Best Child Insurance Policies for Education and Marriage in India 2022
Parenthood comes with a lot of responsibilities and commitments. You need to plan all the financial expenses prudently so that your child can fulfil all his/her dreams. While considering financial planning for children, the question that roams to your mind is how to plan your child’s marriage and education successfully. Thus, you should choose the best child plan policy by analyzing your present financial condition, payment options, future expenses, and so on. Don’t forget to compare various kid policy plans from different insurers and choose the best insurance for a child that compliments your lifestyle.
What are child plans?
Child insurance plans come with savings and investment schemes that will meet all financial requirements of your child even in your absence (parents’ death/disability/loss of income). With the help of this scheme, your child will receive a humongous amount that can be utilized in his/her tuition fees, higher education, marriage plans, and so on.
Top 5 advantages of child plan policies
- If the insured policyholder demises, the matured amount will be paid to the beneficiary before the maturity period
- In the case of the insured policyholder’s death, the future premium amounts will be waived
- The children will get the maturity benefit even if the parents expire
- You will be eligible for loans against these child plans
- You will be avail of the tax benefits under section 80 C of the Income Tax Act
6 Best Child Insurance Policies for Marriage and Education in India 2022
Let’s take a look at various child education insurance plan policies in 2021.
- LIC New Children’s Money Back Scheme
- HDFC Life Youngstar Udaan Plan
- SBI Life Smart Champ Insurance
- ICICI Pru Smart Kid Solution
- Bajaj Allianz Young Assure Plan
- Max Life Shiksha Plus Super Plan
1. LIC New Children’s Money Back Scheme
Are you looking for the best children’s money-back policy? Then, this policy could be your utmost choice. This is a one-on-one and money-back insurance policy. Some features are,
- This plan is specially designed to fulfil various needs of growing children, including their education, wedding, etc.
- This policy helps children to receive the best education and also saves money for their scintillating future
- This policy offers maturity benefit, survival benefit, and death benefit
- The minimum sum assured is Rs. 1 lakh
- The premiums can be paid monthly, quarterly, or annually
- This policy offers discounts on higher premiums and thus, encourages you to save money
2. HDFC Life Youngstar Udaan Plan
This is an ideal plan for those parents who want to secure their children’s financial future. This policy plan inspires families to save and strengthen the financial future of their children. Some features are,
1. This plan gives you three options according to the financial goal of your child.
Aspiration option: Here, you will get a lump sum amount at the time of maturity
Academia option: This is an ideal child education insurance plan. Under this plan, the payouts are given in the last 5 years before maturity
Career option: This option offers an additional advantage to start your child’s career. Under this plan, the payouts are given in the last 5 years before maturity
2. Pay premiums for a limited period and enjoy coverage throughout the policy term
3. You are eligible for loans under this policy plan
3. SBI Life Smart Champ Insurance
This is an individual and non-linked insurance product by SBI Life insurance. Some features of this plan are,
- This policy plan comes with life insurance as well as a savings option.
- This plan helps parents in saving and growing money for their children’s future financial needs including, school and college fees, marriage expenditures, and many more
- This plan offers life insurance as well as benefits in the event of a permanent disability in the case of an accident
- This plan offers security (ensure your loved ones are financially secured), reliability (secure your child’s future), and flexibility (you are free to choose the premium payment options)
4. ICICI Pru Smart Kid Solution
This is a unit-linked insurance plan that encourages parents to save and build for their child’s future. Some features are,
- The minimum entry age for parents is 20 years and the maximum age is 54 years
- You can opt for an investment strategy as per your child’s needs
- This plan offers all-around protection to your child. This means your child is secured even in your absence
- The company offers loyalty addition to enhance your savings and wealth
- After the completion of 6 years, you can withdraw the money
5. Bajaj Allianz Young Assure Plan
This is a conventional 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
6. Max Life Shiksha Plus Super Plan
This plan encourages parents to save a fund for their children’s future education and other needs. Some features are,
- This plan offers comprehensive coverage for your family along with 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
These are the best child plans that support your children’s education, marriage, and other needs. A plethora of plans are available in the market that will help you financially secure your child’s future. By considering all variables of life, you must prudently choose the best insurance plan for your children. A child’s life insurance plan helps you assist your children’s education, marriage, and other expenses and helps you enhance your wealth.