Importance of Child Insurance Plan

Along with the overwhelming happiness, being a parent also comes with great responsibility. Everyone wants to provide their children with the best in life. Towards that end, such dreams need money. It requires well-thought-on financial planning to analyze the expenses involved at every step of bringing up a child. Good education plays a critical role in the development of child and, undoubtedly, should be a part of your plans of securing your child’s future.

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Investing in your child's future:Nothing is more important than securing your child's future
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Future Premiums are paid by the insurer upon death of policyholder
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(Even the (in)famous average rate of inflation in India has been outrun by the increase in cost of education,)

And now, about how much to invest in your child’s future. And which financial tools to invest in.

And that brings us to…

Child Insurance Plans

These are plans of various types that go in to secure a child’s financial security and in to making sure that financial worries do not hamper her education. These long-term savings/investment plans are an amalgamation of both insurance and investment.

It sounds ugly, but there might arise a situation in which you pass away and your child becomes dependant on your financial foresight.

Though child insurance plans are varied in nature, what they all have in common is that in case of your unfortunate demise, your ward shall be paid a lump sum payment (death benefit), and the insurer continues to deposit money on your  behalf in your ward’s account under the ”waiver of premium benefit”.

These Child Plans are of The Following Two Types:

  1. Traditional Child Plan

    These are “safer” and more secure, with guaranteed maturity returns. This is the plan for you if you wish to invest in low-risk funds, such as, government securities and corporate.

  2. Unit-Linked Plans (ULIPs)

    ULIPs are for you if you do not mind a bit of risk and gambling. These plans yield higher returns, but make a note that ULIPs are beneficial in the long run only. Any money you invest in a ULIP goes into the debt and equity market and therefore these are high-risk, high-returns financial instruments. As is implicit, you need someone to act as your child’s “guardian” in these plans. Goes without saying, choose the guardian wisely and with care. It is your child’s future at stake here.

˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan.
^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 investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CARG 8%; ₹50,45,591 @ CAGR 4%
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++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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