A child insurance plan is a combination of savings and insurance, which help the individuals to plan for the financial future of the child. With a child insurance plan, the parent can be assured that all the requirements of the child will be taken care of, even if the parent is not around. A child insurance plan not only secures the financial future of the child but also provides flexible payouts at specific intervals of time so that they can achieve the major milestones of life.
A 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 child’s education. Moreover, with the growing inflation rate and skyrocketing rate of education, having a child insurance plan has become a must for the parents. Now that we know the importance of a child insurance plan, the common question which arises is, which is the best child insurance plan to invest in?
With an extensive range of child insurance plans available in the market choosing the right plan can always be a daunting task. Thus, to help you know about the best child insurance plan here we have shown a tabular detail of it.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
The most important reason to buy a child's 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 term insurance might do the job of securing your family’s future in case of untimely death at a lower cost, 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 policyholder. 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.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C ApplyHere is the list of best child insurance plans
Child Plans |
Entry Age |
Maximum Maturity Age |
Minimum Annual Premium |
Minimum Sum assured |
AEGON Life Rising Star Insurance Plan |
18-48 years |
65 years |
Rs. 20,000/- |
10 X regular Annualized premium |
Aviva Young Scholar Advantage Plan (Child Education Plan) |
21-45 years |
60 years |
Rs. 50,000/- |
10 X annual premium |
Bajaj Allianz Young Assure |
18-50 years |
60 years |
N/A |
10 X Annualized premium |
Bharti AXA Life Child Advantage Plan |
18-55 years |
76 years |
Depends on Minimum Sum Assured |
Rs. 25,000/- |
Birla Sun Life Insurance Vision Star Plus |
18-55years |
75 years |
N/A |
Rs. 1 Lakh |
Edelweiss Tokio Life Edu Save Plan |
18-45 years |
60 years |
Rs. 6,968/- |
Rs. 2.25 Lakh |
Exide Life Mera Aashirvad Plan |
21-50 years |
65 years |
N/A |
Rs. 3.5 Lakh |
Future Generali Assured Education Plan (Child Education Plan) |
21-50 years |
67 years |
Rs. 20,000/- |
N/A |
HDFC SL YoungStar Super Premium |
18-65 years |
75 years |
Rs. 15,000/- |
10 X annualized premium |
ICICI Pru Smart kid Assure plan |
20-54 years |
64 years |
Rs. 48,000/- |
Rs. 45,000/- |
IndiaFirst Happy India Plan |
18-50 years |
60 years |
Rs. 12,000/- |
Higher of 10 or 7 times the annual premium or 0.5/0.25*term*annual premium |
Kotak Head Start Child Assure Plan |
18-60 years |
70 years |
Regular pay - Rs.20, 000 5 Pay – Rs.50, 000 10 Pay – Rs.20, 000 |
Higher of 10 or 7 times the annual premium or 0.5/0.25*term*annual premium |
Max Life Shiksha Life Super |
21-50 years |
65 years |
Rs. 25000/- |
Rs. 2.5 Lakh |
MetLife College Plan (Child Education Plan) |
20-45 years |
69 years |
Rs. 18,000/- |
Rs. 2,12,040 |
Pramerica Future Idols Gold |
18-50 years |
65 years |
Rs. 10, 800/- |
Rs. 1.5 Lakh |
Reliance Life Child Plan |
20-60 years |
70 years |
Rs. 25,000/- |
Equal to Policy |
Sahara Ankur Child Plan |
0-13 years |
40 years |
Single-Premium- Rs. 30,000/- |
5 X Single |
Wealthsurance Future Star Insurance Plan |
18-54 years |
64 years |
Rs.25,000/- |
Higher of 10/7 times the annual premium or 0.5/0.25*term*annual premium |
SBI Life Smart Champ Insurance Plan |
21-50 years |
70 years |
Rs. 6,000/- |
Rs. 1 Lakh |
SBI Life Smart Scholar (Child Education Plan) |
18-57 years |
65 Years |
Rs. 24,000/- |
20/7 X annual premium (regular pay) 1.25 times single premium (single pay) |
Smart Future Income Plan |
18-55 years |
80 years |
N/A |
100 times the chosen monthly income |
Shriram New Shrividya Plan |
18-50 years |
70 years |
N/A |
Rs. 1 Lakh |
SUD Life Bright Child Plan |
19-45 years |
69 years |
Rs. 5,00,000/- |
Depending upon factors such as age, coverage, and tenure |
TATA AIA Super Insurance Plan |
25-50 years |
70 years |
Rs. 24,000/- |
10 times of the yearly premium |
Disclaimer: Policybazaar does not rate, endorse or recommend any specific insurance provider or insurance product offered by any insurer.
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
Benefits offered by Aegon Life Rising Star Insurance 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
Benefits Offered by Aviva Young Scholar Advantage Plan
Bajaj Allianz Young Assure is a traditional savings plan, that ensures a financially secured future for 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 Allianz Young Assure
Benefits of Bajaj Allianz Young Assure
This is a non-linked participating life insurance plan that offers the flexibility of choosing from money back or the endowment option. The plan comes with an in-built premium waiver benefit option. Let’s take a look at the features and benefits offered by the policy.
Features of Bharti Axa Life Child Advantage Plan
Benefits Offered by Bharti Axa Life Child Advantage Plan
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 offers by the policy.
Features of Birla Sunlife Vision Star Plus Child Insurance Plan
Benefits Offered by Birla Sunlife Vision Star Plus Child Insurance
This is a guaranteed child insurance plan, which is specifically designed to provide financial protection to the child and help them to achieve the major milestones of life. This is a guaranteed protection cum savings oriented child insurance plan, which payout money at critical milestones of life like higher education, marriage, etc. let’s take a look at the features and benefits offered by the policy.
Features of Exide Life Mera Ashirwad Plan
Benefits Offered by Exide Life Mera Ashirwad 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 Future Generali Assured Education Plan
Benefits offered by Future Generali Assured Education 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 like 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
Benefits Offered by HDFC SL Youngstar Super Premium Plan
This is a Unit Linked Insurance Plan, which helps to create a financial corpus for the children 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
Benefits Offered by ICICI Pru Smart Kid Assure Plan
This is a unit-linked insurance plan, which helps to secure the child’s future financial need and ensures that all the financial requirements of the child are taken care 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
Benefits Offered by Kotak Health Start Child Assure Plan
This is a unit-linked insurance plan, which is specifically designed to take care of the future financial needs of the child and provide them 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
Benefits Offered by Max Life Siksha Plus Super Plan
This is a comprehensive child insurance plan, which offers guaranteed benefits at major milestones of the child's life. Along with taking care of the future financial need of the child, the plan also provides insurance coverage to the child in case of any eventualities. Here are the features and benefits of the policy.
Features of Reliance Nippon Life Child Plan
Benefits Offered by Reliance Nippon Life Child 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
Benefits Offered by SBI Life Smart Champ Insurance Plan
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 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 payout when he or she requires it.
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.
Any good child future plan comes with the options of riders at comparatively nominal costs, which you can avail for extra security.
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 rate, endorse or recommend any specific insurance provider or insurance product offered by any insurer.