List of 10 Best Child Insurance Plans in India in 2021 You Must Buy One
Life insurance for children will give a stable financial future to every child in the absence of their parents. With the best life insurance for children, the parents can be assured that all the requirements of their children will be taken care of properly. A child plan will strengthen the child’s financial future and offer flexible payouts at intervals so that every child can fulfill his/her desire and achieve the milestones of life.
The importance of a child insurance plan
A child plan policy will not only safeguard your child’s future but also offers some added advantages as mentioned below:-
- Guaranteed Benefit: A child insurance plan offers a guaranteed child education plan that you may not get with other types of investments. Many child education programs come with an in-built incentive called a premium exemption benefit. This benefit offers to pay a maturity benefit irrespective of whether the parent is alive at the time of maturity or not. Thus, by opting for a childhood life insurance policy, you can secure the future of your child.
- Dual Benefit: The best child education insurance plan is a dual plan (investment-cum-insurance plan). One part is the formation of a financial corpus, especially for kids, and the second one offers peace of mind.
List of 10 Best Child Insurance Plans in India 2021
There are many insurance policies available in the market but how would you know which is the best child insurance plan in India. Here we listed out some of the best child insurance plans with their details that will help you to make the right decision.
- HDFC Life Youngstar Super Premium Plan
- ICICI Pru Smart Kid Solutions
- Bajaj Allianz Young Assure Plan
- Max Life Shiksha Plus Super Plan
- LIC New Children Money Back Plan
- Aegon Life Rising Star Insurance Plan
- Bharti AXA Life Child Advantage Plan
- Birla Sun Life Vision Star Plan
- Future Generali Assured Child Education Plan
- Kotak Head Start Child Assure Plan
1. HDFC Life Youngstar Super Premium Plan
Are you looking for the best insurance for your child? This is the best kid’s policy that offers investment options and insurance coverage. This unit-linked plan can be used at various stages of your child, including higher education, marriage, etc. Some features are,
- This plan can be customized as per your child’s various requirements.
- In case of death of the life assured this plan used to pay 100% of the future premiums.
- 50% of the premiums are charged as annual income if the parent dies during the term policy. The parents prefer the ‘Save-n-Gain’ payment.
- Four investment funds are available.
- The policy tenure periods are 10 years, 15 years, and 20 years.
2. ICICI Pru Smart Kid Solutions
This is a unit-linked plan that offers comprehensive protection to your child for a better future. Some salient features of this plan are,
- Choose an investment strategy as per your child’s evolving needs.
- This plan offers all-around protection to your child. Your child will get a lump sum amount in case of an unfortunate incident during the policy term.
- This plan offers two premium payment options (regular pay and single pay).
- The benefits of loyalty addition and wealth boosters are offered under this plan.
- The range of policy period is between 10-25 years.
3. Bajaj Allianz Young Assure Plan
This is a traditional savings plan that inspires your child to achieve his/her financial goals. Some features of the plan are,
- This plan offers financial security along with the benefit of life cover.
- The plan offers rider benefits to enhance coverage.
- Multiple premium payment and policy term options.
- Offers a rebate for a higher sum assured.
- At the time of maturity, the insured person gets a vested bonus plus a terminal bonus.
4. Max Life Shiksha Plus Super Plan
This plan helps you secure a fund for your child’s future education and other needs. Some features are,
- This plan offers comprehensive coverage for your family along with your child’s education.
- The range of policy terms is between 15-25 years.
- This plan comes with 6 fund options.
- After the completion of the 11th year, additional units will be added to your fund.
- This plan offers maturity benefits at the end of the policy term.
- In the case of financial urgency, you are eligible for partial withdrawal.
5. LIC New Children Money Back Plan
Are you looking for the best children’s money-back policy plan? Then, the LIC New Children Money Back plan could be your utmost choice as it meets all multiple needs of growing children, including their education, wedding, etc. Some features are,
- This plan offers a maturity benefit equivalent to the sum assured and applicable bonuses.
- After the certain age of the insured person, this plan offers a survival benefit (equivalent to 20% of the basic sum assured).
- LIC provides a rebate on a high premium amount.
- You can take a loan under this policy.
- This plan offers a death benefit to the nominee.
6. Aegon Life Rising Star Insurance Plan
This unit-linked plan protects your child against any kind of emergency. Some key features are,
- This plan offers financial security for your child’s education by triple benefit insurance coverage, till your child turns 25 years.
- This plan comes with 4 different fund options.
- You are eligible for withdrawals after the completion of 5 years.
- This plan offers maturity benefits and death benefits.
- You can pay an add-on premium in the form of top-ups.
7. Bharti AXA Life Child Advantage Plan
Let’s take a look at some of the features of this plan.
- This non-linked plan offers two payout options (money back and endowment) based on your child’s needs and requirements.
- The plan comes with a built-in premium waiver benefit.
- This plan allows you to choose your policy term.
- The tax benefit is applicable under section 80C of the Income Tax Act.
- The minimum entry age is 18 years, and the maximum age is 55 years for this plan.
8. Birla Sun Life Vision Star Plan
This plan offers assured payouts for financing your child’s education and securing the child’s future even in your absence. Some features are,
- This plan comes with death benefits and maturity benefits.
- The accrued bonuses will be paid on the date of maturity.
- Regular payouts after 5 years of the policy term.
- You can enhance your coverage by choosing various additional riders.
- If you stop paying premiums after two years, your policy will not lapse but continue on a reduced Paid-Up basis.
9. Future Generali Assured Child Education Plan
This non-linked plan offers guaranteed payouts at various stages of your child’s life, including education, marriage, etc. Some prominent features are,
- This plan encourages you to save systematically until your child turns 17 years old for his/her higher education fees.
- This plan embraces you with three options to receive guaranteed payouts depending on your child’s education goals. In case of your sudden demise, your child’s education won’t hamper.
- By opting for various riders, you can strengthen your plan.
- This plan offers death and maturity benefits.
- The minimum entry age for parents is 21 years, and the maximum age is 50 years.
10. Kotak Head Start Child Assure Plan
This plan takes care of all financial needs of your child in the absence of policyholders. Some features are,
- This plan comes with 7 different fund options.
- Through triple benefits, this plan ensures the financial security of your child.
- With the help of this plan, you can create wealth for your child’s future.
- This plan offers maturity benefits (the full fund value) to accomplish the needs of your child.
These are the top 10 insurance plans for your children in 2021. Before committing any investment, go through the terms and conditions of each plan and choose the best life insurance for children. Then, make your investment plan wisely to ensure that your child is secured in the best possible way.