Child Insurance Plans in India: Every parent wants to give their child the most priority but not only financially also in other respects as well. but the financial investment is the most important, which confirms the children continue the education and secure the future. the child needs to bo growth and requires financial coverage for overall development in all the years.
With growing inflation in the country, parents face much time with the question that which is the best investment plan for children. today in this article we provide the list of the Best 5 Child Insurance Plans in India. it will help you to choose a better plan for the future of your children. so let’s have a look at the list of Best Child Insurance Plans in India in 2021
Best 5 Child Insurance Plans in India
1. Bajaj Allianz Young Assure
Bajaj Allianz Young Assure Plan comes in the Top 1 position in our list of Best 5 Child Insurance Plans in India.
Bajaj Allianz Young Assure is a traditional child insurance plan. This is a famous joint venture company between Bajaj Finserv Ltd and Allianz SE established in 2001. In this Young Assure plan, the premium is payable for a limited tenure under the Limited Pay option or the entire tenure through the Regular premium payment option. Let’s take a look at the main feature of this child insurance plan.
- Bajaj Allianz Young Assure customers may receive a terminal bonus at the end of the payout term.
- The policyholder will pay future premiums on behalf of the insurer in case of accidental disability benefit.
- The maturity benefits cover Guaranteed Maturity Benefit, Guaranteed Additions, Vested Bonus plus Interim Bonus, and Terminal Bonus.
- The insurer can choose the Guaranteed Maturity Benefit option to get a bonus as a percentage of GMB in this child insurance plan.
- Bajaj Allianz Young Assure plan, premium payable within a limited tenure under the Limited Pay option of premium payment or the entire tenure through the Regular Pay premium payment option
2. HDFC Life Young Star Udaan
HDFC Life Young Star Udaan Plan comes in the Top 2 position in our list of Best 5 Child Insurance Plans in India.
HDFC Life YoungStar Udaan is a conventional with-profit plan, specially designed to meet the educational and other needs of your child. If you are the parent, the HDFC Life Young Star Udaan child insurance plan is the most suitable insurance plan for you which covers prior to college education, specific goals like college fees and miscellaneous education, and carrier expenses. Let’s discuss the feature of this child insurance plan.
- HDFC Life Youngster Udaan plan provides three maturity benefit coverage. these are Academia, Career, and Aspiration. where Aspiration is an endowment coverage
- And the other two are money-back options that particularly provide for academic or carer expenses prior to graduation or post-graduation expenses etc.
- HDFC Life Youngster Udaan plan provides unit associated package with two options for death benefit these are Classic option and Classic Waiver
- This child insurance plan also includes a Severe disease coverage option as an alternative to a death benefit.
- Accrued bonus and Lump sum amount is payable on maturity in this HDFC Life Youngster Udaan Plan
- The payment of this child insurance policy premium is 7, 10 years or policy term minus 5 years.
Best 5 Child Insurance Plans in India
3. Reliance Nippon Life Child Plan
Reliance Nippon Life Child Plan comes in the Top 3 position in our list of Best 5 Child Insurance Plans in India.
Reliance Nippon Life Child Plan helps you save systematically so that you can give the freedom to enjoy every moment without worrying about their future also this plan fully covered by financial security in the future. Reliance Nippon Life Child Plan assures your child to get the guaranteed benefits at key milestones of her/him’s life, even in your absence. This child insurance plan is suitable for parents like you, to see your child grow up to achieve all that you dreamt for her/him.
- Reliance Nippon Life Child Insurance Plan covers your child’s education expenses and protects their future.
- This child insurance plan guaranteed periodic benefits for the whole policy term.
- A non-linked plan assured a fixed benefit and a quarter of the sum assured becomes payable annually in the form of benefit.
- Reliance Nippon Life Child Insurance Plan offered a Life cover for the entire policy term.
- The Child Insurance Plan not only helps the child but also the parents with coverage and worry-free saving method for the child’s carrier.
- Tax benefits are available under Section 10(10D) and Section 80C of the Income Tax Act, 1961.
4. Max Life Shiksha Plus Super
Max Life Shiksha Plus Super Plan comes in the Top 4 position in our list of Best 5 Child Insurance Plans in India.
Max Life Shiksha Plus Super Plan is specially designed for a child’s future needs. The plan guaranteed that your child’s aspirations and dreams are not financially embarrassed even in your absence. This is a non-participating, unit-linked regular premium payment plan, enabling the maintenance of wealth that your child will need at important times in their life. So, let’s talk about the main feature of this child insurance plan
- In Max Life Shiksha Plus Super Plan you can easily choose the premium payment term and policy term keeping in mind your milestone.
- To meet expenses that are not planned, you can choose to make partial withdrawals in this child insurance plan.
- On the policy maturity, you will receive a settlement equal to the fund value with Guaranteed loyalty additions.
- Max Life Shiksha Plus Super Plan assured that even in your absence your child’s aspirations and dreams are not financially bothered.
- Child life insurance premiums paid up to Rs. 1,50,000 are allowed as an income tax benefit from the taxable income each year under section 80C.
Best 5 Child Insurance Plans in India
5. Birla Sun Life Insurance Child Plan
Birla Sun Life Insurance Child Plan comes in the Top 5 position in our list of Best 5 Child Insurance Plans in India.
Birla Sun Life Insurance brings to you plans that are specifically focused on taking care of your child’s growing needs. From career choices to hobbies and interests, Birla Sun Life Insurance ensures that your kid never misses out on anything due to lack of funds. Birla Sun Life Insurance Child Plan is suitable for parents, to see their child grow up to achieve all that they dreamt for her/him, irrespective of life’s uncertainties.
- Birla Sun Life Insurance Child Plan offers a minimum sum assured is Rs. 1 lakh.
- The maximum age at maturity of this Birla Sun Life Insurance Child Plan is 75 years
- Availability choose frequently premium term out of annual, quarterly, monthly, and half-yearly.
- The best feature of this child insurance plan is, the policy doesn’t lapse if you stop paying any premiums after 3 full years of continuous premium payment. It continues on a reduced paid-up basis
- The benefits received from this policy are eligible for tax exemption under section 10(10D).
- The premium paid towards this policy is eligible for tax benefits under section 80C.
In this post, we are discussing some of the Best Child Insurance Plans in India. As per a responsible parent, there has no way to compare the future of your children, especially for educational life. Investing in a child plan will help you to ensure that your child’s future is secure, come what may.
There are several child plans present on the internet whose offers from market-linked and traditional plans, with regular and lump sum payouts among many others. You can pick one as per your specific requirement after knowing the different premiums and benefits.