seven fund options are available to match your investment strategy. Apart from the premium waiver benefit, accidental death benefit and accidental total and permanent disability benefit riders are the integral parts of this child education plan.
5. Aegon Life EduCare Advantage
This is a traditional child education plan with money back facility. It is a participating plan with limited premium payment mode. Simple reversionary bonus and terminal bonuses (if any) are paid out along with maturity benefit as well as death benefit. Like the four child education plans, mentioned above, this plan also allows you to enjoy income tax benefits.
Plan your primary needs that you need to get fulfilled without failure. Following are some key features that a child plan should offer:
Premium Amount- It is subject to the sum assured and the amount of maturity benefit you opt for.
Premium Payment Mode Sum Assured ->The sum assured must not be less than at least 10 times your current income, says the thumb rule.
Policy Term - When you realize that your child should get on his/her feet is the best time for the policy to mature. Choose the policy term to meet the exact period. E.g. If one of your children’s age is 10 years, then choose the policy term of 8 years.
Maturity Amount -Consult a financial advisor and remember the inflation rate and all other factors, plan the maturity amount that you would need at policy maturity. You can receive the maturity amount as a lump-sum payout or over a period of 5 years.
Waiver of Premium -This rider comes inbuilt into child plans. In case this is not part of the plan, it is advisable to include it without failure. If the insured dies, the nominee is entitles to receive the entire benefits of such a plan while no additional premium payment is required.
Partial Withdrawals - It is often seen that parents instead of holding back themselves for the policy to mature like to withdraw the sum assured in multiple fragments whenever they need it. This is often selected to fulfil the financial needs of the child at certain key moments.
Riders and Benefits - They add-on to the coverage offered by the plan and make it more valuable both qualitatively and financially
Child plans offer a host of advantages, both short- term and long-term. Some of them are explained in detail below:
Corpus for Child’s Education
Even with minimum premium payment, child plans are able to provide as much as 10 times the amount paid in the child education plan. This lump sum amount in child education plans can be foremost utilised towards education expenditure. A child education plan is often enough to pay for college education, and even higher education in a foreign country. The money available from a child education plan depends on the terms and conditions of the plan and on the amount one has invested in it by way of premiums.
A Kitty for Medical Treatment of the Child
Child plans also allow the option of withdrawing money during the tenure of the child investment plans. This can be used for medical treatment of the child when he or she falls ill. Such partial withdrawals come in very handy when the child is hospitalised due to an ailment, minor accident or a more serious medical condition. The best child plan helps to reduce the financial burden caused by medical expenditure and such payouts act as an add-on for one’s health insurance plan.
Supports the Child in the Absence of Parent(s)
Death does not come with invitation and no amount of preparation can leave on ready for such an event. The consequences are more so for the innocent child. The death of the parent(s) causes severe trauma to a child and can leave his or her future hanging by a thread. The insurance company offers a premium waiver if the parent (i.e., the insured) passes away during the policy term of a child plan. The premium waiver benefit often comes built into child plans. If not, one should definitely opt for this rider. The child receives a lump sum amount promised at the time of purchasing the child investment plans and does not have to pay balance premium. The rider enables the policy to continue without any breaks and passes the financial burden of remaining premium to the insurer.
Income Protection for the Child
A child plan also protects the income of those children who start earning at a young age. It includes child actors, musicians, artists and performers among others. It provides the advantage of capital appreciation over the long term for the child.
Acts as a Collateral for Loans for Higher Education
Higher education is expensive, whether one plans to send the child to a private college or university in India or abroad. In fact, international education is significantly more expensive. Child plans come in handy if one intends to secure a loan for higher education as these are allowed to be used as collaterals. They can also be used as collateral for other child-related borrowings.
A child plan is a great education policy and the best investment plan for the child. The child education plan also instils discipline and helps form the habit of saving to secure the child’s future.
The birth of a child brings immense joy to parents and the extended family. However, it brings with it a range of duties and responsibilities. It is a time to reflect and plan well so that the journey of parenting is smooth.
Parents want to provide only the best to their child. They want their progeny to have the best clothes, eat good food, study in the best school and then go to the best college. The best gift a parent can give their child is a bright and secure future and this is possible if they start financial planning early.
Timely investment planning allows sufficient funds at one’s disposal at key milestones in a child’s life. Even if something happens to the parent, the child will continue to live comfortably. The best child insurance plan offers a comprehensive life insurance cover along with the extra edge of financial support for the child’s future education and career.
There are two types of maturity benefits to choose from in child plans. One can either go for a money back option which offers guaranteed payouts every year after a few years or a lump sum payout at the end of maturity of the policy. Depending on one’s requirements, financial situation, and current and future income, one may choose among the two options. The lump sum payout gives a huge chunk of money which can be utilised towards higher education, marriage or buying the child a house.
A child education plan offers comprehensive benefits of life cover along with maturity benefit. One should choose a child education plan which offers enough returns to cover the educational expenses of a child. The returns should be enough to take care of the child’s future needs even when the insured (parent) is not around.
Child ULIPs -Certain share of the premium amount flows into debt instruments while the rest in equity instruments. The policyholder keeps control of switching between the funds. Being a market-linked plan, it comes handy with certain returns and that are subject to the net asset value of the company at the time of maturity.
Child Endowment Plans - The premium is invested in debt instruments while the decision is at the kept with the insurance company. The bonus payable at maturity decides the returns.
| Scenario | Term Plan | Child Plan |
| In case the Policy Holder dies | Death benefit is paid and the policy comes to an end | Death benefit is paid and the policy continues as the insurer pays rest of the premiums. |
| In case the Policy Holder survives | No Maturity Benefit | Maturity Benefit |
People often remark that the high point of their life has been the birth of their child. Having children and seeing them grow into responsible adults is the dream of every parent. The responsibility of parents only begins with the child’s birth. They have to nurture the child, see to it that he or she imbibes good values, is schooled well, gets good college education and finally stands on his or her own feet to do well in the world. All this requires adequate funds at important junctures in a child’s life. As parents, it is their duty to see to it that the child is not left wanting for simple pleasures of life.
A good education is probably the single most important thing and the biggest expense in the transformation of a child into a teenager and finally into an adult. And good education does not come cheap. The cost of education has been consistently rising over the years. Every parent wants his or her offspring to study in the best school and reputed college, take vocational music or sports lessons, and get additional tutoring if required. Parents leave no stone unturned in ensuring that their child gets the best of everything. It is also invariable that the child will get sick from time to time. In such circumstances, one would want the best medical care given to the child so that he or she can bounce back with vigour and excel in life.
In short, the process of raising a child into confident young adults is a long and arduous one. There are bound to be occasional roadblocks along this journey and one can do justice to parenting only if one is financially secure. To ensure that this journey is smooth, one needs to have sufficient savings and have to plan finances well in advance. Only then will one be able to ensure that the child’s dreams come true.
Child plans offered by insurance companies are investment policies that help take care of the future needs of a child. They offer the twin benefit of insurance and investment. Child plans vary in duration depending on what one has selected at the beginning. These plans offer a lump sum amount at maturitywhich can be used for different needs of the child ranging from higher education expenses to expenditure on marriage. The payout received is generally at least 10 times the amount of premium paid over the policy period. Child plans also help in taking care of a child’s needs in the absence of parents.
The early years of parenthood are one of the best periods in the life of a parent. Watching the child grow from an infant into a toddler and then sending him or her to primary school and seeing him/her blossom during schooling years into energetic teenagers and finally into young enthusiastic adults makes for fond memories.
This period is ever more memorable when the parent has planned the finances well to adequately take care of expenses which come with having a child. It is the desire of every parent to give the best possible comfort and luxury to their child. Inflation, high cost of education and medical treatment, and eventually expenditure on marriage can all be managed well if one invests timely for a child’s future. This also takes care of any eventuality that may affect one’s lifestyle.
There are many child plans offered by insurance companies; however, certain things should be considered while choosing the best investment plan for a child. Below-mentioned tips help in making a conscious decision to best meet the child’s needs.
Start Early
It is advised that one starts investing as early as possible for the future of one’s child as it helps to build a larger corpus which in turn gives greater freedom in taking any financial decision. Most child plans offer maturity benefit and start giving payouts at key milestones in life after the child turns 18 years old. The overall benefit of a child plan is higher if one starts investing early. This tip cannot be stressed enough as most people do not realise that each additional year of investment means a bigger corpus. In fact, starting the child education plan when the child is say 5 years old or when he or she is 10 years old, may eventually translate into having to take a loan to pay off the tuition or college fees in the latter case. Starting early helps as the investment returns between starting a couple of years later for same plan and same amount can mean a difference of a few lakh.
FactorIn Economic Variables
It is important to understand that savings and investment for one’s child will be taken advantage of only in the forthcoming years. Multiple economic variables need to be factored in while deciding an appropriate sum assured. Inflation, increase in cost of education and healthcare expenses, among other economic factors, if accounted for properly will provide adequate funds for the child in future. In case you are unsure how much you need to save, consider our illustrative calculations under the header “Do you Really Need a Child Education Policy?” to get an estimate of the future education costs. And this is only for India. If the child wishes to study abroad, you can easily multiply the Rs. 25 lakh mentioned for the MBA by a factor of 3 or 4 to get the amount you need for foreign education.
Special Attention to Terms and Conditions
One should scrutinise the fine print and understand the terms and conditions of the child investment plans’ policy document properly. The best child plan has unique features and it is important to interpret them correctly. This will prevent confusion at the time of maturity and/or in the payout. It will also help in selecting a suitable child education plan as per individual requirements, one that is best for the child’s needs. It makes sense to use our site to compare the various plans in detail, and pick the child education plan that best suits the requirements.
Choose the Premium Waiver Benefit
In the event of the unfortunate death of the insured (parent) during the policy tenure, insurance companies often offer to waive the premium. This is known as premium waiver benefit or self-funding of premium. It helps in continuing the policy without straining the family including the child for premium payments. The child receives full benefit at maturity, promised at the beginning while purchasing the policy. This feature is normally built into child plans; if not, then one should definitely go for this rider.
Opt for Partial Withdrawals Clause
Emergencies can happen at any time and the child may require financial aid to tide over emergency cash requirement situations. The provision of partial withdrawals allows withdrawal of partial sums of money from the best investment plan for child to meet unforeseen expenses. This prevents any emergencies from causing any sort of financial instability in the family or in the child’s education or dreams. Partial withdrawals help in not disturbing financial planning and not resorting to regular income to pay off the requirements.
Child plans usually invest funds collected from policyholders in capital markets to earn a higher return. However, they offer the insured or policyholder, the choice to choose the type of fund to invest their money depending on individual investment appetite and risk taking ability. Those who are risk averse may want their funds to be allocated in debt which offers more stability against market volatility. People who want to earn a higher return on investment may be fine with their investment being put into equity. Options like Systematic Transfer Plan and Dynamic Fund Allocation help in safeguarding investments against market instability. These plans allow for higher return investments in the initial years by putting the money in equity oriented firms and for stable growth in the later years by switching to the more secure debt funds. Most insurance companies ensure that the allocation is automatic and the parents do not have to worry about safeguarding the important capital to meet the upcoming future expenses of their loved one.
These tips are only some pointers which will help in choosing the best child plan. It pays to start early in securing the child’s future. Also, reading up on child plans on our site and on the insurance companies’ websites will ensure you know your ABCs before you pick the right plan.
It is important to choose a trusted appointee for your child plan. Your appointee must be someone you share a strong relationship with and someone you can count on, as you child must be taken care of when you are absent. In case of an unfortunate event, the claim amount is received by the appointee till the child gets matured and capable of handling the lump-sum payout of sum assured. In case the appointee fails to take care of the child and turns out to be excessively careless, there are chances that the amount of money being exhausted before the child reaches the age when he/she needs it the most. So, it is best to be double sure before you choose an appointee for the policy.
You bought a Child Plan for your 6-year-old kid with 10 years of policy term while expecting to receive the maturity benefit of Rs 20, 00,000. You opted for a life cover of Rs 25, 00,000. Unfortunately, you died after 4 years the policy began. The insurer is liable to pay the appointee a sum of Rs 25, 00,000 and also to borne the premium to be paid for the rest of the policy term left, i.e. 6 years. The child will also get the maturity benefit of Rs 20, 00,000 once he reaches the age of 16 years.
At PolicyBazaar, we take pride in helping parents like you to ensure a bright future for your children. Every child is unique and so are his insurance needs. Who knows, your children might turn out to be future Einstein or Tendulkar. Make sure you financially equip your child to tap the opportunity when it knocks.
You may also like to read : Top 5 Child Insurance Plans to Invest in 2016
There are many variants of Child Plans as per your budget and needs; thus, it is always advisable to compare insurance quotes from various insurers. An online comparison makes it easy for you to match quotes with your specific needs and go for the best plan.
| Plan Name | Plan Features | Entry Age - Min/Max | Maturity Age - Min/Max | Policy Term(PT) & Policy Paying term(PPT) | Plan Benefits | Sum Assured in case of Death |
Smart Kid Solution with ICICI Pru Smart Life
|
|
20 - 54 Years | 64 Years | PT: 10 - 25 Years PPT: Same as policy term |
Maturity Benefit:On maturity of the policy, you will receive the Fund Value with the option to take it as Lumpsum or in form of periodic installments. Death Benefit:The Lump Sum benefit is paid whch is higher of the two amounts: • Sum Assured • Minimum Death Benefit *Smart Income Benefit: Incase of Death the company pays remaining premium installments during policy term & fund value is paid to nimminee. |
For entry age below 45: Higher of 10 * Annualized premium or 0.5 * policy Term * Annualized premium For entry age equal or above 45: Higher of 7 * Annual Premium and 0.25 X Policy term X Annual Premium *Minimum Death Benefit = 105% of the total premiums paid including Top-up premiums, if any. |
Aegon Life iMaximize Insurance Plan - Benefit option II
|
|
18 - 50 Years | 65 Years | PT: 15, 20, 25 Years PPT: 10, 15 Years or equal to PT |
Maturity Benefit: You receive the Total Fund value (including the Top-Up Fund Value) as on the maturity date. Death Benefit * Option 2: The nominee receives the Maximum of Sum Assured or 105% of all premiums paid immediately. Company will pay all future premiums & pay fund value at end of policy term.An amount equal to the Annualised Premium will also be paid paid to the beneficiary at the start of every Policy year. | For entry age below 45: Higher of 10 * Annualized premium or 0.5 * policy Term * Annualized premium For entry age equal or above 45: Higher of 7 * Annual Premium and 0.25 X Policy term X Annual Premium |
HDFC SL Young Star Super Premium
|
|
18 - 65 Years | 75 Years | PT: 10 - 20 Years | Maturity Benefit: At the end of the policy term, you will receive the accumulated value of your funds. Death Benefit: * Save Benefit Option: The Sum Assured shall be paid to beneficiary immediately ,The company shall pay all future policy premiums & pay the fund value to the beneficiary at end of policy term. * Save n Gain Option: The Sum Assured shall be paid to beneficiary immediately. 50% of future policy premiums shall be paid by the insurer, the fund value shall be paid at end of policy term & 50% of the all future premiums shall be paid to beneficiary on an annual basis. | Min: For age less than 45 Years: 10 * Annualized premium For age equal to 45 Years and above: 7 * Annualized premium Max: 40 * Annualized premium |
|
HDFC LIFE Young Star Udaan - classic waiver (traditional plan)
|
|
18 - 55 Years | 33 - 75 Years | PT: 15 - 25 Years PPT: 7, 10 Years, Policy Term minus 5 Years |
Maturity benefit options: Option 1(Aspiration): 125% of sum assured Option 2(Academia): 130% of sum assured Option 3(Career): 140% of sum assured Death Benefit Option: It shall be higher of Sum Assured on Death or 105% of premiums paid. |
For age less than 50 Years: 10 * Annualized premium For age equal to 50 Years and above: 7 * Annualized premium |
What is a child plan?
Child plan is a type of insurance cum investment that helps an individual to build a corpus for finance child’s education and marriage. Also it gives a sum assured to the child in case the insured dies. So the child plan gives dual benefit. If the insured dies, life coverage is given and if he survives, child gets surviving benefits.
What makes child plan so unique?
The most unique attribute of a child plan is that in case of any eventuality, death benefits are paid to the child (or appointee) and the rest of the premium is waived off. The insurance company bears the premium cost. There is no lapse in the policy and the child gets maturity amount at the end of policy term. There is no other insurance plan which has this unique feature.
When is the right time to buy a child plan?
As soon as your child comes to the world, you should think of buying a child insurance plan.
What factors need to keep in mind while buying child plans?
You should pay attention towards following factors-
While computing the amount, take into account the current inflation rate. A typical MBA program from a reputed business school which costs around Rs 6 lakh today will become threefold costlier from 10 years now.
What are the features of a child plan?
A child plan comes loaded with following features. Have a look at major features-
What is the difference between beneficiary and nominee?
Beneficiary is a person who is entitled to get all benefits from the policy, including bonus, death benefits, etc., irrespective of the fact that whether the policyholder is alive or not. However, a nominee gets only death benefit. For instance, in child plans, a kid for whom the policy is bought by parents is a beneficiary. He will get all benefits after the death of a parent.
Who is beneficiary? Why it is important to have a beneficiary?
A beneficiary is a person or entity entitles to receive claim amount and other benefits upon the death of the policyholder. A proper nomination is required to ensure that your loved ones get all benefits of a policy without any hassles. It allows fast claim settlement in the hours of needs.
What are the types of child plan?
Child ULIPs- The premium paid by each insurer flows into a collective pool of funds that is invested both in debt and equity instruments. Being a market linked product, the potential for returns is high. This type of plan is ideal for longer policy term (more than 10 years).
Child Endowment Plans - The premium paid by each insurer flows into a collective pool of funds that is invested only in debt instruments. The returns are steady, but not so high. This type of plan is ideal for shorter policy term (less than 10 years.
Do I get any tax benefits?
As per section 80C of the income tax act, the premiums paid for child plans are deductible from your total income thus lowering your taxable income. As per section 10(10D) of the income tax act, the lump sum amount you get as a survival benefit at maturity period is tax free.
What documents do I need to buy child insurance plan?
Generally, all insurance companies ask for the following documents-
What if I am investing for a minor child and the appointee dies? What extra care should I take?
If you wish to invest in the name of a minor then you may need to fill a third party declaration form. Only parents and grandparents are permitted to invest on behalf of the kids. Documents that establish the blood relation with the child have to be submitted. While filling the policy document, it is mandatory to fill the name of the appointee who will take care of the policy amount on the behalf of a minor till he/she becomes adult. An appointee can invest on behalf of a kid.
How to choose the right child insurance plan?
It has been seen that most parents start planning for their child's future quite late. The need to meet the rearing priorities usually leads to overlooking the financial planning. In order to reap the benefits of insurance plan, it is strongly advised to start planning for the child's future during his/her formative years, i.e, between 3-8 years to ensure that sufficient funds are available when the child is ready to embark on a career path. There is no dearth of good child insurance plans in the market. If chosen carefully, a child's plan can become a solid long term vehicle to manage the future of a child. So, how do you choose the right child insurance plan? Below are some tips to guide you-
Can grandparents buy life insurance policy for grandchildren?
Yes, grandparents can buy child plans for grandchild as a gift. Policies like LIC Jeevan Kishore, Komal Jeevan, Aajeevan Sampatti (Bharti Axa), Mera Aashirvad (Exide), YoungStar Udaan (HDFC), etc; are some of the plans which are either bought by parents or grandparents.
