How to Choose the Best Child Insurance Plan for Your Children

All parents want their child to have the best possible childhood and a safe and guarded future. But providing all of that can be a daunting task and therefore may seem scary. The best way to avoid such fears is to have planning for unforeseen events. The thought that always keeps wandering in the mind of every parent is the financial security of their children. The needs that parents want to financially secure are medical, educational, and marriage. But education occupies the prime spot when it comes to prioritizing the above-mentioned needs. 

Read more
Best Child Saving Plans
  • Insurer pays your premiums in your absence

  • Invest ₹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*

View Plans
Please wait. We Are Processing..
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs #Discount offered by insurance company Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp

It is therefore asked of all the parents to allocate appropriate funds to achieve the most important goal for their children- Education. The best way to secure your child's future is to invest in a Child Insurance Policy.

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

While you are looking for a child plan, do not forget to consider these important things:

1. Inflation - The amount is required at a much later date and therefore you must factor in inflation before investing your money in a particular plan.

2. Time of return- Exact time of receiving the returns is mandatory while planning your investment.

Taking these into account, you must then analyze the plans and choose the one that meets your needs and costs. There are a few plans, characteristics of which are discussed below.

 Traditional Children’s Plans

Insurers provide policies such as children’s money-back or endowment plans, which give a defined payout at a defined period. So, in case something unexpected happens to you as a parent, the child would be entitled to receive the sum assured on maturity and the interim premiums would also be waived off. But the return from such policies is very low, hardly covers the inflation.

Unit Linked Children’s Plans

These Children's insurance plans are same as any ULIP plan, the only difference is that the beneficiary in such plans is the child. Not to forget, many additional charges accompany theses plans like any ULIP. Please ensure that you know about all the charges applied before buying these plans.

How to choose a child insurance plan:

These two are other key factors to consider while buying child insurance

Premium: Almost all insurance companies offer child plans with multiple features at variable prices. Most of these plans have inbuilt riders like waiver of premium and accidental death benefit rider and in other cases you may have to buy them. While considering which insurance to buy, it is suggested that you include the cost of the riders with the basic premium for the policy. You should then compare it to the premium of the policy where the riders are in-built; and basis that you can ultimately decide.

Riders: For child insurance the riders are significantly important as it will take care of your child's responsibilities like his education and his/her career won't suffer in case anything unpredictable happens to you. Various riders are:

  • Comprehensive Health Benefit Rider Sum Assured
  • Waiver of all the future premiums
  • Income Benefit Rider
  • Accidental Death Benefit Rider

After reading this you will get a good clarity on what all you need to consider before buying insurance for your child.

Child Plan1
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Child Plan3
Child Plan4

Nothing is more important than securing your child's future

  • Life Cover paid to family to meet immediate expense
  • Future premiums are paid by the Insurance Company

Child plans articles

Recent Articles
Popular Articles
Bharti AXA Life Shining Stars Calculator - Child Plan Calculator

05 Aug 2022

This child plan by Bharti AXA is designed to help parents save...
Read more
What is the Deferment Period Under a Child Plan?

04 Aug 2022

A child insurance plan is one of the most recommended ways to...
Read more
How to Choose An Insurance Plan for Child?

04 Aug 2022

The biggest aim of any parent is to provide their child with a...
Read more
LIC Children's Deferred Endowment Assurance Plan

04 Aug 2022

The plan is no longer offered by LIC. The company introduced the...
Read more
Which Companies Offer 4 Child Benefits?

04 Aug 2022

If you are a parent, you are probably looking for a complete...
Read more
Best Child Investment Plans to Invest in 2022
Planning for the child’s secured future is not an easy task. Most of the people try to create a strong financial...
Read more
Prime Minister Schemes For Boy Child
Like the Prime Minister’s Sukanya Samriddhi Yojana savings scheme for a girl child, there are several...
Read more
Best Investment Plans for Girl Child in India
The right kind of investment of your hard-earned money is necessary, but when it comes to your child, making...
Read more
Best Child Insurance Plans
A child insurance plan is a combination of savings and insurance, which help the individuals to plan for the...
Read more
Post Office Child Plans
Individuals can open post office savings account for their children and earn interest at a rate of 4% to nearly...
Read more

Download the Policybazaar app
to manage all your insurance needs.