Know the Importance of Investing in Child Insurance Plans

A child insurance plan provides the dual benefits of insurance and investment. Parents can buy such a plan when the child is as young as 14 days. The policy matures when the child attains adulthood. However, there are child insurance policies wherein policyholders are allowed to make periodic or occasional withdrawals before the maturity of the plan.

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Investing in your child's future:A wise decision & a loving choice
Benefits of Investing In Child Plan
Waiver of Premium Benefit
Future Premiums are paid by the insurer upon death of policyholder
Flexible Payout Options
Your premiums help your child achieve their dreams through lump sum or regular payouts
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Zero Commission
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Tax Benefits^
You get tax benefits under Section 80(C) and no tax on returns under Section 10 (10D)
Investment Flexibility
It offers the flexibility to invest at regular intervals or as a one-time contribution
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Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr# Tax-Free* on Maturity

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Disclaimer: #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 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

Buying child insurance means there is investment planning involved for a large number of years, which is why it is a superb tool when planning for the future. Mentioned below are some long-term advantages of child insurance plans.

  1. Funding Children's Education

    Major chunk of the parents' savings goes into paying for their child's education. Studying in a decent school means shelling out a lot of money. Higher education from abroad or MBA from a well-known B-school would mean exhaustion of the limited savings. All of that could be afforded by buying a child investment plan as the sum obtained on the maturity of the plan would help lessen this financial burden to quite an extent.

  2. Critical illness/ Medical emergency Aid

    In case there is a family history of critical illness, it is advisable to purchase children’s insurance when he/she is young and fit. If due to a medical emergency, the child has to be hospitalized, a child plan would help by offering financial support. You are allowed to withdraw a lump sum from the about-to-mature policy to make sure that your child gets the necessary medical treatment.

  3. Unexpected Demise of a Parent

    Death is never anticipated, especially when one is young. In the event of the demise of a parent during the term of a child insurance policy, the insurance company provides a premium waiver. Thus, the beneficiary gets a lump sum amount and is no longer obligated to pay any premium on the policy.

  4. Well thought of investment

    Prior to buying child insurance, be sure of what you are planning for, whether higher education for your child, marriage, or even a mortgage on a house. While performing calculations, take inflation into account. Prices fluctuate largely in less than a decade. Once you have decided on an amount, buy a suitable child insurance policy. You will soon get into the habit of making regular premium payments and as a result, you will be successfully earmarking money for your child's future.

  5. Income Security for Your Child

    This is an important benefit for children who are actors, singers, and others who earn great incomes at a young age. Their money tends to heighten at a higher rate over a longer period when put in investment plans for children.

  6. Could be used to take Secured Loan

    A child insurance plan is also largely accepted as security by banks and other lenders when processing education loans or other personal loans.

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Conclusion:

When buying child insurance, search for policies that emphasize on cash value. High cash value, in long run, can be used to take loans or make a down payment on a house. Steer clear of policies that raise premium rates annually. Most importantly, buy insurance while your child is young to take advantage of low rates and high returns.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India 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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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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