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. 

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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.

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

  • 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.

  • 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.

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Invest ₹10K/Month YOU GET ₹1 Crores* For Your Child View Plans
Invest ₹8K/Month YOU GET ₹80 Lakhs* For Your Child View Plans
Invest ₹5K/Month YOU GET ₹50 Lakhs* For Your Child View Plans
Standard T&C Apply *

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.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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