There is no better gift you can give your child, than the promise of a secure future. After becoming a parent, one should start planning for the child’s future by investing in comprehensive health and education plans. Before you plan to buy a health insurance or child education plan, it is important that you consider aspects such as premium rate, inflation rate, the cost of education and medical.
Here are a few Best investment plans for child future which you can consider:
1. SBI Life – Smart Scholar
SBI Life – Smart Scholar is a non-participating Unit Linked Insurance Plan (ULIP). This plan offers dual protection for your family, in case you are not around. Payment of the base sum is assured and inbuilt premium pay or waiver benefit to ensure continuance of your policy. This plan also offers twin benefits of market linked rent and insurance benefit. The minimum entry age is 0 years and maximum age is 17 years. Tax deduction under Section 80C of the Income Tax Act is available for the Smart Scholar plan. Also, in the event of unfortunate death, a lump sum benefit equal to higher of the sum assured or 105% of all premiums paid till date of death will be payable.
2. SBI Life – Smart Champ Insurance Plan
The Smart Champ Insurance Plan by SBI is an individual non-linked, participating life insurance plan which is designed to protect your child’s future educational needs. It has assured benefits which are payable during the tenure of the policy and provides insurance cover to the proposer. He would be assured for life and the policyholder, for death and accidental total permanent disability throughout the policy term. Also, smart benefits are payable in four equal installments after the child becomes 18 years of age.
3. LIC – Child Career Plan
The Child Career plan by LIC is specially designed to meet the increasing educational and other needs of growing children. It provides the risk cover on the life of child not only during the policy term but also during the extended term. In this plan, the money comes in installments but the major amount will come only after the child has attained 18 years of age. The premiums can be paid regularly at yearly, half-yearly, quarterly or through salary deductions over the term of policy. Also, the premiums can be paid either for 6 years or up to 5 years before the policy term.
4. LIC – New Children’s Money Back Plan
The New Children’s Money Back plan from LIC is a participating non-linked money back plan. It is designed to meet the educational, marriage and other needs of children through survival benefits. This policy offers death benefits along with various survival and maturity benefits. The policyholder will have the option to take the survival benefit at any time on or after its due date but during the tenure of the policy. Also, LIC’s Premium Waiver Benefit Rider is available as an optional rider on the life of proposer aged between ages 18 to 55 years by payment of additional premium.
5. ICICI PruSmartKid’s Regular Premium
This is a participating endowment regular premium plan with guaranteed educational benefits. In this plan, the company pays a lump sum payment of Sum assured and future premiums in the unfortunate event of the death of a parent. There’s protection against accident and disability, and a facility to provide money for key educational expense of the child. This policy offers two additional rider benefits: income benefit rider and accident and disability benefit rider. There is an option for partial withdrawals and 120% to 170% of annual premium is allocated to your fund value at the end of the 15th policy year.
6. HDFC SL Youngstar Super Premium
This policy is a united linked insurance product by HDFC with life insurance coverage. It is considered a valuable financial protection plan for your child and offers two flexible benefit payment preferences – Save Benefit or Save-n-Gain Benefit. The SL Youngstar Super Premium Plan gives you four funds to suit your needs: Income Fund; Balanced Fund; Blue Chip Fund and Opportunities Fund.
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