Why You Must Have a Child Insurance Plan

Becoming a parent changes the entire outlook towards the future. A parent is responsible for a life's present and future security. Obviously, every parent wants to give the best possible to their child. For that the earlier they start thinking and planning, the easier it gets to build a secure future of their child. 

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Investing in your child's future:Nothing is more important than securing your child's future
Benefits of Investing In Child Plan
Waiver of Premium Benefit
Future Premiums are paid by the insurer upon death of policyholder
Flexible Payout Options
Your premiums help your child achieve their dreams through lump sum or regular payouts
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Zero Commission
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Tax Benefits^
You get tax benefits under Section 80(C) and no tax on returns under Section 10 (10D)
Investment Flexibility
It offers the flexibility to invest at regular intervals or as a one-time contribution
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Investment Will Continue With Or Without You

Invest ₹10k/month your child will get ₹1 Cr# Tax-Free*

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We are rated++
rating
9.7 Crore
Registered Consumer
51
Insurance Partners
4.9 Crore
Policies Sold
Disclaimer: #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 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Planning for the future of your child is not a child's play. It requires considerable amount of investment along with your efforts to work out the necessary details right from identifying the objectives to deciding on the asset allocation plans.

Providing desired education to the child is the utmost concern of every parent. And, rising cost of education is their major troubling element. Others are lack of knowledge, not enough savings, starting too late and so on. But the biggest worry a parent can have is the risk of his/her own death. Isn't it terrifying for any parent to leave his/her family without ample means to lead a comfortable life? Yes off course it is.

Here's the solution of this biggest worry: A Child Insurance Plan.

You must be thinking that why shouldn't you opt for a term plan instead of a child insurance plan as it offers a high cover at a low cost giving out a lump-sum amount to the nominee.

In case of a term plan, giving the lump-sum amount ends the policy right there but in case of a child insurance plan, the policy doesn't end there. The insurer continues investing this money on behalf of the policyholder waiving off all the future premiums. At specified intervals of time as per the planning of the policy, your child will get the money. This is the best way to ensure your children that even in your absence; their needs will be taken care of.

Child Insurance Policies can be market-linked allowing policyholders to invest in equities and debt or they can be traditional plans allowing investing in debt only. Premium paid in a child insurance plan is eligible for tax deduction under Section 80 C while the income from the plan is tax free under Section 10 (10D).

You may find a simple term plan less expensive and may think to invest the balance money in mutual funds instead of allocating a huge premium to a child plan. If you are thinking so then you are missing out on a crucial detail.

What if the parent dies after five years taking the policy? In that case, the term plan will pay the lump-sum amount and stop further investments but a Child Plan along with paying the lump-sum amount, continue investing on behalf of the policyholder. A child plan doesn't let the death of the parent hinder the investment plan for his/her child.

The higher cost of the child plans is justified as they give double benefits. These plans are structured to meet the requirements of child. So, take a child plan and make the future of your children secure even in your absence.

˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. 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. 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.

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Insurers Offering Child Plans

Tata AIA

Aditya Birla Sun Life

Bajaj Allianz

Axis 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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