Child Future Plans

The safety of a child is the priority of every parent. Parents always want to provide the best to their children and ensure that the child has a safe and guarded future. However, fulfilling all the requirements of the child can often be a challenging task. Thus, the best way to plan for your child’s future is to invest in the child future plan.

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Best Investment Plans
  • Insurer pays your premiums in your absence

  • Save ₹10k/month and your child gets ₹1 Cr tax free*

  • Save upto ₹46,800 in tax under Section 80(C)

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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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By investing in a child future plan you can financially secure the future of children and supports them in every milestone of life like higher education, marriage, and other important events in life. To help you know more about the child's future plan, here we have discussed briefly some of the best child future plans to invest in.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Top Child Future Plans in 2021

Plan Name Entry Age Maturity Age  Policy Term Premium Payment option Sum Assured
Aegon Life Rising Star Insurance Plan Insured: Minimum: 18 years  Maximum: 48 years   18/60 years  Child (Nominee): 
Life assured’s age  Age of child (Minimum)
Age<=40 years  I day 
40<Age<=45 5 years 
45<Age<=48 10 years
 Maximum Age of Child: 15 years 
65 years  25 years- the entry age of the child Equal to the policy term Higher of 10X of regular annual premium or  0.5XPolicy term X Annual premium
Aviva Young Scholar Secure Plan Insured (Parent)- 21 to 50 years  Child (Beneficiary/Nominee)- 0 to 12 years 71 years  21 years- the entry age of the child Regular pay For 0 to 8 years of child: 13 minus child’s age  For 9 to 12 years of child: 5 years  Sum assured on death is equal to higher of the:  10X of the annual premium  105% of the total paid premiums  
Bajaj Allianz Young Assurance 18 to 50 years 28 years to 60 years  10 years, 15 years  & 20 years Regular pay & limited pay 10 X annual premium
Birla Sun Life Vision Star Plan   18 to 55 years 75 years  For Option A – 16 to 23 years/ For option B -  14 to 21 years Limited pay Rs.1lakh/No upper limit
Canara HSBC Smart Junior Plan   18 to 50 years 70 years  12-25 years Limited pay Annual mode- Rs.3 lakh  Monthly mode-Rs.5 lakh Maximum SA- No upper limit
Exide Life Mera Aashirvad   Life assured (Parent): 21 to 50 years Child: 0 to 15 years  36 years to 65 years    PPT+5 years Limited pay Minimum- For PPT 10 to 14 years: Rs.3, 50,000 For PPT 15 to 20 years: Rs. 4,50,000 Maximum: No upper limit
Future Generali Assured Education Plan   Life assured (parent): 21 to 50 years Child’s age: 1 to 10 years  35 years to 67 years  17 years-the age of the child Equal to the policy tenure --
HDFC Life Young Star Udaan Child Plan 0 to 60 years 18 years to 75 years  15-25 years Limited pay Depends on the premium chosen, age, term, and PPT
ICICI Prudential SmartKid Solution For Regular Pay: 20 to 54 years  For One-Pay: 20 to 54 years  For Limited Pay: differs as per the PPT/PT Child- 0/12 years 30 to 64 years  10-24 years Equal to the policy term For Limited Pay: Minimum: 7X of Annualized premium  Maximum: Higher of 10X of annual premium or 0.5X PTX Annualized premium
Kotak Headstart Child Assure Plan 18 to 60 years 28 years to 70 years  10,15 to 25 years Regular, limited pay Minimum: Entry Age <45 years or: Higher of – 10X of annual premium or 0.5XPTXAP  Maximum: 25 X Annual premium 
LIC New Children’s Money Back Policy 0 to12 years 25 years  25- Entry Age years Equal to the policy tenure Minimum: Rs.1 lakh Maximum: No upper limit
PNB Metlife Smart Child Plan Insured- 18 to 55 years Child- 90 days  to 17 years - 10 years, 15 years – 20 years Equal to the policy term 10 X annual premium
SBI Life Smart Champ Insurance Plan   Assured- 21 to 50 years Child- 0 to 13 years Assured- 42 to 70 years  Child- 21 years  21 – child’s entry age years Single pay/ limited pay Minimum: Rs.1 lakh Maximum: Rs 1crore
SBI Life Smart Scholar   Insured- 18 to 57 years Child- 0 to 17 years Assured (parent) – 65 years  Child: 18 to 25 years  8 years-25 years Single pay/ limited pay 1.25 times of single premium    Limited premium-10X Annualised premium 

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

Aegon Life Rising Star Insurance Plan

This is unit-linked insurance, which offers the combined benefit of insurance cum investment. The plan helps to secure the financial future of the child and provide protection against any type of eventualities. Here are the features and benefits of the policy.

Features and Benefits of Aegon Life Rising Star Insurance Plan

  • The plan provides an opportunity to gain long-term investment returns.
  • Plan offers financial protection for your child’s education by offering triple benefit cover, till your child attains 25 years of age. 
  • Upon the maturity of the policy, the fund value is offered to the policyholder.
  • In case of the demise of the insured during the tenure of the policy, the death benefit is paid to the beneficiary as total fund value + sum assured amount.
  • The plan offers 4 different fund options to choose from – Accelerator fund, Stable fund, Secure fund, and Debt fund. 
  • The plan offers add-on rider benefits to enhance the coverage of the policy.
  • Tax exemption can be availed U/S 80 C and 10(10D) of the IT Act.

Aviva Young Scholar Secure Plan

This is a traditional money-back child future plan, which aims to provide financial security to the child and take care of their future liabilities. This is a saving-oriented plan that is specifically designed to provide yearly cash flows to meet the educational expenses as the child grows. The following are the features and benefits of the policy.

Features and Benefits of Aviva Young Scholar Secure Plan

  • The policyholder has the option to choose from 4 different variants of the plan i.e.
    • Silver
    • Gold
    • Diamond
    • Platinum
  • The policy comes with an inbuilt premium waiver benefit rider.
  • Apart from the inbuilt rider benefit the plan also offers 3 other rider benefits that can be purchased to enhance the coverage of the policy.
  • The policyholder can avail of the benefit of tax exemption under Section 80C and 10(10D) of the Income Tax Act.
  • In the event of the unfortunate demise of the insured during the tenure of the policy, the death benefit is paid to the beneficiary (child) as the total sum assured amount and the rest of the premium is waived off.

Bajaj Allianz Young Assurance

Bajaj Allianz Young Assurance offers insurance coverage to the child along with the benefit of savings for the child’s secured future. This is a traditional endowment plan which offers the dual benefit of savings cum insurance protection. Let’s take a look at the features and benefits of the policy.

Features and Benefits of Bajaj Allianz Young Assurance

  • This is a traditional endowment policy that offers the benefit of bonuses.
  • The plan also offers a guaranteed additional benefit to enhance the benefits payable.
  • The plan comes with inbuilt accidental permanent and total disability benefit rider.
  • The policy offers regular and limited premium payment options.
  • Tax benefits can be availed U/S 80 and 10(10D) of the IT Act.
  • The insured can take the loan if the policy has acquired a surrender value.

Birla Sun Life Vision Star Plan

This is a traditional money-back plan, which helps to create a saving fund for the child and also provides the benefit of insurance coverage.  The plan helps to create a financial cushion for the child’s secured future so that he/she can achieve the major milestones in life even in the absence of the parents. Let’s take a look at the features and benefits of this policy.

Features and Benefits of Birla Sun Life Vision Star Plan

  • This is a traditional participating plan which earns the benefit of bonuses.
  • The plan offers a limited premium payment option.
  • The money-back benefit under the plan can be availed in two different options.
  • The plan comes with an inbuilt waiver of premium rider.
  • Premium discounts are offered for the higher sum assured amount.
  • The benefit of tax exemption can be availed U/S80C and 10(10D) of the Income Tax Act.

Canara HSBC Smart Junior Plan

Canara HSBC Smart Junior Plan offers the combined benefit of savings cum protection. Canara HSBC Smart Junior Plan is a non-linked participating endowment policy, which is specifically designed to take care of the financial needs of the child in the future. Let’s take a look at the benefits and features of the policy.

Features and Benefits of Canara HSBC Smart Junior Plan

  • The plan guarantees payouts for the education of the child. 
  • The plan provides the combined benefit of investment cum insurance.
  • The plan helps the insured to create a financial cushion in the long term.
  • On survival of the policy, the maturity benefit is paid as a guaranteed lump-sum payment equal to 20% of the sum assured amount along with the final bonus and annual bonus, if any.

Exide Life Mera Aashirvad

This is a traditional savings cum protection plan that pays out money at the important milestones of the child’s future like higher education, marriage, etc. The plan offers guaranteed benefits to the insured and protects the financial future of the child. Here are the features and benefits of the policy.

Features and Benefits of Exide Life Mera Ashirvad

  • The plan offers the option of limited premium payment.
  • The maturity benefit is offered in two variants option A and option B with different payout structures.
  • The premium payment tenure of the policy depends on the child’s age.
  • Under option B, a guaranteed additional bonus of 5% is added to the sum assured amount.

Future Generali Assured Education Plan

This plan is specifically designed to provide financial protection to the child and take care of their future liabilities. Let’s take a look at the features and benefits of the policy.

Features and Benefits of Future Generali Assured Education Plan

  • The plan offers three different options for maturity benefit.
  • The loan facility can be availed up to a maximum of 85% of the surrender value.
  • The plan comes with an add-on accidental death benefit rider to enhance the coverage of the policy.
  • The insured can save on taxes under Section 80C and 10(10D) of the Income Tax Act.

HDFC Life Young Star Udaan Child Plan

This is a traditional child future plan, which offers multiple benefits to the policyholder. The plan offers the combined benefit of endowment and money-back plans for the secured future of the child. The following are the features and benefits of the policy.

Features and benefits of HDFC Life Young Star Udaan Child Plan

  • This is a child investment policy, which offers limited premium payment options.
  • The death benefit is paid out in two different variants i.e. classic and classic waiver.
  • The maturity benefit of the policy is offered in 3 different options i.e. Aspiration, Academia, Career.
  • A guaranteed addition bonus is applicable after completion of the first 5 policy years enhancing the benefits of the policy.
  • Maturity proceeds also include interim bonus, reversionary bonus, and terminal bonus, if any. 

ICICI Prudential SmartKid Solution

This is a traditional endowment plan, which provides an opportunity for the policyholder to create funds for the future along with the benefit of insurance coverage. The plan benefits the children and takes care of future liabilities. The following are the features and benefits of the policy.

Features and Benefits of ICICI Prudential Smart kid Solution

  • The maturity benefit of the policy is offered in two different options.
  • The plan offers the option of add-on rider benefit income benefit rider and accidental disability benefit rider to enhance the coverage of the policy.
  • The policy comes with an inbuilt waiver of premium rider.
  • The insured can avail of tax benefits U/S 80C and 10(10D) of the Income Tax Act.
  • The policy offers the benefit of bonuses.

Kotak Headstart Child Assure Plan

This plan offers the combined benefit of protection and wealth creation. The plan helps in systematic investment in order to create a corpus for the child’s future.  Let’s take a look at the features and benefits of the policy.

Features and Benefits Kotak Headstart Child Assure Plan

  • This is a unit linked insurance plan without a bonus facility.
  • The plan offers 7 different fund options to invest in.
  • The triple benefit offered by the policy ensures the financial security of the child, in case of the demise of the parents during the tenure of the policy.
  • The insured can make free switches between funds.
  • Tax benefits can be availed under Section 80C and 10(10D) of the Income Tax Act. 

LIC New Children’s Money Back Policy

LIC New Children’s Money Back Policy is an insurance cum investment plan, which helps to secure the financial future of the child and take care of their liabilities in case of an emergency. The following are the features and benefits of the policy.

Features and Benefits of LIC New Children’s Money Back Policy

  • This is participating non-linked money back plan, which offers the facility of bonus.
  • Tax benefits can be availed under Section 80C and 10(10D) of the Income Tax Act.
  • One can avail of the facility of the loan under the policy.
  • The plan helps the insured to create a financial cushion in the long term.

PNB Metlife Smart Child Plan

This is a unit-linked child investment plan, which offers guaranteed benefits to the policyholder. The plan helps the insured to create a financial cushion for the child in the long term and also provides protection against any type of eventualities. Let’s take a look at the benefits and features of the policy.

Features and Benefits of PNB Metlife Smart Child Plan

  • The plan offers a loyalty addition bonus for the policy tenure of 15-20 years.
  • The plan offers 6 fund options to invest in.
  • The fund value + loyalty addition is paid to the insured on the maturity of the policy.
  • The plan comes with an inbuilt premium waiver benefit rider.
  • The plan offers the option of 4 free switches between funds in a year.
  • Tax benefits can be availed U/S 80 and 10(10D) of the IT Act.

SBI Life Smart Champ Insurance Plan

This is a non-linked participating child insurance plan, which ensures the child’s financial security for the future so that he/she can pursue his/her ambitions and dreams even in the absence of the parents. let’s look at the features and benefits of the policy.

Features and Benefits of SBI Life Smart Champ Insurance Plan

  • This plan comes with an option of one-time premium payment (Single premium payment) or limited premium payment.
  • The plan comes with an inbuilt waiver of premium rider and accidental total and permanent disability rider.
  • A vested bonus or terminal bonus is paid to the child on the maturity of the policy.
  • In case of an unfortunate demise of the insured person during the tenure of the policy, a lump-sum amount equal to the higher sum assured amount or 105% of the total premium amount is paid to the beneficiary of the policy.
  • For a single premium, a higher of basic sum assured or 1.25 times of single premium is paid to the beneficiary of the policy in the event of the uncertain demise of the insured person.
  • Premium discounts are offered for a higher sum assured amount of Rs.2 lakhs and above.
  • Loans can be availed under the SBI child plan up to a maximum of 90% of the surrender value.

SBI Life Smart Scholar

This is a Unit linked child insurance plan, which helps to create a financial cushion for children in the long-term along with the benefit of insurance coverage. The following are the features and benefits of the policy.

Features and Benefits of SBI Life Smart Scholar

  • This plan comes with an option of one-time premium payment (Single premium payment) or limited premium payment.
  • The plan comes with an inbuilt waiver of premium rider and accidental total and permanent disability rider.
  • The plan offers the option to choose from 7 different fund options to invest in.
  • One free partial withdrawal is allowed every year, provided the minimum amount of withdrawal is Rs.5000 and the maximum is 15% of the fund value.
  • In case of an unfortunate demise of the insured person during the tenure of the policy, a lump-sum amount equal to the higher sum assured amount or 105% of the total premium amount is paid to the beneficiary of the policy.
  • The insured can also avail tax benefit U/S 80C and 10(10D) of the IT Act. 

Wrapping It Up!

By making the right investment in the child future plan, one can ensure financial security for their child.  You can compare the above-mentioned plans and choose the best one as per your own choice and requirement.

Written By: PolicyBazaar - Updated: 30 September 2021

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