What are child plans
Compare variants
Features and benefits
How to apply
Eligibility criteria
Documents required

Child plans

Easy to insure | 100% Paperless | Smooth claim process

Child plans

Easy to insure | 100% Paperless | Smooth claim process

You can also compare and buy Life Insurance Corporation of India plans to ensure your family’s financial security in your absence or fulfil your financial goals. To know more about their insurance plans and buy, please visit the official website of Life Insurance Corporation of India

4 Reasons to choose Child Plan

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We make insurance simpler

Easy application and quick response

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End-to-end-online

From application to approval, all in one seamless digital journey.

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Minimal documentation

Say goodbye to paperwork and hello to hassle-free applications.

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Smooth claim process

Fast, transparent, and stress-free claims.

4 Reasons to choose ULIP

Watch video ‌

We make insurance simpler

Easy application and quick response

End-to-end-online

From application to approval, all in one seamless digital journey.

Minimal documentation

Say goodbye to paperwork and hello to hassle-free applications.

Smooth claim process

Fast, transparent, and stress-free claims.

What are child plans?

As parents, we dream big for our children — whether it’s helping them pursue higher education, planning that fairy-tale wedding, or even giving them a financial boost as they step into adulthood. But let’s face it, dreams need planning — especially when it comes to money.

That is where child plans come in. These are specially designed investment-cum-insurance plans that help you save systematically for your child’s future, while also providing a safety net in case life takes unexpected turns. It’s like giving your child a financial head start — one that grows with them.

Feature	Bajaj Allianz Life Smart Wealth Goal - Child Wealth	Bajaj Allianz Life Guaranteed Wealth Goal
Plan type	Unit-linked, non-participating, individual life insurance savings plan	Non-linked, non-participating, individual life insurance savings plan
Benefits	Life cover, return of life cover charge, return of allocation charge, multiple investment strategies	Guaranteed tax-free returns, life insurance cover, flexibility with three plan variants
Variants	Wealth creation, child wealth, joint life wealth	Wealth creation, regular income, combination of both
Maturity benefit	Fund value as on the date of maturity	Guaranteed maturity benefit plus accrued guaranteed additions
Death cover	Higher of sum assured or fund value, subject to a guaranteed benefit of 105% of total premiums paid	Lump sum benefit to the nominee in case of policyholder's demise
Investment strategies	Multiple investment strategies available	Not applicable
Flexibility	High flexibility with investment options and strategies	Flexibility in choosing plan variants based on financial needs

Key features and benefits of child plan

Child plans are not just about saving money — they are about building a secure and stress-free future for your little one. Here is how they help:

Support your child’s future goals

We all want to give our kids the best — be it education in a top-tier Indian institute or studying overseas. But the cost of education is only going upwards! And it’s not just education — there is marriage, maybe even helping them buy their first home.

A child plan helps you prepare for all of this by building a fund that’s ready when your child needs it most. Think of it as a financial cushion that grows alongside your little one’s milestones.
Financial security, no matter what

Most child plans come with a life cover on the parent (usually the earning member), which ensures that even in your absence, your child’s dreams won’t have to stop. The insurer continues the investment or pays out a lump sum, keeping your child’s future financially secure.
Build wealth with systematic savings

If you have ever tried to save without a plan, you will know how tricky it gets. Child plans bring discipline into the picture. They encourage regular investing — monthly, quarterly, or annually — and keep you on track to build a sizeable fund over the years.

Since these savings plans are aligned with long-term goals, like college or post-graduation expenses, they are structured in a way that maximises returns through time-bound investments. So, while you are busy parenting, your money is working smart in the background.
Enjoy tax benefits too!

Child plans do not just help with savings, they help reduce your tax burden too!
- The premiums you pay are eligible for deductions under Section 80C.
- The maturity amount or death cover payout is tax exempted under Section 10(10D).
So not only are you building a secure future for your child, you are also being smart about your present finances.

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How to apply

Here is a step-by-step guide to apply for ULIP plans through Bajaj Finance Insurance Mall

Step 1: Click on Get Quote

Click on Get Quote. You will be asked to enter your mobile number so we can send you a one-time password (OTP).
Step 2: Enter the OTP

Check your phone for the OTP and type it in when prompted. This helps us verify it is you.
Step 3: Fill in your details

Once the OTP is confirmed, you’ll see our application form pop up.
- If you are an existing user, some of your details might already be filled in.
- If you are new, just enter your name, gender, date of birth, email ID, and PIN code.
- Do not forget to tick the checkboxes to proceed.
Step 4: Choose your plan

You will now be redirected to our partner’s page. This is where you can:
- Select the coverage amount
- Choose the policy tenure
- Pick your payment type
- Decide how much you want to invest
Once everything looks good, you can go ahead and complete your purchase.

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Eligibility criteria for getting child plan

Eligibility criteria for buying child insurance plans may vary, depending on the insurance company and the chosen policy. Most child insurance plans follow some common eligibility criteria. Let us break it down in a simple and easy way:

Age of the child:

You can usually buy a child insurance plan right from birth! In fact, many plans allow you to start as soon as your baby arrives. However, some insurers may ask that your child is at least 90 days old before you can purchase the plan.
The upper age limit to start a plan is often around 10 to 12 years, so it’s best to plan early.
Age of the parent:

Parents or legal guardians can typically buy a child plan if they’re between 18 and 50 or 55 years old. This wide age range helps you plan ahead for major life stages — like school admissions, college education, and even overseas studies.
Policy term

The duration of the policy usually continues until your child turns 18 or 21 years old. Some plans are even designed to provide financial support for higher education or university expenses, depending on your goals.
Parent’s financial and health status:

Insurers would like to look at your financial stability. But do not worry — you are not locked into one option. There are plenty of plans out there tailored to different budgets and financial goals, so you can easily compare and pick what suits you best.

For higher coverage amounts, you might also be asked to submit health details or undergo a medical check-up — just to make sure everything is in good order.

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Documents required for getting child plan

You need to provide the following documents to be eligible for getting child plan:

Identity proof:

Government-issued Photo ID (Aadhaar card, passport, Voter ID, driving license, etc.)
Address proof:

Recent utility bills (electricity, water, telephone), bank statement or passport, ration card or Aadhaar card (if not already used as ID proof).
Age proof:

Birth certificate or passport, driver’s licence, or voter ID.
Photograph:

Recent passport-sized photographs of the policyholder.
Income proof:

Salary slips or bank statement (if self-employed, income tax returns may be required). Form 16 or ITR for salaried individuals.
Know Your Customer (KYC):

You required to share Aadhaar card (for KYC verification) and PAN card (mandatory in some cases).
Medical records (if applicable):

In case the sum assured is high or if the insurer asks for it, health records or a medical check-up report may be required. This is more common for higher-risk insurance policies or higher sums insured.

For the Child (Beneficiary):

Birth certificate: The child’s birth certificate is required as proof of age.
Photograph: A recent passport-sized photograph of the child

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Policy inclusion and exclusion

Policy inclusions are as stated in the terms and conditions of ULIP plans.

Common policy exclusion is as below:

In case of death of a Life Assured (in a single or joint life policy) due to suicide within 12 months from the date of commencement of risk or the date of latest revival of the policy, whichever is later, then the nominee or beneficiary of the policyholder shall be entitled to receive, the higher of 80% of the total premiums paid or the surrender value as on the date of death, provided the policy is in force and the policy shall be terminated.

How to raise a claim for child plan?

Below are the steps you may follow to raise a claim with the insurer:

Step 1 - Register your claim request

Register the claim request with the insurer through their website, e-mail or by calling their claim assistance contact number.

Contact No.: 1800-209-7272

Email at: customercare@bajajallianz.co.in
Step 2 - Submit the required documents

Submit the necessary documents along with the duly filled claim form online. You can also submit it to the nearest branch of the insurer.
Step 3 - Claim settlement

The insurer will assess the claim request. The claim initiator will receive the status via e-mail and SMS. The claim initiator can also check it online on the insurer’s website.

Documents required for raising a claim request for child plans

Following are the documents you will need to raise a claim with the insurer:

Original policy documents.
Age proof, such as PAN card, passport, voter’s ID, birth certificate.
Attested copy of death certificate issued by local municipal authority.
Death claim intimation form downloaded from the BALIC’s official website.
NEFT mandate form attested by bank authorities or copy of cancelled cheque or bank account passbook.

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Frequently asked questions

When should I buy a child plan?

It is recommended to get a child plan as soon as your baby is born — or even when you are planning your finances before or during pregnancy. Starting early gives you a longer investment horizon, which means more time for your money to grow through the power of compounding.

If both parents are working, who should take the child plan?

Ideally, the child plan should be taken in the name of the parent who contributes more significantly to the household income. That is because in case of an unfortunate event, it’s important that the financial support continues without disrupting the child’s future goals.

What is the ideal policy term or premium payment duration for a child plan?

There is no one-size-fits-all. It really depends on your child’s age and when you expect to need the funds — say for higher education, a wedding, or a major milestone. Choose a plan where the maturity aligns with those important phases in your child’s life.

Do child plans offer any tax benefits?

Yes, they do! The premiums you pay towards a child plan qualify for tax deductions up to Rs. 1.5 lakh under Section 80C of the Income Tax Act, 1961. Plus, any payout you receive at maturity or in case of the policyholder’s demise is tax-free under Section 10(10D), provided certain conditions are met.

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Life insurance features and benefits

Secure your family's future with Bajaj Allianz Life Insurance - Smart Protect Goal Plan

Save tax with life insurance

Add-on covers on life insurance

Disclaimer

¹Conditions Apply -The Guaranteed benefits are dependent on policy term, premium payment term availed along with other variable factors. For more details, please refer to sales brochure

²Tax benefits as per prevailing Section 10(10D) of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

^Source: https://bit.ly/3Vfvwgj

^**Above illustration for Bajaj Allianz Life Guaranteed Wealth Goal (UIN:116N200V04) is A Non linked, Non Participating, Individual, Life Insurance Savings Plan considering Male | Age-3 years | Policyholder’s Age 35 years | Policy Term-45 years | Premium payment term-10 years | Deferment Period-5 year | Auto

payout starts from 16th policy year | Return of premium opted | The Income payouts will be paid in arrears as per chosen payout frequency | The premium mentioned above

are exclusive of any extra premium loading and Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws | In case of an unfortunate death in the 1st policy year, death benefit will be ₹73,61,118 | Assuming the policy holder survived till end of policy term

⁸18.28% 5 Years CAGR returns, as on 28th February 2025.

***Above illustration for Bajaj Allianz Life Guaranteed Wealth Goal (UIN:116N200V04) is A Non linked, Non Participating, Individual, Life Insurance Savings Plan considering Male | Age-3 years | Policyholder’s Age 35 years | Policy Term-15 years | Premium payment term-10 years | Deferment Period-5 year | Auto

payout starts from 16th policy year | Return of premium opted | The Income payouts will be paid in arrears as per chosen payout frequency | The premium mentioned above

are exclusive of any extra premium loading and Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws | In case of an unfortunate death in the

1st policy year, death benefit will be ₹14,86,910 | Assuming the policy holder survived till end of policy term

*^^Above illustration is for Bajaj Allianz Life Smart Wealth Goal V is A Unit-linked Non (UIN: 116L204V01) considering Male aged 35 years | Standard Life | Policy term (PT) - 20 years | Premium Payment Term (PPT) - 10 years | Total premiums Rs. 10,00,000 | Annual Premium Payment Mode | Sum Assured Rs.10,00,000 | In case of unfortunate death during the 5th policy year, death benefit payable at 4% and 8% will be Rs. 10,00,000. This illustration is considering investment in "Pure Stock II Fund - ULIF07709/01/17PURSTKFUN2116” through Investor Selectable Portfolio Strategy and Goods & Service Tax (GST) of 18%.

At 8% assumed investment return on 20th Policy Year ₹. 25,17,272

At 4% assumed investment return on 20th Policy Year ₹. 14,17,266

#The assumed rate of returns indicated at 4% and 8% are illustrative and not guaranteed and do not indicate the upper or lower limits of returns under the policy.

*T&C Apply - Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Life Insurance Corporation of India, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Limited, ICICI Lombard General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, Tata AIG General Insurance Company Limited, The New India Assurance Company Limited, Cholamandalam MS General Insurance Company Limited, Niva Bupa Health Insurance Company Limited , Aditya Birla Health Insurance Company Limited, Manipal Cigna Health Insurance Company Limited and Care Health Insurance Company Limited under the IRDAI composite CA registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer insurer's website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance product. Visitors are hereby informed that their information submitted on the website may also be shared with insurers. BFL is also a distributor of other third-party products from Assistance Services providers such as CPP Assistance Services Pvt. Ltd., Bajaj Finserv Health Ltd. etc. All product information such as premium, benefits, exclusions, sum insured, value added services, etc. are authentic and solely based on the information received from the respective insurance company or the respective Assistance service provider company.

Note – While we have made all efforts and taken utmost care in gathering precise information about the products, features, benefits, etc. However, BFL cannot be held liable for any direct or indirect damage/loss. We request our customers to conduct their research about these products and refer to the respective product’s sales brochures before concluding their sale.

^Above illustration is considering Male aged 25years | Non-Smoker | Policy Term(PT)– 30 years | Premium Payment Term (PPT)– 30 years | Sum Assured opted is Rs.1,00,00,000 | Offline Channel | Standard Life | Yearly Premium is Rs. 5,417. Total Premium Rs.1,62,518 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 40, Income Payout Percentage: 60). Income payout instalment opted for 40 years | Premium shown above is exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

**Above illustration is for Bajaj Allianz Life iSecure - A Non-Linked Non-Participating Term Life Insurance Plan (UIN:116N109V05) considering Male aged 24 years | Non-Smoker | Policy Term (PT) – 20 years | Premium Payment Term (PPT) – 20 years | Sum Assured opted is Rs. 1,00,00,000 | Offline Channel | Standard Life | Yearly Premium - Rs. 9,589. Total Premium is Rs. 1,91,771 | Medical Rates | Annual Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

^***Please note that the above premium is for a healthy, non-smoker live, who is an existing customer and HDFC Life group employee where Sum Assured is 1 Crore, Premium paying term is 15 years, Policy Tenure is 15 years, Gender is Female, Age is 18 years. Premium is exclusive of taxes.

¹There are three different coverage options available under the plan - Level (Life Option - Variant A), Increasing (Life Option - Variant B & C) or Decreasing (Life Goal Option)

²Life Assured should be less than 45 years of age during events (Marriage or child birth).

³Under Renewability Option at Maturity, the policyholder can choose to extend the term of their policy

Child plans

4 Reasons to choose Child Plan

4 Reasons to choose ULIP

What are child plans?

Compare plans

Key features and benefits of child plan

How to apply

Eligibility criteria for getting child plan

Documents required for getting child plan

Policy inclusion and exclusion

How to raise a claim for child plan?

Documents required for raising a claim request for child plans

Frequently asked questions

Related Articles

Related videos

Disclaimer

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Child plans

4 Reasons to choose Child Plan

4 Reasons to choose ULIP

What are child plans?

Compare plans

Key features and benefits of child plan

How to apply

Eligibility criteria for getting child plan

Documents required for getting child plan

Policy inclusion and exclusion

How to raise a claim for child plan?

Documents required for raising a claim request for child plans

Frequently asked questions

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