10 min read
Updated on Oct 13, 2023
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.
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:
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.
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
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.
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:
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:
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:
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:
Also Read: Best Investment for Child Education
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:
Also Read: LIC policy for girl child
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:
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:
Also Read: Best policy for girl child
Insurance Company: Aditya Birla General Insurance
Another good plan to finance the education of your child.
Features of Birla Sun Life Vision Star Plan:
Also Read: Paybima Guide and Glossary
Insurance Company: Future Generali General Insurance
It is a non-linked, guaranteed payout plan.
Features of Future Generali Assured Child Education Plan:
Also Read: Best child insurance plan in india 2023
Insurance Company: Kotak Mahindra General Insurance
Buy this plan to manage your child’s primary financial needs.
Features of Kotak HeadStart Child Assure Plan:
Also Read: New Born Baby Investment Plan
|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
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
|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
|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
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.
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:
The Paybima team will get in touch with you for further assistance and to support you through the child insurance buying process.
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.
Browse Mahindra PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit Mahindra PayBima to Buy Insurance Online.
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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