Best Child Insurance Plans in India

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An Indian Perspective

The Indian market and young parents are gradually waking up to the need of securing their child’s future with the help of an insurance plan tailor made to suit kids and take care of them not only when there is a sad demise of the parent but also to take care of landmark events in a child’s life, like higher education, study abroad, meet career goals and marriage.

Why a Child Insurance Plan?

The most important reason to buy child plan for your kids is to ensure that their future is not jeopardized by your untimely demise. Given the uncertainties in life that we are often confronted with, it is important that we prepare ourselves for the future.

Although many financial advisers may argue that a term insurance might do the job of securing your family’s future in case of untimely death at a lower cost, a term insurance will not continue even after death. If you opt for a child insurance plan, the insurance company will continue paying the premium on behalf of the policy holder. Although child insurance plans are costlier, they will serve your child’s interests better in the long term. As per an insurance policy meant for children, the amount is given out to the beneficiary at regular intervals as per the plan.

Advantages of Investing in a Child Insurance Plan

Offers the benefit of customized pay-outs

One of the biggest benefits of investing in a child plan is the flexibility it offers you in terms of making pay outs. As a parent you will realize 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 pay-out so that your child receives the maximum pay out when he or she requires it.

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 is no glitches in your child’s pursuit of his or her dreams.

You can choose riders to secure your child plan

Any good child insurance plan comes with the options of riders at comparatively nominal costs, which you can avail for extra security.

The Best Plans for Your Child

Several insurance companies have realized the need for bringing forth more flexible and innovative child plans and presently there are several plans available in the market. So how do you know which to choose over which? And which are the best insurance plans available for you? We enlist a few plans to help you choose wisely and well.

Bajaj Allianz Young Assure

Deemed as a traditional savings plan, Bajaj Allianz Young Assure is a good plan to invest in to secure your child’s future needs.


  • The entry age for this plan is between 18-50 years and the maximum maturity age is 60 years
  • Policy will ensure that there is adequate cash available for important events like paying for your child’s higher education, your child’s marriage and other important landmark events. 
  • Flexibility to choose from three cash installment options
  • Offers special rates for women policy holders
  • Accidental Permanent Total Disability benefits can be availed
  • You can customize your plan by choosing additional riders at very low rates
  • Tax benefits can be availed 

Max Life Shiksha Plus Super


  • The entry age for this plan is between 21-50 years and the maximum maturity age is 65 years
  • You can take your pick from five options, each covering different risk levels 
  • Flexibility to choose the policy term and the term of your premium, depending on your goals
  • Option to make partial withdrawals when you are in need of money
  • In case of the demise of the insured, there is a lump sum pay out, along with family income benefit and funding of the benefit for premium.
  • The plan is liable to pay loyalty additions
  • Upon maturity, the amount you receive will be equal to the fund value
  • Tax benefits can be availed 

ICICI Pru Smart kid Assure Plan


  • The entry age for this plan is between 20-60 years and the maximum maturity age is 75 years
  • You can exercise control over your investments by choosing between eight funds, which are equity, debt and balanced funds for investment. Also, you can switch between these funds  anytime
  • You also have the flexibility to pay the premium either once or throughout the tenure of the policy term
  • If you are in need of cash, you can make withdrawals following the completion of five policy years
  • You have the flexibility to choose the level of protection you want
  • You can avail loyalty additions through this plan
  • Tax benefits can be availed 

HDFC SL YoungStar Super Premium

This is a Unit Linked Insurance Plan(ULIP) that is suited to take care of the needs of your kids.


  • The entry age for this plan is between 30-60 years and the maximum maturity age is 75 years
  • In case of the policy holder’s demise, there will be regular yearly pay-outs made to the family.
  • You can customize the plan as per your requirements
  • You can choose between two insurance cover options.
  • You can exercise control over your investments by choosing between four funds, which have varied levels of exposure.Also, you can switch between these funds  anytime
  • The minimum policy term is 10 years and the maximum is 20 years
  • You do not necessarily have to undergo a medical test. You can fill a short questionnaire to address the queries
  • Upon maturity, the fund value will be paid to the beneficiary
  • The minimum premium is Rs 15,000. There is no maximum limit
  • Tax benefits can be availed 

Birla Sun Life Insurance Vision Star Plan


  • The entry age for this plan is between 18-55 years and the maximum maturity age is 75 years
  • The minimum sum assured is Rs  1 lakh
  • In case of the demise of the policy holder, 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
  • You can take a loan against this policy against the maximum surrender value.
  • You can choose to pay the premium on an annual, semi-annual, quarterly or monthly basis
  • Tax benefits can be availed 

LIC Jeevan Ankur


  • You can choose to pay the premium on an annual, semi-annual, quarterly or monthly basis
  • Along with the maturity benefit you can also avail loyalty additions
  • You can choose riders for critical illness or accident benefits
  • If you discontinue paying the premiums, you can revive it within five years from the date of the last paid premium 
  • Upon surrendering the premium, you will receive a guaranteed surrender value upon on both regular premium and single premium policies 

Reliance Child Plan


  • Can help your child set up a business in the future 
  • Guarantees periodic benefits
  • Caters to your child’s education needs
  • Offers life cover for the entire policy term
  • Tax benefits can be availed
  • Maturity benefit will include 25% of the sum assured, along with bonus 

Aviva Young Scholar Advantage Plan (Child Education Plan)


  • The policy term of this plan is 10-25 years
  • In case of the death of the policy holder, all future premiums will be waived and a lump sum amount will be paid out
  • Gives you the flexibility to utilise the money to meet key goals

In 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. 

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