Best Child Insurance Plans

Best Child Insurance Plans in India

The best child insurance plan provides comprehensive benefits to the child. It not only provides insurance coverage to the child in case of any eventuality but also helps to meet the expenses of future needs and the child’s education. Moreover, with the growing inflation rate and skyrocketing education costs, having a child insurance plan has become a must for parents

With an extensive range of child plans available in the market, choosing the right plan can always be a daunting task. The following table lists the best child insurance plans in India.

Details of the Best Child Insurance Plans

1. Bandhan Life Rising Star Insurance Plan

   This is a Unit Linked Child Insurance Plan, which aims to provide financial protection to the child against any type of emergency situation. The plan also helps to create a financial cushion, so that all the future financial needs of the child can be taken care of and the child can achieve the major milestones of life. Let’s take a look at the features and benefits of the plan.

   Features of Aegon Life Rising Star Insurance Plan

   • The plan offers the option of regular premium payment.
   • The plan comes with an inbuilt premium waiver benefit on death and income benefit.
   • The plan offers 4 different fund options to invest in.

   Benefits offered by Aegon Life Rising Star Insurance Plan

   • The plan provides financial security to the child and takes care of their education by providing triple benefit insurance coverage until the child attains the age of 25 years.
   • The plan offers multiple fund options to invest in as per one’s requirement and suitability.
   • The plan offers liquidity through partial withdrawals available after completion of 5 years of the policy.
   • Tax benefits can be availed under U/S 80C and 10(10D) of the Income Tax Act.
   • The plan offers the option to pay an add-on premium in the form of top-ups.
   • The plan offers the option to increase the insurance coverage during the tenure of the policy.
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2. Aviva Young Scholar Advantage Plan

   This is a non-participating unit-linked insurance plan, which is specifically designed to cater to the financial requirements of the child. The plan provides complete protection to the child against any types of eventualities. Let’s take a look at the features and benefits offered by the plan.
   
   

   Features of Aviva Young Scholar Advantage Plan

   • The plan provides comprehensive insurance coverage to the child.
   • In case of demise of the parents during the tenure of the policy, the plan offers a waiver of future premiums, wherein all future premium of the policy is waived off.
   • The plan offers the option to pay an add-on premium in the form of top-ups.
   • The plan offers the option to invest in 7 different funds as per one's requirement and suitability

   Benefits Offered by Aviva Young Scholar Advantage Plan

   • In case the insured survives the maturity of the policy, then a maturity benefit equal to the policy fund value is offered to the insured on the date of maturity.
   • After completion of 5 policy years, the policyholder can opt for systematic partial withdrawal.
   • Tax benefits can be availed under U/S 80C and 10(10D) of the Income Tax Act.
   • The policy ensures liquidity by allowing partial withdrawal. However, partial withdrawals are applicable only after completion of 5 policy years.
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3. Bajaj Life Young Assure

   Bajaj Life Young Assure is a traditional savings plan that ensures a financially secured future for the child along with the benefit of life coverage. The plan helps the child to achieve the major milestones of life. Let’s take a look at the features and benefits of the policy.
   
   

   Features of Bajaj Life Young Assure

   • The policy offers a minimum entry age of 18 years, whereas the maximum entry age of the policy is 50 years.
   • The maximum maturity age of the policy is 60 years.
   • The policy offers various premium payment options and policy term options.
   • The policy offers a premium rebate for a higher sum assured amount.

   Benefits of Bajaj Life Young Assure

   • At maturity of the policy, a guaranteed maturity benefit is offered along with the guaranteed additions to the policyholder.
   • On maturity of the policy, vested bonus plus terminal bonus, if any, is paid to the insured person.
   • The policyholder can choose to receive the maturity benefit over 3, 5, and 7 years on major milestones of the child’s life.
   • The policy offers additional rider benefits to enhance the coverage of the policy.
   • Tax benefits can be availed under U/S 80C and 10(10D) of the Income Tax Act.
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4. Aditya Birla Sunlife Vision Star Plus Insurance

   This is a traditional participating insurance plan, which is specifically designed to provide regular assured payouts for financing the child’s education and financially securing the child’s future even in the absence of the parents, with comprehensive financial protection. The following are the features and benefits offered by the policy.
   
   

   Features of Birla Sunlife Vision Star Plus Child Insurance Plan

   • The plan offers the option to choose the sum assured amount depending on future needs.
   • The plan offers the option to choose the premium paying term from 5 years-12 years as per one’s requirement and suitability.
   • The plan offers the option to choose from 2 different payout options.
   • You can take a loan against this policy up to the maximum surrender value.
   • You can choose to pay the premium on an annual, semi-annual, quarterly, or monthly basis.

   Benefits Offered by Birla Sunlife Vision Star Plus Child Insurance

   • In case of the demise of the policyholder, the nominee will receive the death benefit. Also, there will be no requirement to pay premiums in the future.
   • The accrued bonuses will be paid on the maturity date.
   • Also, if you discontinue paying your premiums after at least three years, your policy will not lapse, but it will continue operating on a reduced paid-up basis.
   • Tax benefits can be availed under Section 80C of the Income Tax Act.
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5. Generali Central Assured Education Plan

   This is a non-linked non-participating plan, which is specifically designed to secure the future of the child and help them to achieve the major milestones of life. The plan offers guaranteed payouts at important stages of life like higher education, marriage, etc.
   
   

   Features of Generali Central Assured Education Plan

   • The plan offers a maximum maturity age of 67 years for the parents.
   • The plan offers different payout options to choose from.
   • The minimum entry age for the parent is 21 years, whereas the maximum entry age offered by the policy is 50 years.
   • The plan offers the option to choose the rider benefits as per one's requirement.

   Benefits offered by Generali Central Assured Education Plan

   • The plan enables the policyholder to save systematically until the child turns 17 years of age.
   • As a guaranteed income plan, it offers 3 different payout options to choose from.
   • The plan secures child education even in the absence of the parents.
   • Tax benefits can be availed under U/S 80C of the Income Tax Act.
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6. HDFC SL Youngstar Super Premium Plan

   This is a unit-linked insurance plan, which helps to accumulate funds so that it can be used at different stages of the child’s life for financing his/her higher education, marriage, etc. Let’s take a look at the features and benefits of the policy.
   
   

   Features of HDFC SL Youngstar Super Premium Plan

   • The plan offers the flexibility to choose from 4 different fund options to invest in.
   • The plan offers the flexibility to choose the premium amount.
   • Flexibility to choose the policy tenure of 10 years, 15 years, or 20 years.
   • Flexibility to choose the sum assured.

   Benefits Offered by HDFC SL Youngstar Super Premium Plan

   • The policyholder can customise the plan as per their requirement and suitability.
   • The plan offers the combined benefit of insurance coverage and investment.
   • Tax benefits can be availed U/S 80C of the Income Tax Act.
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7. ICICI Pru Smart Kid Assure Plan

   This is a Unit Linked Insurance Plan, which helps to create a financial corpus for the child's better future and also provides the benefit of insurance coverage. The following are the features and benefits offered by the policy.
   
   

   Features of ICICI Pru Smart Kid Assure Plan

   • The plan offers 2 different options of premium payment,i.e. regular pay and single pay.
   • The maximum maturity age offered by the policy is 64 years.
   • The plan offers different fund options to invest in.
   • The policy tenure ranges from 10 years to 25 years.

   Benefits Offered by ICICI Pru Smart Kid Assure Plan

   • The plan offers comprehensive protection to secure the financial future of the child.
   • The plan offers 2 different portfolio strategies to choose from.
   • The benefits of loyalty addition and wealth booster are offered under the policy on staying invested over the long-term period.
   • Tax benefits can be availed under Section 80C and 10(10D) of the Income Tax Act.
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8. Kotak Head Start Child Assure Plan

   This is a unit-linked insurance plan, which helps to secure the child’s future financial needs and ensures that all the financial requirements of the child are taken care of even in the absence of the policyholder. Let’s take a look at the features and benefits of the policy.

   
   Features of Kotak Health Start Child Assure Plan

   • The plan offers 7 different fund options to choose from.
   • The minimum entry age of the policy is 18 years, whereas the maximum entry age of the policy is 60 years.
   • The maximum maturity age offered by the policy is 70 years.

   Benefits Offered by Kotak Health Start Child Assure Plan

   • The plan helps the insured to create wealth for the secure financial future of the child.
   • The plan ensures the financial security of the child through triple benefit.
   • The plan offers the option to invest in a wide range of funds
   • The plan offers the benefit of tax exemption U/S 80C and 10(10D) of the Income Tax Act.
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9. Axis Max Life Siksha Plus Super

   This is a unit-linked insurance plan, which is specifically designed to take care of the future financial of the child and provide them with insurance benefits in case of any eventualities. Let’s take a look at the features and benefits of the policy.
   
   

   Features of Max Life Siksha Plus Super

   • The policyholder can choose the policy term and premium payment term as per one's requirement and suitability.
   • The plan offers 5 different fund options to choose from.
   • The plan offers the option of partial withdrawal in case of any financial emergency.

   Benefits Offered by Max Life Siksha Plus Super Plan

   • The policy offers coverage of family income benefit and waiver of premium in the event of the demise of the life insured.
   • Tax benefits can be availed U/S 80C and 10(10D) of the Income Tax Act.
   • On maturity of the policy, the maturity benefit equal to the fund value of the policy is offered to the insured person.
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10. Ageas Federal Wealthsurance Future Star Insurance Plan

    Ageas Federal Wealthsurance Future Star Insurance Plan is a ULIP created to allow parents a financial corpus for the child's future goals along with providing the child with a safety net of life insurance. The plan can be used to plan for goals such as higher education or marriage.

    Features of Ageas Federal Wealthsurance Future Star

    • Structure: You can customise the structure of the policy by choosing your premium amount, a premium payment term and a policy term ranging from 10 to 25 years.
    • Diverse Fund Offerings: You can choose between the right investment fund options as per your risk tolerance.
    • Investment management options: You can choose between three investment management options.
    • Do it yourself: For individual who want to manage their funds themselves
    • Leave it to us: Professional management by the company
    • Systematic Allocator facility: A strategy that automatically moves funds from equity funds to conservative debt as the policy reaches maturity to protect the accumulated wealth.
    • Guaranteed Loyalty additions: Long-term investors are rewarded with loyalty additions of 3% of the average fund value when the policy completes 10 years and every 5 years thereafter.
    • Partial Withdrawals: The policy allows for partial withdrawals when the policy completes the 5-year lock-in period.

    Benefits Ageas of Federal Wealthsurance Future Star

    • Death Benefits: In case the parent dies, an immediate lump sum is paid to the nominee. All future premium payments are waived and credited directly to the fund in a lump sum so that the policy can continue for the child’s future financial endeavours. It also automatically switches the investment strategy to a systematic allocation facility if the parent dies so that the corpus can be secured.
    • Maturity Benefits: If the policyholder ends up surviving the term, they receive the entire fund value from the investment account.
    • Flexibility: The policyholder can choose to receive the maturity amount in instalments over a period of 5 years or in a lump sum.
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11. SBI Life Smart Champ Insurance Plan

    This is a traditional participating child insurance plan, which secures the financial future of the child. The plan offers the combined benefit of reliability, security, and flexibility. Let’s take a look at the features and benefits of the policy.
    
    

    Features of SBI Life Smart Champ Insurance Plan

    • The plan comes with an inbuilt waiver of premium benefit.
    • The plan provides the flexibility to choose different premium payment options.
    • The policy offers a minimum entry age of 21 years, whereas the maximum entry age of the policy ranges up to 50 years.

    Benefits Offered by SBI Life Smart Champ Insurance Plan

    • The plan offers guaranteed benefits payable in 4 equal instalments after the child reaches 18 years of age.
    • The future premium of the policy is waived in case of an uncertain demise of the insured person during the tenure of the policy.
    • Tax benefits can be availed under Section 80C and 10(10D) of the Income Tax Act.
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12. SBI Life Smart Scholar

    Smart Scholar is a ULIP plan which is designed to help parents secure the financial future of their child through investments in the market. The Plan provides flexibility by allowing investors to choose between various funds along with several loyalty additions and benefits.

    Features of SBI Smart Scholar Plan

    • Various fund options: You can choose between 9 fund options based on your risk tolerance. The plan offers equity funds, pure funds, bond funds and market funds to invest in, making it ideal for all kinds of investors.
    • Loyalty Additions: The plan offers periodic boosts to your investments through regular allocation of loyalty units depending on the policy term.
    • Flexibility: The plan allows for two free switches annually. It also allows for premium redirection and partial withdrawals after the 5-year lock-in period.

    Benefits of the SBI Life Smart Scholar

    • Lump sum benefit: If the policyholder (parent/gaurdian) dies, a lump sum is paid to the child, which is the higher of the basic sum assured or 105% of total premiums received.
    • Premium Payor Waiver benefit: If the policyholder dies or is left disabled due to an accident, this feature ensures that the company pays all the future premiums on your behalf so that the policy continues.
    • Accident Benefit: The plan provides an additional sum assured in the event of accidental death ot accidental total and permanent disability.
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13. Canara HSBC Life Insurance Smart Future Income Plan

    The Canara HSBC Life Insurance Smart Future Income Plan is a plan designed to provide a regular income for lifestyle and retirement needs of the policyholder. It is an individual, non-linked and participating life insurance savings and protection plan.

    Features of Canara HSBC Life Insurance Smart Future Income Plan

    • Plan Structure: The plan, as a participating plan, shares the profits of the company’s funds through bonuses.
    • Sum Assured: The sum assured is calculated as 100X of the chosen monthly income
    • High sum assured rebate: If the sum assured is ₹7,00,000 or more, the plan offers a premium rebate to the policyholder.
    • Flexibility: The policyholder can choose between the frequency of the income benefit annual or monthly and premium payment modes.

    Benefits of Canara HSBC Life Insurance Smart Future Income Plan

    • Guaranteed monthly income: After the policy completes 10 years of premium payment, you receive a guaranteed monthly income for the next 15 years.
    • Death Benefit: If the life assured dies, the beneficiary receives the death benefit sum assured along with the accrued annual and final bonuses. The total benefit is at least 105% of the total premiums paid.
    • Maturity Benefit: If the life assured survives the 25-year policy term, the company pays all accumulated annual bonuses and the final bonus.
    • Bonuses: The plan pays annual bonuses based on the fund's performance annually. A final bonus might also be paid at maturity or death.
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14. Shriram New Shrividya plan

    The Shriram New Shri Vidya Plan is a participating, non-linked, individual insurance plan designed to help parents gain from the bonuses of the company in order to help them fund their child’s future aspirations and soaring educational expenses.

    Key Features of Shriram New Shrividya Plan

    • Participating nature: The plan allows parents to share the company’s profits through regular bonuses and potential terminal bonuses.
    • Flexibility: You can choose between the fixed term of 10, 15, 20 or 25 years, while the regular pay options include regular pay or limited pay.
    • Payment modes: You can choose between yearly, half-yearly, quarterly or monthly payment options.
    • High sum assured rebates: Policies with a basic sum assured of ₹5 lakh and above are eligible to receive a premium rebate.

    Benefits of Shriram New Shrividya Plan

    • Death Benefits: If the policyholder dies during the policy term, the nominee receives the sum assured on death along with the accrued bonuses.
    • Survival Benefits: If the policyholder survives the policy term, 255 of the basic sum assured is paid at the end of the last four years of the policy to meet educational requirements.
    • Maturity Benefits: All accrued reversionary bonuses are paid along with any terminal bonuses when the policy matures.
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Advantages of Investing in a Child Insurance Plan

1. Offers the benefit of customised payouts

   One of the biggest benefits of investing in a child plan is the flexibility it offers you in terms of making payouts. As a parent, you will realise that your child needs extra financial support in crucial times, especially when he or she plans to go for higher education. A good child insurance plan gives you the flexibility of spacing out your payout so that your child receives the maximum payout when he or she requires it.

2. The welfare of your child is the top-most priority.

   Although tailor-made child insurance policies are costlier, these plans are designed to cater to children. Child Plans are tailored to meet important expenses as and when required to ensure that there are no glitches in your child’s pursuit of his or her dreams.

3. You can choose riders to secure your child plan.

   The best child investment plans come with the option of riders at comparatively nominal costs, which you can avail for extra security.

Conclusion

Once you are aware of the rising need for securing a child plan to ensure your child’s seamless progress into a bright future, you should hand-pick a plan to cater to your child’s needs from the plethora of investment plans available in the market.