Right from the time it comes into your life till it is all grown up and independent, a child is always a bundle of joy. You give your child the best possible care which encourages you to device a financial plan.
In regard to that, in order to secure your child’s future, a child insurance plan comes into play in these situations. The plan provides an avenue of investment for your child’s future and also guarantees the promised corpus even if the parent dies prematurely. Therefore, here is a glimpse of some of the best child insurance plans available in the country.
Bajaj Allianz Young Assure
Deemed as a traditional savings plan, Bajaj Allianz Young Assure is a good plan to invest in to secure your child’s future needs.
Features
The entry age for this plan is between 18-50 years and the maximum maturity age is 60 years.
Accidental Permanent Total Disability benefits can be availed
You can customize your plan by choosing additional riders at very low rates Tax benefits can be availed
ICICI Pru Smart kid Assure Plan
Features
The entry age for this plan is between 20-60 years and the maximum maturity age is 75 years
You can exercise control over your investments by choosing between eight funds, which are equity, debt and balanced funds for investment.
Also, you can switch between these funds anytime
You also have the flexibility to pay the premium either once or throughout the tenure of the policy term
If you are in need of cash, you can make withdrawals following the completion of five policy years You have the flexibility to choose the level of protection you want
You can avail loyalty additions through this plan Tax benefits can be availed
Max Life Shiksha Plus Super
Feature
The entry age for this plan is between 21-50 years and the maximum maturity age is 65 years
You can take your pick from five options, each covering different risk levels
Flexibility to choose the policy term and the term of your premium, depending on your goals
Option to make partial withdrawals when you are in need of money
In case of the demise of the insured, there is a lump sum pay out, along with family income benefit and funding of the benefit for premium.
The plan is liable to pay loyalty additions
Upon maturity, the amount you receive will be equal to the fund value Tax benefits can be availed
HDFC SL YoungStar Super Premium
This is a Unit Linked Insurance Plan(ULIP) that is suited to take care of the needs of your kids.
Features
The entry age for this plan is between 30-60 years and the maximum maturity age is 75 years
In case of the policy holder’s demise, there will be regular yearly pay-outs made to the family.
You can customize the plan as per your requirements
You can choose between two insurance cover options.
You can exercise control over your investments by choosing between four funds, which have varied levels of exposure.
Also, you can switch between these funds anytime
The minimum policy term is 10 years and the maximum is 20 years
You do not necessarily have to undergo a medical test.
You can fill a short questionnaire to address the queries Upon maturity, the fund value will be paid to the beneficiary
The minimum premium is Rs 15,000.
There is no maximum limit
LIC Jeevan Ankur
Features
You can choose to pay the premium on an annual, semi-annual, quarterly or monthly basis
Along with the maturity benefit you can also avail loyalty additions
You can choose riders for critical illness or accident benefits
If you discontinue paying the premiums, you can revive it within five years from the date of the last paid premium
Upon surrendering the premium, you will receive a guaranteed surrender value upon on both regular premium and single premium policies
Birla Sun life Insurance Vision Star plan
Features
The entry age for this plan is between 18-55 years and the maximum maturity age is 75 years
The minimum sum assured is Rs 1 Lakh
In case of the demise of the policy holder, the nominee will receive the death benefit.
Also, there will be no requirement to pay premiums in the future
The accrued bonuses will be paid on the maturity date
Also, if you discontinue paying your premiums after at least three years, your policy will not lapse, but it will continue operating on a reduced paid-up basis
You can take a loan against this policy against the maximum surrender value.
You can choose to pay the premium on an annual, semi-annual, quarterly or monthly basis
Tax benefits can be availed
Reliance Child Plan
Features
Can help your child set up a business in the future
Guarantees periodic benefits
Caters to your child’s education needs
Offers life cover for the entire policy term
Tax benefits can be availed
Maturity benefit will include 25% of the sum assured, along with bonus
Aviva Young Scholar Advantage Plan (Child Education Plan)
Features
The policy term of this plan is 10-25 years
In case of the death of the policy holder, all future premiums will be waived and a lump sum amount will be paid out
Gives you the flexibility to utilise the money to meet key goals
