Why Choose the Best Child Plan One-time Investment?

For any parent, the greatest gift would be their child, this goes without saying that a child is a reason for every parent’s happiness, is the centre of their world and remains at the top-most priority.

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Investing in your child's future:A wise decision & a loving choice
Benefits of Investing In Child Plan
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The upbringing of a child has never been an easy task. Talking about the times we are living in today, upbringing a child needs sound financial planning. The key towards the best financial planning for the child is the better it is when the sooner it is, and this is the time when the best child plan one-time investment comes into the picture.

Why a Child Plan?

A child plan is the most suitable financial and an investment plan for the child, which ensures security in terms of finances. The best child one time investment also ensures that the child receives adequate finances at every important stage of the life so that each of the goals is accomplished and finance is not a barrier in the years of growth. It is advisable to buy the child plan online and avail maximum benefits.

Many times parents wonder with, which child plan to go forward with specifically with the rising inflation in the nation. Let us take a look at the table below, which highlights the best child plans offered by different insurance companies in India:

Monthly, Half-yearly and Yearly​

Name of the Plans Entry Age Maturity Age Premium Frequency
Aditya Birla Sun Life Vision Star Plan 18 years- 55 years Maximum- 75 years Yearly, Semi- yearly, Quarterly and Monthly
Aegon Life Rising Star Insurance Plan 18 years- 48 years Maximum- 65 years Yearly, Semi- yearly and Monthly
Aviva Young Scholar Secure 21 years- 50 years Maximum- 71 years Yearly, Semi- yearly and Monthly
Bajaj Allianz Young Assurance 18 years- 50 years Minimum- 28 years Maximum- 60 years Yearly, Semi- yearly, Quarterly and Monthly
Bharti AXA Life Child Advantage Plan For Regular Pay- 18 years- 50 years For Limited Pay- 18 years- 55 years For Regular Pay Maximum- 71 years For Limited Pay Maximum- 76 years Yearly, Semi- yearly, Quarterly and Monthly
Canara HSBC Smart Junior Plan 18 years- 50 years Maximum- 70 years Monthly and Yearly
Exide Life New Creating Life Plus 18 years- 45 years Maximum- 60 years Monthly and Yearly
Future Generali Assured Education Plan 21 years- 50 years Minimum- 35 years Maximum- 67 years Monthly and Yearly
HDFC SL YoungStar Super Premium    Life Option- 18 years- 65 years Life and Health Option- 18 years- 55 years Life Option- 75 years Life and Health Option- 65 years N/A
ICICI Prudential SmartKid Solution 20 years- 54 years Minimum- 30 years Maximum- 64 years Monthly, Half-yearly and Yearly
IDBI Federal Life Insurance Young Star Advantage Plan Regular Payment- 18 years- 40 years Limited Payment- 18 years-45 years Regular Payment- 60 years Limited Payment- 65 years yearly
IndiaFirst Life Little Champ Plan 21 years-45 years For 7-12 years- 65 years For 13-14 years- 70 years Yearly, Half-yearly and Quarterly
Kotak Headstart Child Assure 18 years- 60 years Minimum- 28 years Maximum- 70 years Half-yearly or Yearly
LIC – New Children’s Money Back Plan 0 years- 12 years Maximum- 25 years Yearly, Semi- yearly, Quarterly and Monthly
Max Life Shiksha Plus Super 21 years- 50 years For 5 Pay- 60 years For Regular Pay- 65 years Yearly, Semi- yearly, Quarterly and Monthly
PNB MetLife Smart Platinum 7 years- 70 years NA Yearly, Semi- yearly, Quarterly and Monthly
Pramerica Life Rakshak Gold For 12 years of Policy Term- 18 years- 53 years For 15 years of Policy Term- 18 years- 50 years For 18 years of Policy Term- 18 years- 47 years Maximum- 65 years Yearly, Half-yearly and Monthly
Reliance Child Plan 20 years- 60 years Minimum- 30 years Maximum- 60 years Yearly, Semi- yearly, Quarterly and Monthly
Sahara Ankur Child Plan 0 years- 13 years Minimum- 25 years Maximum- 40 years Yearly, Half-yearly and Monthly
SBI Life – Smart Champ Insurance Plan   21 years- 50 years Minimum- 42 years Maximum- 70 years Yearly, Semi- yearly, Quarterly, Monthly and Single Premium
Shriram Life New Shri Vidya 18 years- 50 years Minimum- 28 years Maximum- 70 years Yearly, Semi- yearly, Quarterly and Monthly
Star Life Bright Child Plan 19 years- 45 years Maximum- 69 years Yearly, Semi- yearly, Quarterly and Monthly
TATA AIA Life Insurance Fortune Maxima 0 years- 60 years Maximum- 100 years Yearly, Semi- yearly, Quarterly, Monthly and Single Premium

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

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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 *

How Beneficial are the Child Plans in India?

Listed below are some reasons, which state the advantages of best child plan one-time investment:

  1. Secured Future of the Child

    Even after the demise of the parent, the child plan continues and the maturity benefit is paid as promised in the past. The key highlight of the child plan is that the parent assures that the plan will benefit upon maturity. This benefit can be used to fulfil or achieve any objectives, which could be in regards to education, marriage and so forth. The best child plan one-time investment secures the future of the child.

  2. Disciplined Savings

    Another prominent advantage of a child plan is that it lets the parent imbibe the habit of disciplined savings for the future of the child. Depending upon the premium frequency the parents contribute and pays the child plan premium every month or any other frequency so that the child can have the time of the life in the coming times. The disciplined and consistent savings will let you have good returns as well.

  3. Build a Corpus

    Whether the parents are around or not, the child plan lets the parent create wealth for the child. With the corpus created the child will be able to pursue the dreams and achieve it and come out with the flying colours of success.

  4. Customize the Plan

    It is important to save enough funds for the child. Therefore you can easily customize the child plan and opt for various rider options that will enhance the plan and provide even more coverage for a better tomorrow. Besides most of the child plans have an inbuilt premium waiver benefit. Before you zero down a specific plan understand the features and then choose it wisely.

  5. Save Taxes

    Savings is never a bad thought. The best child plan one-time investment will help you to save taxes. The child plan premium is tax-free within Section 80C of the Income Tax Act till Rs 1.5 lakh. Besides, the maturity or death benefit received within this plan also remains tax-free completely.

Why is a Child Plan Important?

To understand the importance of the best child plan one-time investment, take a look at the below grid, which states the difference when you have a child plan and when you do not have one.

No Child Plan With a Child Plan
When you do not have sufficient money, the future of the child is in jeopardy It lets you create a wealth corpus so that the child can have a meaningful future
In case the earning parent passes away, the child will depend on others for financial assistance Even after the demise of the parents, finance will be taken care and the child need not worry
In case of any unexpected financial loss, the future of the child is in the dilemma Even in the worst circumstances, the child will have a secured future
The expense in regards to the marriage will be a burden The marriage expenses will not be a burden
In the case of financial limitation due to any misfortunate incident, the education of the child will be affected Adequate education with no financial worries or stress
The uncertainty of the child’s future A secured future of the child

Child Savings Plan vs Sukanya Samriddhi Yojana Scheme and Public Provident Fund

The Bottom Line

As a responsible parent, you would not want to compromise with the bright future of your child. Therefore, decide on investing in the best child plan one-time investment and ensure that the future of the child is secured in every possible way.

With a plethora of child plans available in the market, choosing the best child plan would be a bit tiring. However, make sure that you zero down the child insurance plan that fulfil the requirements and make sure that you compare the different child plan premium quotes online before making the buying decision.

*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

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