Best Child Insurance Plan to Secure the Future of Your Children?

A child’s safety is every parent’s first priority. All parents want their children to enjoy the best possible childhood and have a guarded and safe future. But fulfilling every need of a child can be a difficult task.The best way to safeguard your child’s future and provide them secures life is to, have a child insurance plan.

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Investing in your child's future:A wise decision & a loving choice
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  • Create wealth for child’s aspirations

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  • Insurer pays premium in case of loss of life of parent

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  • 12+ plans available

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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A child Insurance Plan financially secures your child’s future and supports them in every milestone of life like for higher education, a child education plan is provided and for marriage and other important events in life, a traditional child insurance plan is provided. Although having a child insurance plan to provide protection to your children is a must-do task, it is important to consider many different aspects while choosing the most beneficial plan for your child. Further in this article, we have elaborately discussed the simple guidelines to choose the best child insurance plan in order to secure the future of your children.

Inflation

Prior to investing your money in a particular plan, it is important to factor the inflation rate. Estimate the amount you will require in future for your child’s upbringing, by keeping in mind the growing inflation rate. Invest accordingly for your child so that with a long-term period you get higher returns on investment and the money will be sufficient enough to deal with the inflation.

Time of Return

While planning your investment, it is important to know the exact time of receiving the return. Noticing the time of return, the buyers should analyze the best policy for a child and choose the most suitable plan according to your needs and affordability.

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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 *

Engage an Insurance Advisor

While it may seem insignificant, taking the advice of a reliable and competent insurance advisor at the initial stage of your purchase is a must-do thing. Most of the customers get confused while buying an appropriate plan; an insurance advisor can help you to choose the best plan by sharing their expert advice and can help you to save bundles on your savings.

Compare the Plan

In order to choose the most beneficial plan according to your own requirements, it is very important to compare the different plans online. By comparing different plans, you can zero in on a plan that provides maximum coverage in minimum premium rate. Moreover, it also helps you to calculate the life cover you want to have for your children.

Child Savings Plan vs Sukanya Samriddhi Yojana Scheme and Public Provident Fund

Make Long Term Investments

When it comes to planning a secured future for your child, it is always recommended to make a long term investment. You can choose to invest in some of the best long-term investment tools available in the market such as Unit Linked Insurance Plan, Fixed Deposits, National Savings Certificate, SIP Mutual Funds. If you start making an investment in any child education plan right from the time when your child is small, then you can create a sustainable financial backup for the better future of your child when they grow up. However, if you need to achieve any target in the near future like enrolling your child for higher education, then you can create a financial back up by putting funds in the recurring deposits.

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Child Insurance Plans are Categorized into Two Variants

  1. Traditional Child Plan

    The insurance company provides policies such as LIC child plan, child education plan and endowment plans, which provides a defined payout at a defined period. The child is entitled to receive the sum assured on maturity and an interim premium is also been paid out in case of the uncertain demise of the policyholder. Besides these benefits offered by the policies, traditional child plan provides very less return and hardly covers the inflation.

  2. UNIT Linked Insurance Plan

    ULIP Children insurance plans are the same as ULIP Plans. The only difference in these plans is that the beneficiary in these plans is children. Like any other ULIP plans, many additional benefits are accompanied in these plans. However, besides all these benefits, the insurance buyer should ensure that they know about all the charges applied prior to purchasing these plans.

    While purchasing a child insurance plan, there are two key factors that should be considered.

    • Premium

      Nearly all the insurance companies offer child plans with variable prices and a wide variety of features. Most of the child insurance policies offer inbuilt riders like wavier of premium and accidental death benefit rider. In case of the insured feel the need to buy these riders then they can avail the benefits of these riders by paying an extra amount along with the basic premium amount. It is wiser to include the cost of the rider with the basic premium while considering the purchase of the policy. After calculating the amount to be paid it is important to compare the premium rates of different child insurance policy and based on that you can choose to purchase the policy.

    • Riders

      In the case of child insurance, riders are extremely important as it will take care of your child responsibilities in future in case of any unforeseen circumstances and emergency. Different types of riders offered by child insurance riders are

      • Comprehensive Health Benefit Sum Assured Rider
      • Waivers of All the Future Premiums
      • Income Benefit Rider
      • Accidental Death Benefit Rider

      Keeping all these aspects in mind you can surely choose one of the most beneficial child plan to secure your child’s future.

*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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Start Investing ₹10,000/Month
& Get ₹1 Crore*
*Standard T & C Apply
Insurers Offering Child Plans

Tata AIA

Aditya Birla Sun Life

Bajaj Allianz

Max Life

HDFC Life

ICICI Prudential

Bharti AXA Life

Edelweiss Life

Kotak Life

Future Generali

PNB MetLife

SBI Life

Aviva

Bandhan Life

Canara HSBC

IDBI Federal

IndiaFirst

Pramerica Life

Reliance Life

Sahara Life

Shriram Life

Star Union

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