Child Education Plan: 10 Best Child Education and Saving Plans 2023 India from top Insurance Companies


10 min read

Updated on Oct 13, 2023

Are you concerned about your child’s future due to the rising education costs? Do you want to invest in the best child insurance plans? If so, here are the best child education plans and child’s saving plans for future.

Every child is unique with their distinct aims and aspirations in life. However, they need the right platform and guidance to be able to achieve those. Right guidance can be gathered from parents, elders and teachers etc. But for the right platform, they need appropriate education.

Parents do their best to offer their child every possible means to help them excel in their chosen career and future. However, lack of capital comes as a hindrance in the way of fulfilling the dreams of many children. Hence, investing in a child insurance plan is a smart step towards securing a bright future for your child.

Also Read: What is a Child Insurance Plan and How do Child Plans Work?

Advantages of Child Education Insurance Plans

With the best child insurance plans, parents can bolster the financial future of their children. Most of these plans provide the option of getting flexible payments at regular intervals, which helps in realizing the dreams of your children. Further, these child insurance plans allow several added advantages, such as:

1. Assured Benefits

Assured or guaranteed benefit of education is a confirmed feature of child life insurance plans. Unlike in other insurance plans, a child insurance policy allows the insured to avail a confirmed child education plan which is not available with other investment plans. Further, there are some child education insurance plans that are available with the incentive of premium exemption/waiver. With this benefit, a child can claim for maturity benefits regardless whether the parents are living or dead at the time of policy maturity. Thus, even if the parents die and the premiums of the policy are not paid, the plan still functions normally and allows the nominee to benefit from it.

2. Dual Benefits

Most of the best child insurance plans in India serve the purpose of dual plans – investment and insurance. The investment element helps in saving prudently for the child while the insurance element allows psychological assurance to the parents regarding the financial well-being of their child in their absence.

Also Read: Post Office Scheme for Boy Child

10 Best Child Education Plans in India 2023

If you are searching for insurance policies for your child, you can find several schemes that are available. However, the problem is that you can’t be sure about the benefits of these policies and which policy would suit your purpose well unless you have a good understanding of them.

So, how do you find out which is the best child insurance plan in India as per your requirement? Indeed it is a difficult choice. However, to make things simpler we are listing out details of a few best education and saving insurance plans for a child below to help you make an informed buying decision.

1. Bajaj Allianz Young Assure Plan

Insurance Company: Bajaj Allianz General Insurance

If you are looking for a conventional savings plan, you must invest in this plan.

Features of Bajaj Allianz Young Assure Plan:

  1. Complete financial security together with life coverage benefit
  2. Provides rider benefits to increase strength of policy coverage
  3. Allows multiple premium payment options along with several options of policy terms
  4. Offer higher sum assured rebate
  5. Allows the policyholder to receive a terminal bonus plus vested bonus at maturity

2. Bharti AXA Life Child Advantage Plan

Insurance Company: Bharti AXA General Insurance

This non-linked plan is another beneficial option that comes with two payout options of endowment and money back policy.

Features of Bharti AXA Life Child Advantage Plan: 

  1. Equipped with built-in benefit of premium waiver
  2. Allows the insured to choose policy term
  3. Offers income tax benefits under section 80C
  4. 18 to 55 years is the age of entry for this plan

3. Max Life Shiksha Plus Super Plan

Insurance Company: Max Life Insurance

You can secure your child’s education and many other requirements with this plan.

Feature of Max Life Shiksha Plus Super Plan:

  1. Provides comprehensive family coverage with education of the child
  2. Policy terms ranges from 15-25 years
  3. Offers 6 fund options under this plan
  4. In the 12th year of the plan, additional units are added to the fund
  5. Allows maturity benefits
  6. Allows partial withdrawal in case of financial urgency

4. ICICI Pru Smart Kid Solution

Insurance Company: ICICI Lombard General Insurance

With this comprehensive unit-linked policy you can protect the future of your child better.

Features of ICICI Pru Smart Kid Solution:

  1. Allows the child to receive lump sum money if any untoward incident happens to the policyholder during the duration of the plan
  2. Offers dual premium – regular and single – payment options
  3. Wealth booster and Loyalty Addition benefits are added advantages offered as part of this plan
  4. Policy period ranges between 10 to 25 years

Also Read: Best Investment for Child Education

5. LIC New Children Money Back Plan

Insurance Company: Life Insurance Corporation (LIC)

With this child plan of LIC, you can meet several needs of your child in the growing stage such as education, marriage etc.

Features of LIC New Children Money Back Plan:

  1. Maturity benefit equal to the sum assured plus relevant bonuses
  2. Can avail survival benefit of over 20% of sum insured after a particular age of the policyholder
  3. Allows rebate on a high premium
  4. Allow the insured to buy loan
  5. Offers death benefit to the nominee of the policy
  6. HDFC Life Youngstar Super Premium Plan

Also Read: LIC policy for girl child

6. HDFC Life Youngstar Super Premium Plan

Insurance Company: HDFC Ergo General Insurance

This kid’s unit-linked policy offers dual benefits of investment and insurance to help the child at different life stages like education, marriage, etc.

Features of HDFC Life Youngstar Super Premium Plan:

  1. Can customize the plan as per the needs of the child
  2. Allows 100% waiver of future premiums if the insured dies during the middle of the policy
  3. Also, if parents die in the middle of policy, it offers 50% of the premiums as annual income. For this the benefit payment option of ‘Save-n-Gain’ should be opted by parents at the time of buying the policy
  4. Plan allows four investment funds
  5. Tenure of the policy ranges from 10 years, 15 years, and 20 years

7. Aegon Life Rising Star Insurance Plan

Insurance Company: Aegon Life General Insurance

Another unit-linked plan to safeguard the future of your child.

Features of Aegon Life Rising Star Insurance Plan:

  1. Financial security and triple benefit coverage till the age of 25 of the policyholder
  2. Comes with 4 fund options
  3. Allow withdrawal after 5 years of the plan
  4. Offers maturity and death benefits
  5. Allow the insured to pay add-on premium as top-ups

Also Read: Best policy for girl child

8. Birla Sun Life Vision Star Plan

Insurance Company: Aditya Birla General Insurance

Another good plan to finance the education of your child.

Features of Birla Sun Life Vision Star Plan:

  1. Allow death and maturity benefits
  2. At maturity, the insured receives accrued bonuses
  3. Pays regular payouts after completing 5 years of the plan
  4. Boosts coverage with additional riders
  5. Policy doesn’t stop even if the premiums are not paid after two years. It functions on the basis of reduced Paid-Up.

Also Read: Paybima Guide and Glossary

9. Future Generali Assured Child Education Plan

Insurance Company: Future Generali General Insurance

It is a non-linked, guaranteed payout plan.

Features of Future Generali Assured Child Education Plan:

  1. Allow systematic savings till your kid turns 17
  2. Allow three options to receive guaranteed payouts for his/her education
  3. Several riders strengthen the plan
  4. Allow death and maturity benefits
  5. Age of entry between 21 to 50 years

Also Read: Best child insurance plan in india 2023

10. Kotak HeadStart Child Assure Plan

Insurance Company: Kotak Mahindra General Insurance

Buy this plan to manage your child’s primary financial needs.

Features of Kotak HeadStart Child Assure Plan:

  1. Allows 7 fund options and triple benefits
  2. Financial security of a child
  3. Allow to create wealth for future
  4. Allows maturity benefits

Also Read: New Born Baby Investment Plan

Best Child Education Plan in India 2023

Plan Name Entry Age Maturity Age Minimum Annualized Premium Sum Assured
Aditya Birla Sun Life Vision Star Child Plan 18/55 years 75 years Premium depends on the chosen sum assured amount Min- Rs.1,00,000 Max- No upper limit
Aegon Life Rising Star Child Insurance Plan

Parent (Life Assured)- 18/48 years

Child(Nominee)- 1day, 5 years, 10 years/ 15 years

65 years

Annual mode- Rs.20,000 p.a

Other modes- Rs.30,000 p.a

Min-< 45 years- Higher of 10x A.P or 0.5 x Policy Term x A.P >or equal to 45 years- Higher of 7x A.P or 0.5 x Policy

Term x A.PMax- < 45 years- 18x A.P >or equal to 45 years- 10x A.P

Bajaj Allianz Young Assurance Child Plan 18/50 years 60 years N/A 10 times the annualized premium
Bharti AXA Life Child Advantage Plan

Regular Pay- 18/50 years

Limited Pay- 18/55 years

Regular Pay- 71 years Limited

Pay- 76 years

N/A Min-Rs.25,000 Max- No upper limit
HDFC SL Youngstar Super Premium Child Plan

Life option- 18/65 years Life


Health Option-18/55 years

Life option-75 years Life


Health Option- 65 years


Min-< 45 years- 10x A.P >or equal to 45 years- Higher of 7x A.P

Max- 40xA.P

ICICI Pru Smart Kid’s Regular Premium 20/54 years 64 years Rs.45,000 p.a

Min-Higher of 10x A.P or 0.5x policy term x A.P

Max-No upper limit

Kotak Head start Child Assure Plan 18/60 years 70 years

Regular pay- Rs.20,000 p.e

Limited pay- 5 years PT- Rs.50,000 p.a 10

years PT- Rs.20,000 p.a.

Min-< 45 years- Higher of 10x A.P or 0.5 x Policy Term x A.P >or equal to 45 years- Higher of 7x A.P or 0.5 x Policy Term x A.P

Max- 25xA.P

LIC – New Children’s Money Back Plan 0/12 years 25 years Rs.24,000 p.a Min-Rs.1,00,00 Max-no limit
Future Generali Assured Child Education Plan 21/50 years 50 years Rs.20,000 p.a As per policy term
Max Life Shiksha Plus Super 21/50 years 60/65 years

5 pay- Rs.50,000 p.a.

Regular Pay- Rs.25,000 p.a

Min- 5 Pay- 10x A.P

Regular Pay-10x A.P

Max- No upper limit

How much should you invest in a child plan?

When it comes to investing for your child, there is no limit to the amount you would like to invest. However, you must choose an amount depending on your budget and affordability. You may also consider factors like inflation in education, your financial future, and the goal you have set for the investment. Starting an investment for your child early on is important so that you can accumulate enough money by the time your child is ready for higher education or a career.

Generally, the rule of thumb suggested by insurance companies is to invest a minimum of 20% of the cost that you have estimated for your child’s higher education. However, this is just a suggestive number and it varies from person to person depending on their income, financial responsibilities, and many other things.

Go for a realistic amount so that you can achieve it easily without any heavy monetary burden. Consider every aspect related to the requirement and the aim of the investment. Always compare and research plans well to gain maximum even if you have a limited investment amount. Here, you may take the help of the Child Plan Calculator to compare and buy the best policy for your child.

Process to Buy Child Education Plans from Paybima? 

Paybima offers its customers the choice of buying from among the top child insurance plans offered by the best insurers in India. Here are the steps to invest in a child insurance plan for your child’s better future:

  • Visit the home page of Paybima at
  • Go through the top navigation bar and select the ‘investment’ tab
  • Under the investment, select the ‘child plans’ tab and click on it
  • You will be redirected to the ‘child insurance plans’ page
  • Next, click on the ‘buy online’ button and duly fill in the required fields (DOB, investment amount, policy term, etc.,)
  • Now, you must fill in personal details like Name, Email ID, and Mobile number
  • Finally, click on the ‘submit’ button

The Paybima team will get in touch with you for further assistance and to support you through the child insurance buying process.

To Conclude

Now you know about the top 10 child insurance plans in 2023 that you can invest in for your kid. The advice here is to have a thorough understanding and knowhow of the terms and conditions of the plans that you are likely to buy before going ahead with the investment. So, make an informed and wise investment decision by using a child insurance plan calculator to make sure that you secure your child’s future in the best way possible.

Also Read: 7 Points to Remember While Buying a Child Insurance Plan in India

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Aug 05, 2022
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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