Secure Your Child’s Future through Life Insurance

There are plenty of investment options that an individual can choose from – mutual funds, share market, gold, public provident fund, etc. Some of them offer a healthy return on investment. However, in order to ensure an income from these investments, one must keep paying a certain amount. If the person investing in these schemes passes away, then they will be discontinued.

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Investing in your child's future:A wise decision & a loving choice
  • Insurer pays premium in case of loss of life of parent

  • Create wealth for child’s aspirations

  • Tax Free maturity amount+

  • 12+ plans available

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In-built life cover
  • Insurer pays premium in case of loss of life of parent

  • Create wealth for child’s aspirations

  • Tax Free maturity amount+

  • 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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According to the National Crime Records Bureau, every 90 seconds, an Indian dies in an accident. All parents want to secure their offspring’s future. A child is essentially a dependent and must be protected against any contingencies. After all, parenthood is not only about love but also responsibilities.

If a breadwinner dies, a family might face severe economic crisis and all the plans for the future might go haywire. But all the current and future expenses must be met, especially the cost of educating a child. Without a regular source of income, continuing education is a challenge. In the last few years, education has become expensive but it cannot be discontinued under any circumstances. In fact, the rising cost of education is a major headache for most parents. Education loan is always an option, but they are usually available for professional courses and for select universities. Also, the burden of repaying the loan will fall on the child’s shoulders.

Investing in a Child Plan

The moment a child is born, the parents must review all the numbers and assess their financial requirements. Accordingly, they should raise the cover on their insurance policies. For example, if the average cost of an acquiring a higher education degree from a university is Rs 8 lakhs, the assured amount should be at least Rs 25 lakhs at the time of maturity. Ideally, the parents should invest in a child insurance plan. Apart from providing a financial cover, a child plan also offers tax benefits. These policies are designed to meet the expenses a child will encounter while growing up – higher education, marriage, and so on. Premiums paid for such policies are eligible for tax-deduction under Section 80C and any income is tax-free under Section 10 (10D) of the Income Tax Act, 1961. Almost all insurance companies offer child insurance.

However, some people prefer term investment over child insurance as the latter have a higher cost. On the other hand, term insurance plans a high cover at low cost. And if the policyholder dies, the nominee will receive a lump sum. But this is where the plan terminates. So, if the investor dies when the child is fairly young, the latter will have to sustain on that particular amount. The major limitation of a term insurance scheme is that it does not offer the security of a regular income.

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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 *

Benefits of a Child Plan

A child insurance plan has certain feature that make it an ideal choice for parents.So if the policyholder dies, all the future premiums are waived.Also, in the case of this eventuality, the company not only offers a lump sum but also continues investing the money on behalf of the deceased. The nominee receives the final amount once the policy matures. Thus, if the investor dies, the nominee receives a significant amount- the maturity benefit and the death benefit - during two stages of his/her life. However, if the insured is alive, the insurer still pays the sum assured along with a bonus as survival benefit.

Most insurance providers also offer child plans with maturity benefits that result in a timed release of payout at crucial junctures of an individual’s life. Thus, a nominee might receive a certain sum on turning 18 or after that. Therefore, parents should not delay in planning for the future and must ensure that the child has financial security.

*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:-
^^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


ICICI Prudential

Bharti AXA Life

Edelweiss Life

Kotak Life

Future Generali

PNB MetLife

SBI Life


Bandhan Life

Canara HSBC

IDBI Federal


Pramerica Life

Reliance Life

Sahara Life

Shriram Life

Star Union

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