Types of Child Insurance Plans: All the Important Aspects!

No doubts that parents’ happiness resides in the success and happiness of their   children but successful parenting can never be a walk in the park. Oscar Wilde once said “The best way to make children good is to make them happy” and one of the most important aspects of happiness is securing your child’s future needs at the right age and time.

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

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  • 12+ plans available

Nothing Is More Important Than Securing Your Child's Future

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A Child Insurance plan is one such way that ensures your child’s future safety and ensures that they do not struggle financially even when you are no more around to look after them.

What is Child Insurance Plan?

A child insurance plan is an investment plus insurance plan offered by many companies for the safety of your child’s future dreams and goals. It offers life cover and provides flexible playouts during all the crucial steps in your child’s life. A child insurance plan is one of the best ways to save a good amount of money with regular investments for your child’s future.

Types of Child Insurance Plans

Broadly there are 3 types of Child insurance plans available in India

  1. Child ULIP

    Child ULIP comes with 3 pronged advantages broadly. They are as follows:

    • High insurance coverage

    • Disciplined investments

    • Participation inequity market

    It means that

    • Sum assured is provided to the nominee child on the death of the parent or legal guardian

    • Future premium is waived off after the demise of the parent

    • Maturity value is paid during the time of maturity.

    Child ULIP ensures that your child’s future dreams are fulfilled with or without you

  2. Unit Linked Insurance Plans

    The payouts at the time of maturity of ULIPs are determined by the market. This is a great plan for long tenures, say, more than 10-15 years. Companies provide options between different investment funds, allowing you to receive more money than you invested. There are some plans under ULIPs where profits are directly transferred from equity to debt instruments

  3. Traditional Endowment Plans

    These are simple plans that provide stable returns in the form of bonuses over the sum assured. Generally, under Traditional Endowment Plans, bonuses are paid from the 2nd year onwards.

  4. Single-Premium Child Plan

    The policyholder pays a lump sum amount in the form of a single premium for the entire policy term and stays worry-free from remembering the due dates of premium payment. You’ll not have to come across any hassles of arranging finances for the premium payment. Some insurance providers additionally offer appealing discounts or reduce the premium on child plans.

  5. Regular Premium Child Plan

    Unlike a single premium child education plan, a regular premium child policy offers you flexibility on payment of premium. You can pay the premium monthly, quarterly, half-yearly, or yearly.

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Key features of Child Insurance Plan

A Child insurance plan comes with many useful features to ensure a rewarding return and protection for your child. Here are some key features of the best Child Insurance plans in India:

  • Capital guarantee

  • Waiver of premium

  • Partial payments

  • Sum assured

  • Tax benefits

  • Immediate financial protection

  • Loan benefits

  1. Additional riders

    Certain riders are available, which give you more than just a simple life insurance policy. These riders are available in three sub-categories:

  2. Accidental Death and Disability Benefit

    The Accidental Death and Disability Rider Benefit pay the extra sum assured in the event of your unfortunate mishap causing death or disability

  3. Premium Waiver Benefit

    This rider may be already added to the best child education plan, so check your policy document in this regard

  4. Critical Illness Rider Benefit

    Critical Illness rider benefit offers coverage for a pre-determined set of critical diseases

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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 Child Insurance Plan

  • Flexible payment of funds

  • Secured loans are available

  • You can choose from either ULIP or Endowment plan

  • Flexible premium payment options

  • Funds available on the demise of the insured or after the maturity of the policy

Here is a list of companies providing some of the best Child Plans in India. You can compare the policies and decide what will be best for your you and your child.

Plans Entry Age Maximum Maturity Age Minimum Annual Premium Minimum Sum assured
AEGON Life Rising Star Insurance Plan 18-48 years 65 years Rs 20,000/- 10 times of the regular Annualized premium
Aviva Young Scholar Secure 21-50 years 71 years Rs 50,000/- 10 times the annual premium
Bajaj Allianz Young Assure 18-50 years 60 years N/A 10 times the Annualized premium
Bharti AXA Life Child Advantage Plan 18-55 years 76 years Depends on Minimum Sum Assured Rs 25,000/-
Birla Sun Life Insurance Vision Star Plus 18-55years 75 years N/A Rs 1 Lakh
Edelweiss Tokio Life EduSave 18-45 years 60 years Rs 6,968/- Rs 2.25 Lakh
Exide Life Mera Aashirvad 21-50 years 65 years N/A Rs 3.5 Lakh
Future Generali Assured Education Plan 21-50 years 67 years Rs 20,000/- N/A
HDFC SL YoungStar Super Premium 18-65 years 75 years Rs 15,000/- 10 times the annualized premium
ICICI Pru SmartKid Solution 20-54 years 64 years Rs 48,000/- Rs 45,000/-
IndiaFirst Happy India Plan 18-50 years 60 years Rs 12,000/- Higher of 10 or 7 times the annual premium or 0.5/0.25*term*annual premium
Kotak HeadStart Child Assure 18-60 years 70 years Regular pay – Rs 20, 0005 Pay – Rs.50, 00010 Pay – Rs.20, 000 Higher of 10 or 7 times the annual premium or 0.5/0.25*term*annual premium
Max Life Shiksha Plus Super 21-50 years 65 years Rs 25000/- Rs 2.5 Lakh
PNB MetLife College Plan 20-45 years 69 years Rs 18,000/- Rs 2,12,040
Pramerica Life Future Idols Gold Plan 18-50 years 65 years Rs 10, 800/- Rs 1.5 Lakh
Reliance Life Child Plan 20-60 years 70 years Rs 25,000/- Equal to Policy
Sahara Ankur Child Plan 0-13 years 40 years Single-Premium- Rs. 30,000/- 5 times of Single
Premium Paid        
SBI Life- Smart Champ Insurance 21-50 years 70 years Rs 6,000/- Rs 1 Lakh
SBI Life- Smart Scholar 18-57 years 65 Years Rs 24,000/- 20/7 times the annual premium (regular pay) 1.25 times single premium (single pay)
Shriram Life New Shri Vidya 18-50 years 70 years N/A Rs 1 Lakh
Smart Future Income Plan 18-55 years 80 years N/A 100 times the chosen monthly income
SUD Life Aashirvad 18-50 years 70 years N/A Rs 4 lakh
TATA AIA Life Insurance Super Achiever 25-50 years 70 years Rs 24,000/- 10 times of the yearly premium
Wealthsurance Future Star Insurance Plan 18-54 years 64 years Rs 25,000/- Higher of 10/7 times the annual premium or 0.5/0.25*term*annual premium
See More Plans

Wrapping it up

A child insurance plan is one of the best ways to secure your child’s financial future and of great help to you as well. Your child’s future safety is very important because, at the end of the day, it is all about your child and their happiness.

*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:- 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

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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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