8 min read
Updated on Sep 04, 2023
Good financial planning and a sound backup for your kid’s future is essential. It secures your child against the unforeseen and gives them the hope of a bright career. In this regard, a child plan suits your needs well, allowing parents to support their kids monetarily for their higher education and marriage. In India, education and wedding are regarded as two such responsibilities that incur huge expenses. With a child plan, as parents, you can ensure that these financial responsibilities are taken care of even if you are not around.
The child insurance plans are designed to cover the child for future events like higher education. These plans secure a child in the event of the death of a parent or parents. These child plans also help if parents become disabled or suffer a loss of income. A child plan ensures that despite your absence, your kid gets the financial means and support till they are independent.
In addition to the above, child insurance plans serve as a regular saving means for parents through market-linked returns. Over a period of time, these returns accumulate to become a bigger corpus to fund your child’s higher education or wedding in the future.
Hence, with the child investment plans, you can ensure the combination of protection and assured return to take care of your child’s needs.
Here is a table below mentioning some of the best child plans available in India:
Bajaj Allianz Young Assure
|Traditional endowment plan||
10 times the premium paid (annually)
Aditya Birla Sun Life Insurance Vision Star Plan
|Traditional child plan||
Minimum – 1 lakh, Maximum- no limit
LIC New Children’s Money Back Plan
Minimum-1 lakh Maximum – no limit
Aviva Young Scholar Secure Plan
|Traditional child plan||
10 times the annual premium
ICICI Prudential Smart Kid Solution
10 times of single premium
HDFC Life Young Star Udaan
|Money-back plan/Traditional endowment||
Maximum- no limit
Max Life Shiksha Plus Super
INR 2.5 lakhs
Reliance Nippon Life Child Plan
Equal to policy
This child insurance plan from Bajaj Allianz is an endowment policy that allows the child to avail of death benefits in case of the demise of a parent. It also offers the child assured returns with bonuses at maturity.
The Vision Star from Aditya Birla is a traditional money-back policy with dual benefits of life coverage to kids in case of unfortunate incidents like parents’ death.
LIC’s money-back new children plan supports the parents to save regularly. The plan also pays out survival benefits to fund various milestones in your child’s life, including higher education or wedding. This is one of the best education and marriage investment plans.
Aviva Young Scholar is a traditional savings plan that covers your children throughout their education. Like other traditional policies, here, the parents of the child are the owner of the policy or the insured person, while the child reaps the benefits of the plan.
It is a lucrative ULIP child insurance plan that offers many options to earn returns via market-linked investments. The benefits that are enjoyed by the child come with a Smart Advantage. Further, even after the demise of the parents, the plan accrues returns.
The Young Star Udaan insurance policy from HDFC is another money-back scheme suitable for your child. This is one of the best child education plans that covers the educational as well as wedding expenses of your kids. In the unfortunate event of the death of parents, the child receives death benefits with assured add-ons.
This is another attractive child insurance plan. This is a ULIP or Unit-Linked Insurance Plan for children crafted to support them with their higher education and wedding expenses in the future.
This child plan offered by Reliance Nippon is a traditional money-back policy that ensures assured benefits to secure your child’s future. Here, the insurer pays 25% of the policy sum insured in the final four years of its tenure.
To fulfill your child’s needs and to make sure that your child achieves their goals in life, it is necessary for parents to invest in a good child plan. After all, every parent wants their ward’s dreams to come true in terms of their career or in terms of seeing them settled in life. The assured returns earned through the child education plan can help in beating the inflation in the field of education or will aid you in getting your child’s dream wedding.
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No, this option is not available with all plans but some specific ones.
Under Sections - 80C and 10(10D) of the IT Act, the insured can avail of tax benefits.
The interested person requires age and income proof, identity and address proof, as well as the application form.
There is no such limit as multiple beneficiaries can be there under child plans.
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