4 best child plans in India that you should consider
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4 best child plans in India that you should consider

  • Highlights

  • Child plans help parents save regularly and build a corpus for the child

  • These plans have an insurance as well as a savings component

  • 4 best non-linked child plans in India

  • Pick a plan that offers flexibility and suitsyour specific needs

Every parent aspires to provide a secure future for their child. However, with a high inflation rate, it takes considerable amount of planning and funds to meet the cost of education and extra-curricular activities.

To help you with the finances, several non-life companies offer child plans that combine both savings and protection. Here are the fourbest non-linked child plans that you can consider investing in. These child plans not only help you build a corpus, but their benefits continue even in the absence of the policyholder.

1. HDFC Life YoungStar Udaan

a.) Policy term
15 years to 25 years

b.) Premium payment terms
- 7 years, 10 years, policy term minus 5 years
- Premiums can be paid monthly, quarterly, half-yearly and annually
- Premiums are waived in the event of death of the policyholder

c.) Classic Death Benefit option
Policy terminates after payout of death benefits

d.) Classic Waiver Death Benefit option
Policy continues with the payouts as scheduled

There are three options for maturity benefits offering a Sum Assured (SA) of 125%, 130% and 140% respectively.

Additional Read: 7 Reasons to Avail a Child Plan from Bajaj Allianz

2. Bajaj Allianz Young Assure

a.) There are three policy terms having varied premium paying terms:
- Premium Paying term 5, 7 years (policy term 10)
- Premium Paying term 12, 15 years (policy term 15)
- Premium Paying term 12, 15, 20 years (policy term 20)

b.) There are three Cash installment Options providing 105% Guaranteed Maturity Benefits (GMB), 109% GMB and 113% GMB respectively.

c.) Even in the event of the death or an accidental permanent total disability of the policyholder, the policy will continue as a fully paid-up policy till the maturity period.

3. Aviva Young Scholar Secure

While the above Best Child Insurance Plan from HDFC life and Bajaj Allianz are participatory plans providing various bonus, Aviva Young Scholar Secure is non-participatory.
a.) Policy term
21 minus entry age of child

b.) Entry age
21-50 years (for parent), 0-12 years (child)

c.) Plans and premium payment terms
There are four plan options having fixed premiums. The premiums can be paid annually, half-yearly, and monthly. The annual premiums for the plans are:
- Silver- Rs.25,000
- Gold- Rs.50,000
- Diamond- Rs.1 lakh
-Platinum- Rs.2 lakh, Rs.4 lakh, Rs.6 lakh, Rs.8 lakh and Rs.10 lakh

They have charts where the sum assured for different plans, and entry ages can be seen. You can decide the corpus required for the child at 21 years of age, with child plan calculator.

The plans offer death benefits which are higher of ten times the annual premium, or maturity sum assured or 105% of the premiums paid.

Additional Read: How to invest in a Child Plan?

4. Max Life Future Genius Education Plan

-Four money-backs each of about 25% of Sum Assured are payable in the last four policy years.
-Flexibility to choose policy term (13 - 21 years) and the premium payment terms.

Max Life offers a calculator that helps decide the premiums based on the chosen Sum Assured. It provides illustrations to make the understanding of the payouts simpler.

In the event of the death of the policyholder, the plan pays lumpsum death benefits as well as the maturity amount, even after waiver of premiums.

While there are multiple types of insurance plans, and various options under each one, one must choose wisely. This can be done by planning well. Be sure about the corpus that your child is likely to require at the various milestones in his or her life. Based on the specific needs, an insurance policy offering the flexibility and features can be shortlisted.

Choose from the best child plans to secure your child’s future. Contact Bajaj Finserv to know more.

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