24 Best One-Time Investment Plan for Girl or Boy Child in India 2023

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8 min read

Updated on Oct 13, 2023

Best One Time Investment Plan for Child 2023, India

Raising a child is not easy at all, especially when inflation is on the rise. This is why you need to start investing as soon as you become a parent. Wondering what plans you can invest your money into? The most sought-after option these days is a one time investment plan for child. Wait! Before you go ahead with the one time investment plan for child, you must however first try to understand what it is. Well, in that case, keep reading to know!

As the name suggests, a one-time investment plan for the child means you pay a lump sum amount one-time through a policy term. Along with the life cover, the money keeps growing. As the child grows, the investment plan will keep supporting the child in each of his or her milestones in life.

What is the importance of a one time investment plan for child (boy or girl)?

There are many one time investment plan for child in India and all of them come with benefits. Before we discuss the advantages of one time investment plan for child, let us discuss their significance.

1. Education of your child

Education is one of the most important things that we can give to our children. And when we are planning a bright future for our child, we need to think about what may happen after 12 years. This is when a one-time child plan helps. Even if the fees charged by educational institutions get higher by then due to inflation, it will not impact your child’s education. The return you get will cover it all.

Also Know: 10 Best Child Insurance Plans in India

2. Important milestones

During the important stages of your child’s life, you can make partial withdrawals. This way you can be prepared for your child, whether it is their education or marriage.

3. Protection in times of uncertainties

The one time investment plan for child work like a life cover as well. Even in an unfortunate event, you will have the assurance that your child is protected financially.

4. Advantages of a one time investment plan for child

As the advantages of a one time investment plan for child are concerned, here are some of them mentioned below:

  • Life cover: One of the important advantages of this kind of policy is the life cover that is provided under it. Since the life is insured, the child has a financially secured future even in the eventuality of the loss of life of parents/guardians.
  • Financial growth: The plan gives you the option of investing the money in your choice of funds such as debt, equity, or mixed. This ensures that your investments are inflation-proof.
  • Tax savings: Under this kind of policy, the person is eligible for deduction of income tax under section 80C of the Income Tax Act, 1961. The deduction can amount to up to INR 1.5 lakhs annually for the premium paid. Also, the earnings under this policy on maturity are free from income tax under section 10D of the same act.

24 Best one time investment plans for child in India, 2023

Name of the plan Entry age Maturity age Sum assured
Tata AIA Life Insurance Super Achiever 25-50 years 70 years 10XAP
SBI Life – Smart Scholar 18-57 years 65 years Limited Premium- 10 x AP    Single-Premium- 1.25x  Premium
Reliance Child Plan 21-55 years 65 years INR 50,000
SUD Life Aashirwaad 18-50 years 70 years INR 4,00,000
Shriram Life New Shri Vidya 18-50 years 70 years INR 1,00,000
Sahara Ankur Child Plan 0-13 years 40 years For 10 years and below- INR 15 lakh    For 11 years and above – INR 24.75 lakh
Aditya Birla Sun Life Child’s Future Assured Plan 18-65 years 75 years Minimum- INR 4,00,000
Aviva Young Scholar Secure 21-50 years (Parent)
0-12 Years (Child)
71 years Death Benefit: Higher of (10 X Annualised Premium) or (105% of paid premiums)
Aegon Life Rising Star Insurance Plan 18-48 years (Parent)
1 day-15 years (Child)
 65 years Maximum Cover: For age less than 45 years –  18 x Annualised Premium
For age above 45 years – 10 x Annualised Premium
Bharti AXA Life Child Advantage Plan Regular: 18-50 years
Limited:18-55 years
Regular – 71 years
Limited – 76 years
Minimum – INR 25,000
Canara HSBC Future Smart Plan 18-60 years (child must be below 18 years of age)  NA Below 45 years of age: For 10,15 and 20 years policy term – 10x AP
25 years policy term – 12.5x AP
45 years of age and above – 7x AP
Aegon Life Rising Star Insurance Plan 18-48 years (Parent)
1 day-15 years (Child)
 65 years Maximum Cover: For age less than 45 years –  18 x Annualised Premium
For age above 45 years – 10 x Annualised Premium
Edelweiss Tokio Life Wealth Secure+ Base: 0-50 years
Life Partner: 18-50 years
Child: 18-40 years
Base: 18-70 years
Life Partner: 23-55 years
Child: 23-55 years
Minimum: 7 x AP
Future Generali Assured Education Plan 21-50 years (Parents)
0-10 years (Child)
67 years NA
Exide Life New Creating Life Insurance Plan 18-45 years 60 years NA
HDFC Life YoungStar Udaan Classic:
For Aspiration – 30 days to 60 years
For Academia and Career – 8 to 60 years
Classic Waiver: 18 to 55 years
Classic:
For Aspiration- 18 to 75 years
For Academia and Career: 23 to 75 years
Classic Waiver: 33 to 75 years
NA
IndiaFirst Life Little Champ Plan 21-45 years For 7-12 years: 65 years  For 13-14 years: 70 years Minimum – INR 1,50,000
IDBI Federal Life Insurance Dream Builder Plan 21-50 years 72 years INR 2,15,000
ICICI Prudential SmartKid Solution 20-54 years 64 years 7x AP
Kotak Headstart Child Assure 18-60 years 70 years Minimum –
Entry age < 45 yrs: Higher of (10 X AP) OR (0.5 X Policy Term X AP)
Entry age >= 45 yrs:
Higher of (7 X AP) OR (0.25 X Policy Term X AP)
LIC’s New Children’s Money Back Plan 0-12 years  25 years Minimum – INR 1,00,000
Max Life Future Genius Education Plan 21-45 years 66 years For 8 pay Variant- INR 3,27,000 (min.) For Limited Pay Variant-  INR 2, 12,000 (min.)
Pramerica Life Rakshak Gold 18-60 years  65 years INR 75,000
PNB MetLife Smart Platinum 7-70 years NA NA

Key Milestones in your Child’s Life that you need to plan for 

As your child grows and reaches different stages in life, he/she covers several milestones. Some of these milestones are such that you need to plan for them in advance so that you can be financially prepared for them.

Here we are discussing some such important milestones in your child’s life that need consideration:

Elementary Education:

When the child starts schooling that is regarded as a huge milestone for the tiny tot. This is a time of great excitement not only for the child but for the parents as well.  However, this is also a time of great expense that you must consider beforehand. The expenses at this time are mainly related to school admission fees, which is a major expense considering the fact that the inflation in education is touching the sky. Hence, if you are planning to get your child’s admission to a reputed private school, you should keep aside a major chunk of your savings for the purpose. Since school education is the base of a potential future, it has to be good to give your child a good start.

Higher Education:

Once your child completes school education, you have a greater responsibility for taking care of his/her higher education needs. Depending on the field of interest of the child, you have to keep aside a particular sum of money to take care of that expense. Due to rising inflation in education, higher studies have become very expensive. Moreover, if the child wants to pursue higher studies in a foreign university, the scope of expense rises further. All these things need consideration to invest and save accordingly.

Wedding:

Lastly, the wedding of the child is another grand occasion that most parents like to save for. This is again an important milestone covered by the child. Depending on their career aspirations and goals, they can decide the right age and time to get married. Or you may decide it for them. Whatever the case, as parents, it is your responsibility to assist them by helping them financially and emotionally during this time when they plan to start a new phase in life.

What is the right time to start investing for your children?

When it comes to investment plans, be it any investment – child plan, pension plan, or any other plan – the sooner you start, the better it is. To reap better benefits in terms of higher returns and lower premiums, you must start investing from an early age.  When you plan to invest in a child plan, start at a time when the child is very young so that by the time the requirement of money comes, the policy has enough to offer. This will also allow you to accrue more in the long run even if you invest a small amount to start with. Hence, the best decision is to start saving early on as soon as possible and to secure your child’s future in a better way.

However, even if you haven’t started any savings plans for your child yet, you may still do it now. It is better to start late than never.

3 Things to consider while making a one time investment plan for the child

Here are some of the important considerations to be made while you are purchasing a one time investment plan for child.

  1. Addition of premium waver: One of the common waivers to these plans is the option to waive off the premiums. This facilitates the premiums of the policy to be waived off in the eventuality of the policyholder being passed away.
  2. Partial withdrawal option: Another useful feature to be added to these policies is the option to withdraw a partial sum from the fund. In case of any financial emergencies, you should be able to claim a partial amount from the total maturity fund.
  3. The earlier the better: Under these policies, the people who purchase them at an earlier stage have a clear advantage as they are able to have the maturity earlier and have the amount readily available for the higher education requirements of the child. You can also benefit by paying a reduced premium rate if you take the policy earlier.

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

To sum it up

A one time investment plan for child can be very helpful for your child. You can rest assured that your child will not have to worry about finances even if you are not around.

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Which investment plan is the best for children?

Best investment plans that you can buy for your children can be Canara HSBC Future Smart Plan, Edelweiss Tokyo Life Wealth Secure+ Future Generali Assured Education Plan, etc.

Which is the best scheme for a one-time investment?

Some of the best one–time investment schemes in India are Tata AIA Life Insurance Super Achiever, Sahara Ankur Child Plan, Bharti AXA Life Child Advantage Plan, Aegon Life Rising Star Insurance Plan, etc.

Is there a one-time investment plan for a child in the post office?

Yes, there are several one-time investment plans for a child in Post Office such as National Saving Certificate (NSC), Kisan Vikas Patra (KVP), Public Provident Fund (PPF), and Post Office Recurring Deposit Scheme (RD). 

What are the investment schemes for a girl child in India?

For the girl child, the top schemes are Sukanya Samridhi Yojana, Post Office Time Deposit Account, and Post Office Savings Account.

What are the best investment schemes for a boy child in India?

For a boy child in India, you can buy investment schemes such as National Savings Certificate (NSC), Kisan Vikas Patra (KVP), Post Office Monthly Income Scheme (POMIS), and Public Provident Fund (PPF).

Dec 18, 2022
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