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.
Read moreNothing Is More Important Than Securing Your Child's Future
Invest ₹10k/month your child will get ₹1 Cr# Tax-Free* on Maturity
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.
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.
Broadly there are 3 types of Child insurance plans available in India
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
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
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.
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.
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.
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
Certain riders are available, which give you more than just a simple life insurance policy. These riders are available in three sub-categories:
The Accidental Death and Disability Rider Benefit pay the extra sum assured in the event of your unfortunate mishap causing death or disability
This rider may be already added to the best child education plan, so check your policy document in this regard
Critical Illness rider benefit offers coverage for a pre-determined set of critical diseases
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 |
Premium Paid | ||||
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 |
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 |
Disclaimer: †† 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 done in alphabetical order (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
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.
†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.
Investment
Secure
05 Dec 2024
Mukhyamantri Mahila Utkarsh Yojana, introduced by the Gujarat05 Dec 2024
Beti Hai Anmol Yojana, launched by the Government of Himachal05 Dec 2024
The Students READY (Rural Entrepreneurship Awareness Development05 Dec 2024
The State Technical Scholarship for ST Students, by the05 Dec 2024
The West Bengal Student Credit Card Scheme is a governmentInsurance
Calculators
Policybazaar Insurance Brokers Private Limited CIN: U74999HR2014PTC053454 Registered Office - Plot No.119, Sector - 44, Gurugram - 122001, Haryana Tel no. : 0124-4218302 Email ID: enquiry@policybazaar.com
Policybazaar is registered as a Composite Broker | Registration No. 742, Registration Code No. IRDA/ DB 797/ 19, Valid till 09/06/2027, License category- Composite Broker
Visitors are hereby informed that their information submitted on the website may be shared with insurers.Product information is authentic and solely based on the information received from the insurers.
© Copyright 2008-2024 policybazaar.com. All Rights Reserved.