Child Plans

With a child plan, you can simplify the investment for your child’s future. By combining investment with insurance, these plans ensure a financially secure future for your child. Whether it's saving for the child's higher education or creating a financial safety net in case of an unforeseen event, child plans cover everything. Besides, these plans allow you to create a realistic corpus to meet the child’s future goals and ambitions.

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Investing in your child's future:A wise decision & a loving choice
Benefits of Investing In Child Plan
Waiver of Premium Benefit
Future Premiums are paid by the insurer upon death of policyholder
Flexible Payout Options
Your premiums help your child achieve their dreams through lump sum or regular payouts
Wealth Boosters
Get rewarded with Wealth Booster and Loyalty Bonus for staying invested with us
Zero Commission
We charge no commission when you buy from us. Also buy online & get extra
Tax Benefits
You get tax benefits under Section 80(C) and no tax on returns under Section 10 (10D)^
Investment Flexibility
It offers the flexibility to invest at regular intervals or as a one-time contribution
  • Secure your child's future with or without you

  • 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 Education Plans?

Child education planChild education plan

Child education plans are a combination of insurance and investment. These plans are designed to help parents like you to financially secure your child’s future in a disciplined way. In a child education insurance plan, you pay a premium (monthly, half-yearly, yearly, or single-pay) for a specific period. At the end of the policy term, you get a lump-sum amount as the maturity benefit. While you create a corpus for the child's education, the insurance element provides you with life cover.

In case of the unfortunate death of a parent (the policyholder), a child plan supports the nominee with triple benefits. While the life cover amount is paid to the family, the remaining premiums of the plan are paid by the insurer. Also, the child gets the benefit of a monthly payout to meet his/her expenses. That means, even in your absence, the child can use this amount to cover educational costs such as tuition fees, books, uniforms, etc. Besides, child insurance plans offer flexible payout options at important milestones of your child’s education. 

Best Child Plans in India

Plans Entry Age Maximum Maturity Age Minimum Investment Amount (annually) Minimum Sum assured
TATA AIA Fortune Pro- WOP 18-59 years 75 years Rs 12,000/- -
TATA AIA Fortune Pro 18-59 years 40 years  Rs 12,000/- For Single Pay – 1.25 times the
Single Premium
For Regular / Limited Pay – 7 * AP
Max Life Online Savings Plan- Child Plan 18-54 years 85 years Rs 12,000/- The minimum Sum Assured is Rs. 1,20,000
Bajaj Allianz Smart Wealth Goal- Child Wealth 18-60 years 85 years Rs 48,000/- 10 times Annualized Premium
ICICI IPru Smart Kid Plan 18-65 years 64 years Rs 25,000/- Minimum Sum Assured (Single Pay) -1.25 x Single Premium
Minimum Sum Assured (Regular Pay)- 7 x Annual Premium
Capital Guarantee Solution
18-50 years 75 years Rs. 51,000/- Minimum Sum Assured (Single Pay) -1.25 x Single Premium
Minimum Sum Assured (Regular Pay)- Higher of (10*AP OR (0.5*Policy Term*AP)
Max Life Capital Guarantee Solution 18-50 years 85 years Rs. 37,200 The Minimum Sum Assured is Rs. 1,20,000
BAJAJ Allianz Capital Guarantee Solution 18-55 years 65 years Rs. 20,000 The Minimum Sum Assured is Rs. 30,000
Aditya Birla Capital Guarantee Solution 0-58 years 85 years Rs. 38,400 Minimum Sum Assured (Single Pay)- Rs.100,000
Minimum Sum Assured (5 Pay)- Rs.20,000
Minimum Sum Assured (6-12 Pay)- Rs.30,000
HDFC Life Capital Guarantee Solution 18-50 years 85 years Rs. 12,000 1.25 times the
Single Premium
PNB MetLife Capital Guarantee Solution 18-60 years 80 years Rs. 51,000 Minimum Sum Assured (Single Pay)- Rs. 100,000
Minimum Sum Assured (5 Pay): 12,000
Minimum Sum Assured (Regular Pay & 10 Pay): 12,000
Kotak Life Capital Guarantee Solution 18-50 years 99 years Rs. 21,000 10 times Annualized Premium
Edelweiss Tokio Wealth Secure Plus- Child 18-40 years 100 years Rs 24,000/- 7 x Annualized Premium
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Invest ₹10K/Month YOU GET ₹1 Crores* For Your Child View Plans
Invest ₹8K/Month YOU GET ₹80 Lakhs* For Your Child View Plans
Invest ₹5K/Month YOU GET ₹50 Lakhs* For Your Child View Plans
Standard T&C Apply *

Why Buy a Child Insurance Plan? 

In case of the policyholder’s untimely death, a child insurance plan provides triple benefits for complete protection.

  • The life cover is paid to the nominee/family members to meet immediate expenses.

  • Future premium amounts of the market-linked plan are paid by the insurer. Upon maturity, the amount is paid to the child. 

  • The child gets monthly income to meet the regular expenses.

*Varies on the basis of different plans.

Key Benefits of a Child Plan
Key benefits of Child Plans
Benefit 1
Waiver of premium ensures the child’s financial security if anything unforeseen happens to you
Key benefits of Child Plans
Benefit 2
Maturity amount that ensures the desired education for your child
Key benefits of Child Plans
Benefit 3
Supports your family/nominee with life cover
Key benefits of Child Plans
Benefit 4
Saves tax under sections 80C & 10 (10D)*
Key benefits of Child Plans
Benefit 5
Ensures a disciplined investment & savings for your child's future
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(*Tax benefits for investments up to ₹2.5 Lacs/year)

What are the Key Features of a Child Education Insurance Plan? 

Here are the key features of a child education plan:

  • Lump-sum Benefit: The plan provides a lump-sum benefit to your children in the unfortunate event of your death within the policy term. This ensures that your child's education fund is not compromised, and they can continue their education without financial constraints.

  • Partial Withdrawals: Child education plans offer flexibility in withdrawals too. You can withdraw your money from funds anytime after 5 years. It helps you meet the child's educational milestones, such as admission fees, tuition expenses, or educational trips. 

  • Waiver of Premium: With a child insurance plan, you can secure your child's future without disrupting premium payments. In the event of your untimely death, the insurance company will take care of the remaining premiums. It ensures that the policy remains active and that your child doesn’t have to compromise his/her educational goals.

  • Tax Benefits: As the policyholder, you get tax benefits under sections 80C and 10 (10D) of the Income Tax Act. This means that the premiums paid towards the plan are eligible for tax deductions, reducing your overall tax liability. The tax benefits help maximize the returns on your investment, allowing you to save more for your child's education.

  • Life Cover: One of the top reasons to buy a child insurance plan online is the life cover component. This means that if something unforeseen happens to you during the policy term, a predetermined sum assured will be paid to your child. This ensures that the child's education is not disrupted even if you are not around.

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Tax Benefits on Child Insurance Plan

Sections of the Income Tax Act, 1961 Tax Benefits
Section 80C
  • Premiums paid for your policy are eligible for tax benefits.
  • The premium paid under the child plan, up to an amount of 1.5 lacs, is tax deductible.  
Section 10(10D)
  • Get Tax-free maturity from your child plan with an annual premium of up to  2.5 lacs.
  • Maturity benefits received at the end of the term or in case of your death are tax-free.

Types of Child Insurance Plans

  • Child Unit Linked Life Insurance Plans (ULIPs) 

    As a parent, you undoubtedly want to provide your child with the best education possible, whether it's at esteemed national institutions or prestigious foreign universities. However, relying solely on your savings may not be sufficient to meet the various expenses associated with such education. Market-linked child plans can enable you to create the necessary funds for fulfilling your child's ambitions. 

  • Capital Guarantee Solutions

    If you are looking for a safe and reliable investment option for your child's future, capital guarantee solutions are for you. They provide a guarantee that the initial invested capital will be protected, regardless of market fluctuations or economic uncertainties. This means that no matter how the financial markets perform, the principal amount you invest for your child will be safeguarded.

  • Guaranteed Return Plan (Traditional Plan)

    Guaranteed return child education plans are designed to provide a guaranteed return on investment along with insurance coverage for your child's future. These plans offer you a secure way to accumulate funds for your child's education or other important milestones. Unlike market-linked plans, traditional plans offer a predetermined rate of return throughout the policy term. This means that you can plan your child's future with more certainty, knowing the exact amount you will receive at maturity.

How Does a Child Plan Work?

Let’s understand this with the help of an example:

Mr Sharma, a 40-year-old professional, invests in a child savings plan for his daughter’s higher education. He can choose to pay the premium as a one-time payment, annually, half-yearly, or monthly. Now, consider the following figures for calculation:

Current age of the child: 10 years

Invested amount (monthly): Rs. 10,000

Invested for 10 Years

Withdraw After 20 Years 

Rate of return amount: 19.93%*

In case of outliving the policy term: After the policy matures, the maturity amount that Mr. Sharma will receive is Rs. 1.72 Cr*. The amount can be used for the child’s higher education, considering that the inflation rate is approximately 6%.  

And, in case of Mr. Sharma’s death in the 7th policy year, his daughter will still get the life cover**. The child will also get other benefits like a waiver of premiums and a monthly payout depending on the terms of the plan.

*The rate of return is subject to market performance.
**Depending on the plan the nominee will either receive full life cover or partial. 

Why Buy Child Insurance Plan?

Secure your child’s future even in your absence
in case of unfortunate death of parent
Life Cover paid to family to meet immediate expenses
Future premiums are paid by the Insurance Company. On maturity, amount is paid to the child
Child gets Monthly income to meet the regular expenses

How Much Should You Invest in a Child Insurance Plan?

The amount to invest in a child plan depends on various factors, including your financial situation, goals, and the cost of education. It is recommended to start investing as early as possible to take advantage of compounding growth. A general rule of thumb is to aim to save at least 20% of the estimated cost of education. However, this percentage may vary based on your income, other financial obligations, and the time remaining until your child starts their education.  

So, setting a realistic budget that aligns with your income and expenses is important. Consider estimating the future cost of education, factoring in inflation and potential scholarship opportunities. Additionally, review the investment options and contribution limits of the specific child plan you choose. You can use our Child Plan Calculator to understand your investment requirements.

How to Buy a Child Education Plan From Policybazaar? 

By following the steps below, you can make an informed decision and choose the best child education plan for your needs:

Step 1: Visit the ‘Child Plans’ section on Policybazaar’s website

Step 2: Fill in the details on the form, such as Name and Mobile Number 

Step 3: Click on ‘View Plans’ 

Step 4: Enter the required information

  • The city you reside in

  • Your age, your child’s age

  • Your annual income 

Step 5: All the child insurance plans list will be displayed.

Step 6: Customize your plan by choosing the

  • Investment amount

  • The number of years you want to stay invested

  • The number of years you want to withdraw after

Step 7: You can easily compare the plans from different insurance companies and choose the one that is suitable for your financial needs. 

You can choose plans from Policybazaar and enjoy benefits such as extra payout compared to offline plans. No hidden charges, full transparency, and clear explanations of charges and returns. Expert advice from certified advisors. 100% recorded calls ensure honest selling, with utmost transparency and honesty.

Step 8: After choosing the best child insurance plan, proceed to Pay 

Child Plan vs. Sukanya Samriddhi Yojana vs. PPF

Pro Tips to Choose the Best Child Education Plan

If you are not sure which child insurance plan to buy, consider the following key points before making a purchase decision.

  • Look for Triple Benefits: A child plan offers triple 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. This structure makes a child plan a perfect choice for securing your child's future.

  • Check for Partial Withdrawal Options: Child plans offer the option to withdraw up to a limit from the plan during the policy term. This benefit helps you to be prepared financially for the different life stages of your child.

  • The Reputation of the Insurance Provider: Seek out financially stable companies with a favorable claim settlement ratio. This ensures their ability to fulfill commitments upon plan maturity or in case of unforeseen events.

  • Plan Flexibility: Look for a child education plan that offers flexibility in premium payment options, policy terms, and coverage, among other things.

  • Diverse Investment Fund Options: Market-linked child education plans offer you the option to select from different funds like debt, equity, and a combination of both according to your risk appetite.

Also, remember that the earlier you start, the more benefits you get. Starting your investment early helps to build a larger corpus, which in turn, gives greater freedom in making any financial decision.

What is the Child Insurance Plan Claim Process?

The claim process for a child insurance plan typically involves the following steps:

  • Informing the insurance company: In the event of a claim, you should immediately inform the insurance company about the incident. Contact the insurer's customer service or claims department and provide them with the necessary details. You can also reach out to Policybazaar’s dedicated claims settlement team for smooth processing.

  • Documentation: You will have to provide a few documents to process the claim, including:

    • Claim form: You need to fill out a claim form with accurate and complete information.

    • Policy document: Provide a copy of the child insurance policy.

    • Medical records: If the claim is related to medical expenses, you may need to submit medical reports, bills, prescriptions, and any other relevant documents.

    • Proof of identity: Submit a valid proof of identity, such as an Aadhaar card, PAN card, or passport.

    • Incident-related documents: If the claim is due to an accident or loss, you might need to provide relevant documents, such as a police report, FIR (First Information Report), or any other supporting evidence.

  • Submitting the documents: Gather all the required documents and submit them to the insurance company within the specified timeframe. It is advisable to keep copies of all documents for your records.

  • Verification and assessment: The insurance company will review the submitted child education plan documents and assess the claim. They may conduct their own investigations or request additional information if needed.

  • Claim settlement: Once the claim is verified and approved, the insurance company will process the settlement. The settlement amount will depend on the terms and conditions of the child insurance plan. The insurer will pay the policyholder or the nominee, as applicable.

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Frequently Asked Questions

  • What is a Child Education Plan?

    A Child Education Plan is a financial product designed to help parents save and invest money to fund their child's education expenses. It is an investment plan that provides a disciplined approach to building a corpus to meet future educational needs. These plans offer features like regular savings, investment growth, and protection benefits to ensure that the child's education goals are met, even in the event of an unfortunate incident.
  • What is the tax benefit of the Child Education Plan in India?

    In India, the tax benefit of a Child Education Plan depends on the type of plan you choose. If you opt for a child insurance plan, the premiums paid towards the plan may be eligible for tax deductions under Section 80C of the Income Tax Act up to a maximum limit of Rs. 1.5 lakh per financial year. Additionally, the maturity or death benefit received from such plans for investments up to Rs. 2.5Lacs/year is tax-exempt under Section 10(10D) of the Income Tax Act.
  • Which plan is best for child education in India?

    Here is a list of the best child education plans in India*:
    • TATA AIA Fortune Pro

    • Bajaj Allianz Smart Wealth Goal II

    • Max Life Online Savings Plan

    • Edelweiss Tokio Wealth Secure Plus

    • ICICI IPru Smart Kid Plan

    • Aviva Young Scholar Secure

    • Bajaj Allianz Young Assure

    *This is just a list of available plans, not in any descending or ascending order. Policybazaar doesn’t promote any specific plan.

  • What are the Documents Required to Buy a Child Insurance Plan? 

    Documents Required

    Acceptable Documents 
    Proof of Age (Any one of them)
    • Birth Certificate
    • Class 10 or Class 12 report card (Marks sheet)
    • Passport
    Proof of Identity (Any one of them)
    • Aadhaar card
    • Passport
    • PAN Card
    • Voter ID
    Proof of Income Document showing the income of the insurance buyer
    Proof of Address (Any one of them)
    • Telephone bill
    • Electricity bill
    • Ration card
    • Passport
    • Driving License
    Proposal Form Duly filled proposal form
  • What is unique about the child plan? 

    A child plan is an investment product that helps create a corpus for the future of your child, over a policy term. These policies pay a lump sum payment upon maturity that can be used to pay the education fees or wedding expenses of your child. It also acts as a life insurance plan for your child in case something unforeseen happens to you during the policy term. All these features make a child plan unique. 

    Mutual funds, on the other hand, are investment vehicles with no specific child-centric features. Child plans provide a more focused and tailored approach for long-term financial security for your child.

  • What is a child's life coverage? 

    Child life coverage is a pre-specified lump sum payment that the nominee/policyholder gets in case of the policyholder's death within the policy term.
  • Are child plans more secure than mutual funds?

    Child plans often come with an insurance component, providing a safety net in case of unforeseen events. Mutual funds, being market-linked, do not offer this level of financial protection.
  • Can I customize a child plan to suit my specific requirements?

    Yes, child plans offer customization options based on factors like premium amount, policy term, and payout structure, allowing you to align the plan with your child's unique needs. However, mutual funds are not customizable.
  • Do child plans provide a guaranteed maturity amount compared to mutual funds?

    Yes, many child plans offer guaranteed benefits, providing a clear and defined amount that will be available for your child's future needs.
  • How important is it to buy a child insurance plan?

    Any parents who do not wish to compromise on the bright future of their children and want to secure their financial future should look into buying a child insurance plan. Listed below are some of the key reasons why a child should be equipped with such a policy.
    • Use as the Collateral: In case a parent needs to avail of an education loan for the child in the future, then the child plan can be used as the collateral.
    • Fund Higher Education: The corpus built through a child education plan can be used to fund private tuitions, hostel accommodation, studies in a foreign nation, etc.
    • Medical Treatment: In case the child gets admitted due to an accident or any other medical condition, the child's insurance plan permits to withdrawal lump sum amount from the yet-to-mature policy.
    • Tax Benefits: The premiums paid towards the child plan remain tax exempted under Section 80C of the IT Act. The maturity benefits also remain tax exempted as per Section 10 (10D).
    Note: Tax benefit is subject to changes in tax laws
  • When can one withdraw money from the child plan?

    One can easily withdraw the entire sum at any point after 5 years of the policy and before the end of the policy term. Partial withdrawals are also allowed with child plans that you can use towards your child’s liquidity needs.
  • Are the proceeds from the child plan tax-free?

    Yes, the money withdrawn from the child plan and the money received on death or maturity is entirely tax-free under section 80C and 10(10D) of the Income Tax Act, 1961.
  • When to buy a child education plan?

    Ideally, you must buy the best child education plan as soon as your kid is born. Nevertheless, buy a child education plan only when you understand the variable given below:
    • Knowledge – Inflation is an antecedent of rising costs and such surging costs do not allow savings. Even if you manage to save, such savings are eventually used in financial contingencies when your savings are not allocated to meet specific causes.
    • Type of Plan – Child plans come in both kinds of insurance variants namely, unit-linked insurance plans, and traditional plans. It is up to you to decide whether you want to experience market risks and reap better returns or want a traditional plan for guaranteed returns.
    • Benefits – Once you've decided the type of plan you'd like to buy, you must compare the benefits of the plan. Do thorough research and find out what the policy's death benefits and maturity benefits are. Also, find out if the plan comes with any bonus if it's a traditional child policy.
    Figure out if there is any feature of guaranteed additions in the ULIP plans. Guaranteed additions and bonuses play an important role in enhancing the financial corpus accrued and must be given due consideration.
  • Can I purchase a child insurance plan for my 15-year old kid?

    Yes, you can buy a child plan for your 15-year old kid via two modes – offline and online. In the offline mode, you need to schedule a meeting with an insurance agent of the insurer or visit the insurers' office. Or you can simply visit the website of insurance web aggregators and insurers.
  • What is the difference between a nominee and a beneficiary?

    As the name suggests, a nominee in a child policy is a person who is appointed or nominated by the insured to take care of his/her assets, financial records, etc. after his demise. The nominee becomes responsible for disbursing the profits or earnings among the legal heir. A beneficiary in a child education plan is a person who has a financial interest in the policyholder's life. The beneficiary can either be a financial institution like a bank that provides finance/loans to the insured or legal heirs. In some cases, the beneficiary and nominee can be the same individual.
  • Why is beneficiary or nominee important in a child plan?

    Beneficiary plays a crucial role in a child's plan. When the parent dies, all the money goes to the beneficiary. Hence, it is really important that you know and understands the role of the beneficiary properly. Once you are aware, choose a beneficiary wisely if you want the proceeds to go to your child and not be misused.
  • How can I choose the right child education plan?

    You must choose the right and the best child education plan after carefully considering the factors mentioned below:
    • Premium Waiver Benefit
    • Your monthly saving
    • Number of children
    • Adequate cover
    • Rate of inflation
    • Market conditions
  • How much does it cost to insure a child?

    The amount of premium will be based on several factors such as the term of the policy, age, the sum assured, etc.
  • What is the meaning of child life coverage?

    Child life coverage is the sum assured on death that is offered to the nominees in the event of the policyholder’s death.
  • Who should you buy a child insurance plan?

    If your kid is aged between 0 and 15 years, you must buy a child plan for your child. Moreover, any individual who wishes to create a financial corpus to fund your child's education and beat inflation via regular investments must opt for a child insurance plan.

*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
^Tax benefit are for Investments made up to Rs.2.5 L/ yr.
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Child Plan


Child Plan


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Career Goal
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*Standard T & C Apply
Average Rating
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Child Plan3
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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Child Insurance Reviews & Ratings
4.5 / 5 (Based on 232 Reviews)
(Showing Newest 10 reviews)
Prayagraj, September 30, 2022
Free partial withdrawls
Policy bazaar helped me to buy a Scholar Advantage plan from AVIVA child plan. The total premium is initially invested in a debt fund and then gradually redistributed to an equity fund under this plan. This plan allows for four free partial withdrawals per month with a minimum of Rs 6000. Policy bazaar provides an excellent customer service and support.
Sultanpur, September 29, 2022
Online services
I bought a child plan for my daughter from Policy bazaar. I chose PNB Met Life insurance and navigated all of the details online. The Policybazaars services have left a lasting impression on me.
Lucknow, September 28, 2022
Low premium
I work in a private company, and after much navigation and reading I have just purchased FUTURE Generali Assured Education plan for my child from Policy Bazaar. It is necessary for me to have something for the security of my childs future. Premiums are paid under this plan with tax exemption under the Tax Law Act of 1961. I like to thank Policy Bazaar for providing so many excellent child care options. I immediately received all of the documents. I am delighted to be their customer.
Meerut, September 27, 2022
Tax benefit
My daughters teacher informed me about child plans. Prior to purchasing it I double-checked all pertinent information about the plans. Then I went to Policy Bazaar to buy it. I chose the Canara HSBC Future Smart plan. I received tax benefits which were extremely beneficial to my child. I chose to pay the premium for the entire term of the policy. I am extremely grateful to Policy Bazaar for their assistance.
Noida, September 26, 2022
Detailed information
Six months ago I purchased an Aegon Life EDU Care Advantage insurance plan. The policy is valid for ten years. I recently paid a premium of Rs.30,000. The plan enables me to care for the childs financial future by creating and maintaining funds for the child even in the absence of the parents. While purchasing a policy from Policybazaar, the agent provided me with detailed information about the policy. Policybazaar provides an excellent services.
Delhi, September 25, 2022
Premium Waiver
I have Aegon Child insurance plan from Policy bazaar that aims to build a corpus for the childs future development. This type of plan aids in the funding of a childs education and marriage. It also provides me with instalments that I can pay annually based on the childs major life milestones. In the event of my death, the premium is also waived and the policy benefits continue uninterrupted. Policybazaar impressed me with their assistance.
Bilaspur, September 24, 2022
Beneficial plan
Loving your child comes naturally but as responsible parents, we have a responsibility to the child. I purchased BAJAJ Allianz child plan from Policybazaar and it has proven to be extremely beneficial to me. I am eternally grateful to Policybazaar.
Raigarh, September 23, 2022
Beti bachao scheme
Sukanya Samriddhi Yojana was purchased with the assistance of Policy Bazaar. The scheme is called Beti Bachao Beti Padhao. The plan pays an interest rate of 8.1 percent and provides tax benefits. Maturity can also be overestimated at many times. The plan protects my investment and ensures the future of the girl child. Thank you, Policy Bazaar for your commendable schemes and excellent services.
Kolkata, September 22, 2022
High sum assured
On my birthday my father gifted me Reliance Child plan. The policy gives me peace of mind about my childs education. When the plan matures the child receives the sum assured amount. The services provided were fantastic. Excellent work Policy bazaar.
Srinagar, September 21, 2022
Protective plan
I bought an Exide Life Mera Aashirvad child plan from Policy bazaar. Under this plan, if the child wishes to study abroad then this plan will provide the financial security to my child. The plan guarantees a lump-sum payment to the child when the plan matures. Thank you to Policy Bazaar team.
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