Child Insurance Plans

As a parent, your biggest fear in regards to your child might be the constant thought of providing your child with the best of everything possible so that your child need not compromise on the needs and successfully fulfils every dream.

In today’s times, raising a child is indeed an expensive process wherein it is important to encompass the requirements of your child. Every child is different from the other. Likewise are the needs and demands. However, one thing, which remains constant right from childhood until one attains adulthood, is education.

Therefore, it is not only important but moreover responsibility of every parent to secure the future of the child in regards to education. And, the best way to do it is to have a child plan, which secures the bright future of the apple of your eyes and nothing comes in between the way of your child's dreams and desires.

Believe it or Not! The ideal tool to manage the financial needs of your child is to buy the right child insurance plan.

One of the key aspects of a child insurance plan is that it is a long-term investment, which allows you to build the corpus slowly with the saving you possess and takes care of the fact that you need not hold back on the future of your child.

Though we duly understand the importance of investing in child insurance plans, often we get confused in choosing the plans, which meets the needs. With a plethora of options available in the background, we have enlisted below some of the best child insurance plans to invest in 2020.

Take a look!

Best Child Insurance Plans in India 2020

1. ABSLI Vision Star Plan

The vision star plan is designed in a way, which benefits your child in every way possible and secures your child from vulnerability and any adverse situations. With ABSLI Vision Star plan you need not worry about the changing dreams of your child.

Eligibility Conditions:

  • Entry Age: 18- 55 years
  • Maturity Age: Max. 75 years
  • Policy Term: Option A: 14 to 21 years and Option B: 16 to 23 years
  • Premium Amount: It depends upon the age, coverage and tenure
  • Premium Paying Frequency: Monthly, quarterly, half-yearly or yearly

Death Benefit

In case of demise of the life insured during the policy period, the nominee will receive the reduced sum assured. The maturity benefit and assured payouts will remain uninterrupted and paid timely.

2. Aviva Young Scholar Secure

Aviva Young Scholar Secure will help your child at every important step undertaken by your child. Even if you are not around, this plan will take care of the educational needs of your child.

Eligibility Conditions:

  • Entry Age for Life Assured: 21-50 years
  • Maturity Age: 71 years
  • Policy Term: 21 years minus the entry age of the child
  • Frequency of Premium: Monthly, half-yearly or annually

Death Benefit

Under any adverse situation, wherein the policyholder passes away, the benefits shall be payable the benefits will be provided. However, the due premiums need to be paid to date.

Tax Benefits

The tax benefits are applicable as per the prevailing laws; however, this can be changed from time to time.

3. Bajaj Allianz Life-Long Assure

Bajaj Allianz Life-Long Assure plan makes it a point that there is no looking back for your child and does not put you under any financial distress. Moreover, having this child investment plan will provide both life cover as well as income.

Eligibility Conditions:

  • Minimum Entry Age: 10 years
  • Maximum Entry Age: 55 years
  • Policy Term: 100 minus the age at entry
  • Premium Frequency: Monthly, quarterly, half-yearly or annually
  • Maximum Premium: No Limit
  • Premium Paying Term: 10, 15 and 20 years
  • Minimum Sum Assured: Rs, 1, 00, 000
  • Maximum Sum Assured: No Limit

Maturity Benefit

The policy will get mature at the age of 100. In case when all the premiums are paid than on the maturity date whatever will be the maturity value within the policy it will be duly paid and thereafter the policy will be terminated.

Additional Rider Benefit

By paying an extra nominal cost you may also benefit the following the riders:

  • Accidental Permanent Total/ Partial Disability Benefit Rider
  • Family Income Benefit Rider
  • Death Benefit Rider
  • Waiver of Premium Benefit Rider
  • Critical Illness Benefit Rider

Tax Benefits

  • The premiums paid are duly eligible for tax benefits under section 80C of the Income Tax Act.
  • Under section 10 (10D) of the Income Tax Act, death benefit, maturity benefit and surrender benefits are also duly eligible for tax benefits depending upon the stated provision during that point in time.

4. Smart Junior Plan

Regardless of whether you are around or not, Canara HSBC’s Smart Junior Plan is designed in such a way, which fulfils the educational needs of your child. It also lets you plan early as with every passing age the dreams also get changed.

Eligibility Conditions:

  • Minimum Age Entry: 18 years
  • Maximum Age Entry: 50 years
  • Maximum Maturity Age: 70 years
  • Policy Term: 12 to 25 years
  • Minimum Sum Assured: Yearly Mode: Rs. 3, 00, 000

Monthly Mode: Rs. 5, 00, 000

  • Maximum Sum Assured: No Limit
  • Minimum Premium: Depends upon factors such as the sum assured, age, etc.
  • Maximum Premium: No Limit
  • Premium Payment: Annually or Monthly

Tax Benefits

The tax benefits are accessible based on the premium paid and on the benefits obtained during the term under Section 10 (10D) and Section 80C of the Income Tax Act, 1961. It is to be noted the laws related to tax are subject to amendments.

Death Benefit

In case of demise of the insured, listed below are some of the benefits that will be payable:

  • 10 times of the annualized premium
  • Sum Assured
  • No prospective premium be paid and no termination of the policy and will be into effect till the policy term
  • 105% of the complete premium paid until the date of demise less underwriting additional premium, in case

Survival Benefit

You will get the guaranteed yearly payouts toward the finish of every one of the last 4 approaches before the maturity year gave that all due premiums are paid. You can use these ensured payouts to support the prospective educational requirements of the child.

Other Benefits

  • In the case where the sum assured is either equal or higher than Rs. 4, 00, 00 a rebate is offered on the payable premium
  • When the policy attains a surrender value, to meet the liquidity needs one may benefit the loan facility as well

5. Edelweiss Tokio Life- Wealth Ultima

Edelweiss Tokio Life- Wealth Ultima will help you to financially support your child and help them to accomplish their goals. Make sure that your child gets the maximum even if you are not around.

Eligibility Conditions:

  • Minimum Entry Age: 18 years
  • Maximum Entry Age: 60 years
  • Premium Payment: Annually, semi-annually, monthly or quarterly
  • Minimum Policy Term: 10 years
  • Maximum Policy Term: 70 minus the age at entry

Note: The policy term depends upon the maturity age either minimum or maximum

Maturity Benefit

At the end of the policy term, when the life is insured survived with the policy still in force then as maturity benefit the fund value will be paid. Though, you have the alternative to collect the maturity, not at one go but instalments. This alternative is referred to as the settlement option.

6. Exide Life Mera Ashirvad

If you do not wish to leave your child’s future in dark or rely on the fate then opting Exide Life Mera Ashirvad plan will be a wise choice. Buying this plan ensures that your blessings will always be on your child and the future of your child is adequately secured.

Eligibility Conditions:

  • Minimum/ Maximum Entry Age of Life Assured: 21-50 years
  • Minimum Maturity Age: 36 years
  • Policy Term: Premium Paying Terms+ 5 years
  • Minimum Sum Assured: For 10-14 years: Rs. 3, 50, 000 and for 15-20 years Rs. 4, 50, 000
  • Maximum Sum Assured: No Limit

Death Benefit

As a lump sum, 100% of the sum assured will be paid. Besides, from the death benefit, the payment made upon guaranteed staggered payout will not be deducted and any prospective premiums will also be waived off.

Optional Riders

In case you wish to enhance your plan, you may do the same by paying an extra nominal cost and avail riders such as term rider, critical illness and accidental death disability and dismemberment rider.

7. Future Generali Assured Education Plan

In case of any unfortunate circumstance, Future Generali Assured Education Plan will take care of your child educational needs and also enables you to save in a systemized way and use the money so that your child can achieve milestones and have a flourishing career.

Eligibility Conditions:

  • Entry Age of Life Assured: 21-50 years
  • Policy Term: 17 years minus the age of child while purchasing the plan
  • Maturity Age (Min to Max): 35-67 years
  • Premium Payment Term: As Mentioned in the Policy Term
  • Premium Frequency: Monthly or Yearly
  • Minimum Premium Payable: Monthly Rs. 2, 000 and Yearly Rs. 20, 000
  • Maximum Premium Payable: No Limit

Maturity Benefit

As chosen at the commencement of the plan, 100% of the sum assured will be paid.

Death Benefit

During the untimely demise of the life assured, the death sum assured will be renumerated to its nominee mentioned in the document. Apart from this, every year on the death anniversary of the life assured till the policy term, the company will likewise pay 5% of the sum assured.

8. HDFC Life Young Star Udaa- Child Plan

HDFC Life YoungStar Udaan- Child Plan lets you enjoy the status of proud parents of your child and seeing your one touching heights of success and never-ending happiness. Protect the blooming future of your child and let not they think in regards to monetarily aspect.

Eligibility Conditions:

  • Entry Age (Minimum to Maximum): 30 days-60 years
  • Maturity Age (Minimum to Maximum): 18-75 years
  • Policy Term (Minimum to Maximum): 15-25 years
  • Premium Payment Terms: 7, 10 or the policy term deducing five years
  • Premium Frequency: Monthly, quarterly, half-yearly or annually
  • Maximum Instalment Premium:

Maturity Benefit

Based upon the financial goals of your child, you can avail any of the three maturity benefit options and these alternatives are of generally two types majorly:

  • Endowment Plans: This is an alternative wherein the lump sum is paid at maturity
  • Moneyback Option: Alternatives dependent on the payouts offered over the most recent 5 years before maturity

9. ICICI Prudential SmartKid Solution

ICICI Prudential SmartKid solution provides your child with one complete protection and as a parent; you need not compromise upon the career of your child regardless of the growing expenses in the education sector.

Eligibility Conditions:

  • Minimum/ Maximum Entry Age: 20-54 years
  • Minimum/ Maximum Maturity Age: 30-64 years
  • Minimum/ Maximum Policy Term: 10-25 years
  • Minim/ Maximum Premium Paying Term: Depending upon the Policy Term
  • Maximum Premium: No Limit
  • Premium Frequency: Monthly, Half-yearly or Yearly

Maturity Benefit

When the policy gets matured, you will attain a fund value as well as top-up fund value in case of any. This will be paid regardless of the survival of the life assured until the date of maturity. It could be either availed as a lump sum or using the settlement alternative in the form of a structured payout.

Death Benefits

The tax benefits largely depend upon the premiums paid along with the existing laws, which is amended from time to time.

10. IDBI Federal Child Insurance Savings Protection Insurance Plan

This plan will essentially help you to provide adequate financial support so that your child can achieve the dreams and establish self and come with flying colours of success.

Eligibility Conditions:

  • Entry Age of Life Assured: 18-50 years
  • Maturity Age: Max. Regular Pay- 65 years and Limited Pay: 75 years
  • Policy Term: 10 -25 years
  • Sum Assured: It depends upon the premium paid, period and age
  • Premium Payment Mode: Equivalent to the policy term

Maturity Benefit

The maturity sum assured will be paid out at every important stage in the life of the child as guaranteed regular payouts. You have the alternative to opt the maturity sum assured.

11. IndiaFirst Happy India Plan

IndiaFirst Happy India plan does not let anything come between the successes of your child. Your child will always remain your pride and you will remain the reason for their joy.

Eligibility Conditions:

  • Entry Age: 18-50 years
  • Maturity Age: Max. 60 years
  • Policy Term: 10 and 25 years
  • Premium Payment Frequency: Monthly/half-yearly or annually
  • Premium Payment term: Equal to the policy term

Death Benefits

The death benefits remain tax-free within Section 10(10) of the Income Tax Act, 1861.

12. Kotak Headstart Child Assure Plan

The Kotak Headstart Child Assure Plan comes uploaded with numerous benefits and provides financial security via triple benefits and affluence the financial requirements of the child.

Eligibility Conditions:

  • Maximum Basic Sum Assured: No Limit
  • Entry Age for Life Assured: 28-70 years
  • Policy Term: 10-25 years
  • Premium Paying Term:
    • Policy term of 10 Years: 5 Years
    • Policy term of 15-25 Years: 10 Years  
    • Payment Modes – Yearly and Half-yearly

Death Benefit

In the event of the death of the Life Assured, the beneficiary will get Triple Benefit as mentioned below:

  • Basic sum assured paid without any delay.
  • Premium Waiver - Premium payment obligation closes down and all future premiums will be added to the fund value.
  • The policy will continue and the fund value will be paid at maturity.

Maturity Benefit

At maturity, you can take the full fund value to meet the financial needs of your child. Moreover, you can also select to collect the maturity proceeds partly in cash and the balance by way of instalments, for up to 5 years after maturity, by choosing our settlement option.

13. LIC New Children’s Money Back Policy

LIC New Children’s Money Back Plan is non-linked; with-profit regular premium payment policy particularly intended to meet educational, marriage and other needs of growing children through survival benefits. This plan also provides risk cover to the insured child. This child plan has benefits of both savings as well as protection.  

Eligibility Conditions:

  • Minimum Basic Sum Assured: Rs. 100,000
  • Maximum Basic Sum Assured: No Limit
  • The Basic Sum Assured shall be in multiples of Rs. 10,000/-
  • Entry Age for Life Assured: 0-12 years (last birthday)
  • Minimum/ Maximum Maturity Age for Life Assured: 25 years (last birthday)
  • Policy Term/Premium Paying Term : [25 – Age at entry] years

Death Benefit:

  • Death of life assured before the date of commencement of risk: Return of the premium excluding extra premium, taxes and rider premium, if any.
  • Death of life assured after the date of commencement of risk: Sum Assured + Revisionary Bonuses + Final Additional Bonus

Maturity Benefit

On the Life assured surviving the stipulated date of maturity, Sum Assured on Maturity (40% of the Basic Sum Assured) + Simple Reversionary Bonuses + Final Additional Bonus, if any, shall be payable.

Survival Benefit

On the Life, Assured surviving the policy anniversary after the completion of ages 18 years, 20 years and 22 years, with 20% of the Basic Sum Assured on each occasion shall be payable. It should be noted that the policy should be in full force.

14. LIC Child Carrier Plan

LIC Child Career Plan is a Money-Back Endowment Plan. This child plan is particularly designed to meet the ever-increasing educational and other needs of growing children. In this child insurance plan, the sum assured plus bonus is paid straight away to the nominee on death of the life assured after the commencement of risk. It provides risk cover on the life of child not only during the policy term but also during the extended term (i.e. 7 years after the expiry of policy term). When the policy matures, the child would receive the remaining 15% of the sum assured along with the final additional bonus, if any.

Eligibility Conditions:

  • Minimum Basic Sum Assured: Rs. 100,000
  • Maximum Basic Sum Assured: Rs. 1 Crore
  • Entry Age for Life Assured: 0-12 years (last birthday)
  • Minimum/ Maximum Maturity Age for Life Assured: 23-25 years (last birthday)
  • Policy Term/Premium Paying Term: 11-27 years
  • Payment Modes – Yearly, Half-yearly, Quaterly& SSS
  • Premium paying Term – 6 years or Term minus 5years.

Premium Waiver Benefit

The proposer can go for this benefit if aged between 18 and 55 and is medically fit. Under this benefit waiver of premiums will be provided on the death of the proposer.

Surrender Value

The policy can be surrendered after paying premiums for at least three full years. The guaranteed surrender value will be as under:

  • Before the commencement of risk: 90% of the total amount of premiums paid. The premiums for the first year will be excluded.
  • After commencement of risk: 90% of the total amount of premiums (excluding premium for the first year) paid before commencement of risk and after the commencement of risk 30% of premiums will be paid.

15. Max Life Shiksha Plus Super

With Max Life Shiksha Plus Super you can easily start planning for the future of your child at an early stage. This plan will not only protect the financial needs of your child but likewise will take care of other developing aspects of your child in terms of education, etc.

Eligibility Conditions:

  • Entry Age: 21-50 years
  • Maturity Age: 65 years
  • Policy Term: 10,15 or 25 years
  • Sum Assured: 10 times the annual premium
  • Premium Frequency Mode: Monthly, quarterly, half-yearly or yearly

Guaranteed Loyalty Additions

Towards the end of every policy year initiating from the 11th year, a fund value off   0.20% will be added by creating additional units to the fund.

16. PNB Metlife Smart Child

Why Choose PNB Metlife Smart Child?

PNB MetLife takes care of the premium in case of inopportune demise of the parent. Simultaneously, it offers liquidity with partial withdrawals and unlimited switches to manage your funds. Also, systematic transfer options to assist you to get the best of equity markets.

Eligibility Conditions:

  • Entry Age for Life Assured: 18-55 Years
  • Sum Assured: 10 times the chosen Annualised Premium only
  • Minimum/ Maximum Maturity Age for Life Assured: 23-25 years (last birthday)
  • Policy Term/Premium Paying Term : 10, 15 & 20 Years
  • Payment Modes – Yearly, Half-yearly, Quarterly & PSP

Maturity Benefit

At the end of the policy term, the beneficiary will get fund value along with loyalty additions (if any).  

Death Benefit

In case of insured’s/Policyholder’s sudden demise, the nominee will get the following benefits:

  • Higher of Sum Assured or 105% of the Total Regular Premium paid
  • Future Premiums payments under the Policy will close down. Additionally, the PNB MetLife will credit regularly an amount equivalent to one annualized regular premium as a part of Premium Waiver Benefit (PWB) monthly into Policyholder’s Fund.

17. Pramerica Future Idols Gold+

Pramerica Future Idols Gold+ plan lets you give a strong base to your child, which would help him to become a successful adult and not worry about the financial necessities. Now, give shape to the future of your child and not worry about the financial contingencies.

Eligibility Conditions:

  • Entry Age: 18-50 years
  • Maturity Age: 65 years
  • Policy Term: 15,20 or 25 years
  • Policy Premium Mode: Monthly, half-yearly or annually
  • Sum Assured: Min. Rs. 1.5 Lakh

Maturity Benefit

When the policy gets matured, the insured would be provided with a maturity benefit equivalent to 125% of the base sum assured opted at the commencement. Besides, the insured would also receive an accrued revisionary bonus and final bonus depending upon the fact if the policy is active.

Death Benefit

In case if the insured dies and the policy is in force, then under such a circumstance the death sum assured as well as interim, final and accrued reversionary bonus will be payable.

18. Reliance Life Child Plans

This plan essentially takes into consideration and ensures the growth of child remains financially undisturbed even if you are not around and your child can pursue and accomplish all desired goals.

Eligibility Conditions:

  • Entry Age: 20-60 years
  • Maturity Age: 70 years
  • Policy Term: 10-20 years
  • Sum Assured: Min. Rs. 25,000

Guaranteed Benefits

You will receive both death and survival benefits. Besides a sum assured of 25% will be paid upon the last three anniversaries before the maturity takes place regardless of the life assured’ survival.

19. Sahara Ankur Child Plan

Go that extra mile and opt for Sahara Ankur Child Plan as it will give your child the wings to fly and touch heights of success and will not be in distress thinking about the monetary aspect.

Eligibility Conditions:

  • Entry Age: 0-13 years
  • Maturity Age: 40 years
  • Policy Term: 12 years
  • Policy Premium Mode: Monthly, half-yearly, yearly and single premium
  • Sum Assured: Depending upon the age of the assured

Coverage Till the Policy Anniversary

In case the membership of the group plan comes towards the end in between the policy year, coverage will be received until the time the policy completes its anniversary.

20. SBI Life Smart Scholar

By investing in SBI Life Smart Scholar plan you will give wings to your child so that he can achieve his goals. Besides, you will also be able to achieve dual benefits of market-linked returns upon your hard-earned invested money.

Eligibility Conditions:

  • Age of Life Assured: 18-57 years
  • Maturity Age: 65 years
  • Policy term: 8-25 years
  • Sum Assured: Min. 1.25* Single Premium

Maturity Benefit

When the policy term gets duly completed, the fund value will be paid as the lump sum.

21. Shriram New Shri Vidya Plan

With Shriram New Shri Vidya Plan lets your child’s aspirations take place and you need not worry about the financial aspect of the child's educational requirements.

Eligibility Conditions:

  • Entry Age of the Life Assured: 18-50 years
  • Maturity Age: 70 years
  • Policy Term: 10-25 years
  • Premium Paying Frequency: Monthly, quarterly, half-yearly or yearly

Survival Benefits

If there should be an occurrence of the endurance of the life assured up to the finish of every one of the most recent four years of the policy, giving the arrangement is in power, 25% of basic sum assured toward the finish of every one of the most recent four years will be paid.

22. SUD Life Bright Child

Under any unfortunate circumstances even if you are not around your child SUD Life Bright Child will take care of the financial necessities of your child and help him to build a flourishing career.

Eligibility Conditions:

  • Entry Age of the Life Assured: 18-50 years
  • Maturity Age: 70 years
  • Policy Term: 10-25 years
  • Policy Payment Frequency: Monthly, quarterly, half-yearly or yearly
  • Sum Assured: Min. Rs. 1 Lakh

Benefit Booster

It is an amount, which is generally paid towards the end of the policy term and depending upon the age of your child when buying the plan choose the option such as career endowment and wedding endowment.

23. Tata AIA Life Insurance Super Achiever Plan

If as a parent you are looking for a plan that secures the academic future of your child then you should think about going with TATA AIA Life Insurance Super Achiever Plan that will take care of your child’s necessities in terms of finances.

Eligibility Conditions:

  • Entry Age of the Life Assured: 25-50 years
  • Maturity Age: 70 years
  • Policy Term: 10-20 years
  • Policy Payment Frequency: Monthly, half-yearly or yearly
  • Sum Assured: 10 times the annual premium

Switching Benefit

During the policy term, the insured can shift investment from one fund to another on the premise of prevailing market conditions. A maximum of twelve switches are allowed freely. In case, you switch for the thirteenth time and so on it will be chargeable.

24. Rising Star Insurance Plan

As a parent, if you are looking for a plan, which completely fulfils every dream of your child and outshines in the coming times then this plan is sure to be looked up to. Aegon Life’s Rising Star Insurance Plan will let your child achieve every milestone without fearing about the future and take care of the financial contingencies.

Eligibility Conditions:

  • Entry Age for Life Assured: 18-48 years
  • Maturity Age: Max. 65 years
  • Policy Term: 25 years or less age at the entry of the child in the completed years
  • Premium Payment Frequency: Monthly/ Half-yearly/ Yearly
  • Minimum Annualized Premium: Yearly Mode: Rs. 20, 000 p.a

 Other Mode: Rs. 30, 000 p.a

Death Benefit

  • Maximum of cover amount (Sum assured) or 105% of all the premiums paid forthwith
  • Additionally, all prospective premiums waived off and the payment is initiated by the provider

Tax Benefits

  • The tax benefits are as per the existing tax laws

Therefore, whenever you intend to buy a child insurance plan, make sure that you assess your requirements and accordingly opt for a child plan that suits you the best.

Before you sign the dotted line, have a thorough read of the policy and secure the future of your child.

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

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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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