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