ULIP Plans for Child Education

In a world full of uncertainties, securing the future of children by providing them with the best education is a priority for parents. ULIP Plans for Child Education are schemes offering dual benefits of insurance plans and capital-building investments. This will help you to create a financial net for the most important stage i.e. education for your child.

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What is a ULIP Child Education Plan?

A ULIP Child Education Plan provides a policyholder with life coverage and capital investment opportunities in market-linked securities. The corpus generated through these investments can be utilized to fund the educational expenses of your child. 

To make your child financially free for pursuing studies in a field of their choice you need to understand the best child education ULIP plans. Let us learn about them in the next section.

Top 10 ULIP Plans for Child Education in India 2023

Let us understand the best ULIP plans offering attractive maturity benefits to the policyholder in the following list: 

ULIP Plan Entry Age Maximum Maturity Age Policy Term Minimum Annual Premium Minimum Sum Assured
Max Life Shiksha Plus Super 21-50 years of age.
Child’s age: 0-18 years
5 Pay Variant: 60 years of age
Regular Pay: 65 years of age
5 Pay Variant: 10 years
Regular Pay: 15-25 years
5 Pay Variant: Rs. 50,000
Regular Pay: Rs. 25,000 (Annual mode) OR Rs. 48,000 (Non-annual mode)
5 Pay: Rs. 5 lakhs
Regular Pay: Rs. 2.5 lakhs (annual mode) OR Rs. 4.8 lakhs (Non-annual mode)
ICICI Prudential Smartkid Premier Plan Single Life A/c: 20-60 years of age
Joint Life A/c: 20-55 years of age
Child’s age: 0-15 years
Single Life: 70 years of age
Joint Life: 65 years of age
Child’s age: 18-25 years
5 Pay:5 years
7 Pay: 7 years
10 Pay: 10 years
Regular Pay: Full policy term.
5 Pay: Rs. 48,000
7 Pay: Rs. 36,000
10 Pay: Rs. 18,000
Regular Pay: Rs. 18,000.
Lower among:  10* (Annual premium) OR 0.5* (Policy Term)* (Annual Premium)
SBI Life Smart Scholar Plan Parent’s age: 18-57 years
Child’s age: 0-17 years
Parent’s age: 65 years
Child’s age: 25 years
8-25 years Rs. 4000 (monthly) - Rs. 75,000 (single pay) Limited Premium: 10* Annual Premium
Single Premium: 1.25* Single premium
SBI Life Smart Champ Insurance Plan Parent’s age: 21-50 years
Child’s age: 0-13 years
Parent’s age: 42-70 years
Child’s age: 21 years
8-21 years Rs. 500 (monthly) – Rs. (66,000) Rs. 1 lakh (*1,000)
HDFC SL YoungStar Super Premium Life Option age: 18-65 years
Life & Health Option age: 18-55 years
Life Option age: 75 years
Life & Health Option age: 65 years 
10-20 years Rs. 15,000- No Limit 10* Annual Premium (age <45 years) OR
7* Annual Premium (age >= 45 years)
Future Generali Assured Child Education Plan Parent’s age: 21-50 years
Child’s age: 0- 10 years
35-67 years of age 7 years- 17 years Rs. 2,000 (monthly)- Rs. 20,000 (annually) 10* (Annual Premium)
Aviva Young Scholar Advantage Parent’s age: 21-50 years
Child’s age: 0-12 years
N/A 21- Child’s entry age Options b/w: Rs. 33,000- Rs. 10 lakhs  10* (Annual Premium)
Max Life Future Genius Education Plan 21-45 years of age 66 years of age 13-21 years 8 Pay Variant: Rs. 40,000
Limited Pay: Rs. 20,000
8 Pay Variant: Rs. 3.27 lakhs
Limited Pay: Rs. 2.12 lakhs
Kotak HeadStart Child Assure 18-60 years of age 28-70 years of age 15-25 years Regular: Rs. 20,000
Limited Pay: Rs. 50,000
10* (Annual Premium) OR 0.5 * PT* (Annualised Premium)
Edelweiss Tokio Life EduSave Plan 18-45 years of age 60 years of age 10-30 years Rs. 6,968 Rs. 2.25 lakhs- No Limit

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How a Child Education ULIP Plan Works?

A ULIP plan for investment in child education works in the following ways:

  • Choose a scheme from the above-listed top Child ULIP Plans in 2023.

  • You select the mutual fund from the options offered by the insurance company.

  • The insurance company will use a part of the premium for insurance coverage and investment in market-linked instruments.

  • Make periodic payments in the Child Education ULIP Plan for the selected policy term.

  • The policyholder/beneficiary gets lump sum or deferred payout options as a maturity benefit after the end of the policy term.

  • The amount received as a maturity benefit can be used to finance your child’s education.

Features of Best ULIP Plan for Child Education

The following list will help you to understand all the features offered by the Child Education ULIP Plans:

  1. Allows Partial Withdrawal

    The best ULIP Child Education Plans also allow the customers to avail of the facility of partial withdrawal after the completion of a 5-year lock-in period. One can avail of this facility to pay for other important requirements like fees for coaching classes and marriage-related expenses.

  2. Provides Rider Benefits

    The Child Education ULIP plans to offer a range of rider benefits to provide additional life cover to the child. The investors can avail of the following major rider benefits that can while joining the ULIP:

    1. Accidental Death Benefit (ADB) Rider:

      Along with life insurance offered by the ULIP plan, this rider gives additional financial support to the nominee in case of the demise of the insured person in an accident. The best ULIP plans for child education offer rider benefits equal to the base sum assured.

    2. Accidental Total or Partial Disability (ATPD) Benefit Rider:

      The ULIP investment child plans also give the choice of ATPD Rider that pays the insured person a lump sum amount in case of total or partial disability caused by a fatal accident. This helps in making your dependents stress-free in meeting any urgent expenses.

    3. Critical Illness (CI) Rider Benefit:

      The diagnosis of a critical illness in the insured person can put a burden on the finances of their family. The CI rider gives the insured person a lump sum payment of the assured amount to help cover the treatment expenses. 

  3. Flexibility on Choice of PT, PPT, and Premium Payment Frequency

    To meet the important financial timelines of your child’s goals, you can decide the duration of your Policy Term (PT) and Premium Payment Term (PPT). Likewise, multiple options for Premium Payment Frequency are available with the best ULIP Plans for Child Education. The policyholder can pay the premiums on a monthly, quarterly, semi-annually, annual, or lump sum basis.

  4. Option to Safely Switch between Risk Portfolios

    The companies offering top ULIP child education plans allow them to freely switch between mutual fund portfolios a few times in a policy year. This helps the investors to gain higher returns by shifting from a high-to-low-risk fund profile smoothly.

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Benefits of ULIP Plans for Child Education

ULIP investment plans for child education offer attractive benefits to the policyholders. The elaborated financial net, extensive maturity benefits, and peace of mind are its significant features.

Listed below are some of the pros associated with a Child Unit Linked Insurance Plan; let us have a look:

  1. Build Sufficient Corpus for Child Education

    A market-linked ULIP plan for child education builds enough corpus to fulfil all the education-related expenses of your child. The benefits you receive from the best ULIP plan vary depending on the terms and conditions stated by the company at the time of purchase.

  2. Gives Higher Benefits over the Inflation Growth

    The inflation on educational expenditures grows at 10-12% yearly. The top equity-linked Child Education ULIP plans offer you higher returns in long term than the inflation growth by the time your child need those funds.

  3. Financial Support for Medical Treatment

    The Child ULIP Plans are crucial investments also because they offer you a liquid amount with a partial withdrawal facility during medical emergencies.

  4. Collateral to Raise Loan for Higher Education

    To raise loans for important needs the best investment plans for child education can be leveraged as collateral.

  5. Tax Benefits 

    Child ULIP Plans for education offer the tax benefits mentioned in the table below:

    Sections u/ Income Tax Act (1961) Tax Exemptions
    Section 80C Tax exemptions on premiums paid in ULIP Plan up to Rs. 1.5 lakhs annually
    Section 80E Tax exemption for 8 years on interest paid for education loan
    Section 10(10D) Tax exemption on the maturity amount (except in case of death benefits) if the net premiums paid annually from all ULIP plans is up to Rs. 2.5 Lakhs (limit of Rs. 2.5 lakhs was introduced in Union Budget 2021)
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Why is Buying a ULIP Plan for Child Education Necessary?

Now let us learn why a parent must buy at least one Child Education ULIP Plan through the list below:

  • Provides full financial security to your child for pursuing their educational plans

  • Gives the best returns for covering educational expenses in future when your child needs the funds

  • Helps you cover the tuition fees if your child wants to go for higher studies

  • Gives financial support to the child even after the parent’s demise

  • Offers higher returns countering the fluctuating inflation prices

  • Market-linked securities though come with financial risks, they offer higher returns in long term than savings plans

Points to Remember Before Buying a ULIP Child Plan

For a concerned parent choosing a plan from the range of best ULIP schemes for child education can be a tough task. 

The following list will help in easing the decision-making process for you:

  1. Policy Features

    Select a ULIP plan with careful selection of the Policy Term, Premium Payment Frequency, and other policy features. They should suit your financial timelines as per the specific requirements of your family.

  2. Risk Portfolio

    Choose the rider benefits, and mutual fund options catering to your needs and risk appetite.

  3. Insurance Claims Settlement Possibility

    It is important to seek a high Claim Settlement Ratio (CSR) of the insurance provider.

  4. Careful Allocation of Funds

    The fund coverage amount and the fund investment tenure must be decided based on the healthcare needs, career goals, wedding, and other life plans of your child.

Summing It Up

The child investment ULIP plans offer attractive features and a range of benefits. They not only secure the future of your child in your absence but also builds wealth for your child. These plans are a good investment option to secure the immediate and future financial requirements of your child. 

However, reaching a decision should be based on considering all the possible needs, circumstances, and responsibilities of your family.

FAQ's

  • Is ULIP good for child education?

    Yes, buying a ULIP plan for child education is a good choice to help secure the dreams of your child. The best ULIP child plans to offer the opportunity to get an insurance coverage plan along with building a huge fund value through investments in mutual funds.
  • Which are the best ULIP plans in India for children?

    A parent can choose from the best ULIP child education plans in India listed below:
    • Aviva Young Scholar Secure ULIP Plan
    • Bharti AXA Life Child Advantage Plan
    • Edelweiss Tokio Life EduSave ULIP Plan
    • Future Generali Assured Education Plan
    • ICICI Prudential SmartKid Solution ULIP Plan
  • What is the difference between ULIP and a child plan?

    A Child Plan is a normal savings plan that helps cover the expenses for your child’s education. On the other hand, a ULIP Plan gives insurance coverage benefits to the policyholder, and a part of the premiums is invested in mutual funds that generate wealth in long term.
  • How risky is ULIP?

    As a ULIP Plan invests the policyholder’s money in market-linked securities, which carry risks associated with market fluctuations. This makes the ULIP Child Plans a risky investment for beginner investors.

*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.
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~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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