Best Child Insurance Plans

A best child insurance plan provides comprehensive benefits to the child. It not only provides insurance coverage to the child in case of any eventuality but also helps to meet the expenses of future needs and child’s education. Moreover, with the growing inflation rate and skyrocketing rate of education, having a child insurance plan has become a must for the parents. Now that we know the importance of a child insurance plan, the common question which arises is, which is the best child insurance plan to invest in?

With an extensive range of child insurance plans available in the market choosing the right plan can always be a daunting task. Thus, to help you know about the best child insurance plan here we have shown a tabular detail of it.

Why Child Insurance Plan?

The most important reason to buy a child's plan for your kids is to ensure that their future is not jeopardized by your untimely demise. Given the uncertainties in life that we are often confronted with, it is important that we prepare ourselves for the future.

Although many financial advisers may argue that term insurance might do the job of securing your family’s future in case of untimely death at a lower cost, term insurance will not continue even after death. If you opt for a child insurance plan, the insurance company will continue paying the premium on behalf of the policyholder. Although child insurance plans are costlier, they will serve your child’s interests better in the long term. As per an insurance policy meant for children, the amount is given out to the beneficiary at regular intervals as per the plan.

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Best Child Insurance Plans^†† in India

Here is the list of best child insurance plans

• AEGON Life Rising Star Insurance Plan

• Aviva Young Scholar Advantage Plan (Child Education Plan)

• Bajaj Allianz Young Assure

• Bharti AXA Life Child Advantage Plan

• Birla Sun Life Insurance Vision Star Plus

• Edelweiss Tokio Life Edu Save Plan

• Exide Life Mera Aashirvad Plan

• Future Generali Assured Education Plan (Child Education Plan)

• HDFC SL YoungStar Super Premium

• ICICI Pru Smart kid Assure plan

• IndiaFirst Happy India Plan

• Kotak Head Start Child Assure Plan

• Max Life Shiksha Life Super

• MetLife College Plan (Child Education Plan)

• Pramerica Future Idols Gold

• Reliance Life Child Plan

• Sahara Ankur Child Plan

• Wealthsurance Future Star Insurance Plan

• SBI Life Smart Champ Insurance Plan

• SBI Life Smart Scholar (Child Education Plan)

• Smart Future Income Plan

• Shriram New Shrividya Plan

• SUD Life Bright Child Plan

• TATA AIA Super Insurance Plan

Disclaimer: †† Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is done in alphabetical order (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

1. Aegon Life Rising Star Insurance Plan

   This is a Unit Linked Child Insurance Plan, which aims to provide financial protection to the child against any type of emergency situation. The plan also helps to create a financial cushion, so that all the future financial needs of the child can be taken care of and the child can achieve the major milestones of life. Let’s take a look at the features and benefits of the plan.

   Features of Aegon Life Rising Star Insurance Plan

   • The plan offers the option of regular premium payment.

   • The plan comes with an inbuilt premium waiver benefit on death and income benefit.

   • The plan offers 4 different fund options to invest in. 

   Benefits offered by Aegon Life Rising Star Insurance Plan

   • The plan provides financial security to the child and takes care of their education by providing triple benefit insurance coverage until the child attains the age of 25 years.

   • The plan offers multiple fund options to invest in as per one’s requirement and suitability.

   • The plan offers liquidity through partial withdrawals available after completion of 5 years of the policy.

   • Tax benefits can be availed U/S 80 C and 10(10D) of the Income Tax Act.

   • The plan offers the option to pay an add-on premium in the form of top-ups.

   • The plan offers the option to increase the insurance coverage during the tenure of the policy.

2. Aviva Young Scholar Advantage Plan

   This is a non-participating unit-linked insurance plan, which is specifically designed to cater to the financial requirements of the child. The plan provides complete protection to the child against any types of eventualities. Let’s take a look at the features and benefits offered by the plan.

   Features of Aviva Young Scholar Advantage Plan

   • The plan provides comprehensive insurance coverage to the child.

   • In case of demise of the parents during the tenure of the policy, the plan offers a waiver of future premium, wherein all the future premium of the policy is waived off.

   • The plan offers the option to pay an add-on premium in the form of top-ups.

   • The plan offers the option to invest in 7 different funds as per one's requirement and suitability.

   Benefits Offered by Aviva Young Scholar Advantage Plan

   • In case, the insured survives the maturity of the policy then maturity benefit equal to the policy fund value is offered to the insured on the date of maturity.

   • After completion of 5 policy years, the policyholder can opt for systematic partial withdrawal.

   • Tax benefits can be availed U/S 80C and 10(10D) of the Income Tax Act.

   • The policy ensures liquidity by allowing partial withdrawal. However, partial withdrawals are applicable only after completion of 5 policy years.

3. Bajaj Allianz Young Assure

   Bajaj Allianz Young Assure is a traditional savings plan, that ensures a financially secured future for child along with the benefit of life coverage. The plan helps the child to achieve the major milestones of life. Let’s take a look at the features and benefits of the policy.

   Features of Bajaj Allianz Young Assure

   • The policy offers a  minimum entry age of 18 years, whereas the maximum entry age of the policy is 50 years.

   • The maximum maturity age of the policy is 60 years.

   • The policy offers various premium payment options and policy term options.

   • The policy offers a premium rebate for a higher sum assured amount. 

   Benefits of Bajaj Allianz Young Assure

   • At maturity of the policy, guaranteed maturity benefit is offered along with the guaranteed additions to the policyholder.

   • On maturity of the policy, vested bonus plus terminal bonus, if any is paid to the insured person.

   • The policyholder can choose to receive the maturity benefit over 3, 5, and 7 years on major milestones of the child’s life.

   • The policy offers additional rider benefits to enhance the coverage of the policy.

   • Tax benefits can be availed U/S 80C and 10(10D) of the Income Tax Act.

4. Bharti Axa Life Child Advantage Plan

   This is a non-linked participating life insurance plan that offers the flexibility of choosing from money back or the endowment option. The plan comes with an in-built premium waiver benefit option. Let’s take a look at the features and benefits offered by the policy.

   Features of Bharti Axa Life Child Advantage Plan

   • The minimum entry age of the policy is 18 years, whereas, the maximum entry age of the policy is 55 years.

   • The policy offers the maximum maturity age of 76 years.

   • The policy offers the flexibility to choose different policy tenure.

   • Depending on the age of the child, the policyholder can choose the policy term from 11 years-21 years. 

   Benefits Offered by Bharti Axa Life Child Advantage Plan

   • The policyholder can choose between the 2 maturity benefit option i.e money-back option and endowment option.

   • The policy offers the inbuilt benefit o waiver of premium.

   • Tax benefits can be availed under section 80C of the Income Tax Act.

5. Birla Sunlife Vision Star Plus Insurance

   This is a traditional participating insurance plan, which is specifically designed to provide regular assured payouts for financing the child’s education and financially securing the child’s future even in the absence of the parents with comprehensive financial protection. The following are the features and benefits offers by the policy.

   Features of Birla Sunlife Vision Star Plus Child Insurance Plan

   • The plan offers the option to choose the sum assured amount depending on future needs.

   • The plan offers the option to choose the premium paying term from 5 years-12 years as per one’s requirement and suitability.

   • The plan offers the option to choose from 2 different payout options.

   • You can take a loan against this policy against the maximum surrender value.

   • You can choose to pay the premium on an annual, semi-annual, quarterly, or monthly basis. 

   Benefits Offered by Birla Sunlife Vision Star Plus Child Insurance

   • In case of the demise of the policyholder, the nominee will receive the death benefit. Also, there will be no requirement to pay premiums in the future.

   • The accrued bonuses will be paid on the maturity date.

   • Also, if you discontinue paying your premiums after at least three years, your policy will not lapse, but it will continue operating on a reduced paid-up basis.

   • Tax benefits can be availed under Section 80C of the Income Tax Act.

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6. Exide Life Mera Ashirwad Plan

   This is a guaranteed child insurance plan, which is specifically designed to provide financial protection to the child and help them to achieve the major milestones of life. This is a guaranteed protection cum savings oriented child insurance plan, which payout money at critical milestones of life like higher education, marriage, etc. let’s take a look at the features and benefits offered by the policy.

   Features of Exide Life Mera Ashirwad Plan

   • The plan offers a minimum entry age of 21 years, whereas, the maximum entry age of the policy is 50 years.

   • The policy offers a maximum maturity age of 65 years.

   • In this plan, the parent is the life insured and the guaranteed payouts ensure that the child’s future is adequately secured. 

   Benefits Offered by Exide Life Mera Ashirwad Plan

   • The plan offers a guaranteed sum assured to secure the child’s future.

   • The insured can choose the option to receive the maturity benefit.

   • Tax benefits can be availed under Section 80C of the Income Tax Act.

   • The plan comes with an inbuilt waiver of premium benefit.

   • The plan offers the flexibility to receive periodic payouts.

7. Future Generali Assured Education Plan

   This is a non-linked non-participating plan, which is specifically designed to secure the future of the child and help them to achieve the major milestones of life. The plan offers guaranteed payouts at important stages of life like higher education, marriage, etc.

   Features of Future Generali Assured Education Plan

   • The plan offers a maximum maturity age of 67 years for the parents.

   • The plan offers different payout options to choose from.

   • The minimum entry age for the parent is 21 years, whereas the maximum entry age offered by the policy is 50 years.

   • The plan offers the option to choose the rider benefits as per one's requirement.

   Benefits offered by Future Generali Assured Education Plan

   • The plan enables the policyholder to save systematically until the child turns 17 years of age.

   • As a guaranteed income plan, it offers 3 different payout options to choose from.

   • The plan secures child education even in the absence of the parents.

   • Tax benefits can be availed U/S 80C of the Income Tax Act.

8. HDFC SL Youngstar Super Premium Plan

   This is a unit-linked insurance plan, which helps to accumulate funds so that it can be used at different stages of the child’s like for financing his/her higher education, marriage, etc. let’s take a look at the features and benefits of the policy.

   Features of HDFC SL Youngstar Super Premium Plan

   • The plan offers the flexibility to choose from 4 different fund options to invest in.

   • The plan offers the flexibility to choose the premium amount.

   • Flexibility to choose the policy tenure of 10 years, 15 years 20 years.

   • Flexibility to choose the sum assured.

   Benefits Offered by HDFC SL Youngstar Super Premium Plan

   • The policyholder can customize the plan as per their requirement and suitability.

   • The plan offers the combined benefit of insurance coverage and investment.

   • Tax benefits can be availed U/S 80C of the Income Tax Act.

9. ICICI Pru Smart Kid Assure Plan

   This is a Unit Linked Insurance Plan, which helps to create a financial corpus for the children better future and also provides the benefit of insurance coverage. The following are the features and benefits offered by the policy.

   Features of ICICI Pru Smart Kid Assure Plan

   • The plan offers 2 different options of premium payment i.e. regular pay and single pay.

   • The maximum maturity age offered by the policy is 64 years.

   • The plan offers different fund options to invest in.

   • The policy tenure ranges from 10 years to 25 years.

   Benefits Offered by ICICI Pru Smart Kid  Assure Plan

   • The plan offers comprehensive protection to secure the financial future of the child.

   • The plan offers 2 different portfolio strategies to choose from.

   • The benefit of loyalty addition and wealth booster is offered under the policy on staying invested over the long-term period.

   • Tax benefits can be availed under Section 80C and 10(10D) of the Income Tax Act.

10. Kotak Head Start Child Assure Plan

    This is a unit-linked insurance plan, which helps to secure the child’s future financial need and ensures that all the financial requirements of the child are taken care even in the absence of the policyholder. Let’s take a look at the features and benefits of the policy.

    Features of Kotak Health Start Child Assure Plan

    • The plan offers 7 different fund options to choose from.

    • The minimum entry age of the policy is 18 years, whereas the maximum entry age of the policy 60 years

    • The maximum maturity age offered by the policy is 70 years.

    Benefits Offered by Kotak Health Start Child Assure Plan

    • The plan helps the insured to create wealth for the secure financial future of the child.

    • The plan ensures the financial security of the child through triple benefit.

    • The plan offers the option to invest in a wide range of funds

    • The plan offers the benefit of tax exemption U/S 80C and 10(10D) of the Income Tax Act.

11. Max Life Siksha Plus Super

    This is a unit-linked insurance plan, which is specifically designed to take care of the future financial needs of the child and provide them insurance benefits in case of any eventualities. Let’s take a look at the features and benefits of the policy.

    Features of Max Life Siksha Plus Super

    • The policyholder can choose the policy term and premium payment term as per one's requirement and suitability.

    • The plan offers 5 different fund options to choose from.

    • The plan offers the option of partial withdrawal in case of any financial emergency.

    Benefits Offered by Max Life Siksha Plus Super Plan

    • The policy offers the coverage of family income benefit and waiver of premium in the vent of the demise of the life insured.

    • Tax benefits can be availed U/S 80C and 10(10D) of the Income Tax Act.

    • On maturity of the policy, the maturity benefit equal to the fund value of the policy is offered to the insured person.

12. Reliance Nippon Life Child Plan

    This is a comprehensive child insurance plan, which offers guaranteed benefits at major milestones of the child's life. Along with taking care of the future financial need of the child, the plan also provides insurance coverage to the child in case of any eventualities. Here are the features and benefits of the policy.

    Features of Reliance Nippon Life Child Plan

    • The minimum entry age of the policy is 20 years, whereas the maximum entry age of the policy is 60 years.

    • The plan provides funding for your child’s higher education.

    • The plan offers guaranteed benefits at major milestones of child life.

    Benefits Offered by Reliance Nippon Life Child Plan

    • The plan protects the financial future of the child.

    • Guaranteed periodic benefits are offered by the policy.

    • Life cover is offered for the entire tenure of the policy.

    • Tax benefits can be availed U/S 80C and 10(10D) of the Income Tax Act.

13. SBI Life Smart Champ Insurance Plan

    This is a traditional participating child insurance plan, which secures the financial future of the child. The plan offers the combined benefit of reliability, security, and flexibility. Let’s take a look at the features and benefits of the policy.

    Features of SBI Life Smart Champ Insurance Plan

    • The plan comes with an inbuilt waiver of premium benefit.

    • The plan provides the flexibility to choose different premium payment options.

    • The policy offers a minimum entry age of 21 years, whereas the maximum entry age of the policy ranges up to 50 years.

    Benefits Offered by SBI Life Smart Champ Insurance Plan

    • The plan offers guaranteed benefits payable in 4 equal installments after the child reaches 18 years of age.

    • The future premium of the policy is waived in case of an uncertain demise of the insured person during the tenure of the policy.

    • Tax benefits can be availed under Section 80C and 10(10D) of the Income Tax Act.

Advantages of Investing in a Child Insurance Plan

1. Offers the benefit of customized pay-outs

   One of the biggest benefits of investing in a child plan is the flexibility it offers you in terms of making payouts. As a parent, you will realize that your child needs extra financial support in crucial times, especially when he or she plans to go for higher education. A good child insurance plan gives you the flexibility of spacing out your pay-out so that your child receives the maximum payout when he or she requires it.

2. The welfare of your child is the top-most priority

   Although tailor-made child insurance policies are costlier, these plans are designed to cater to children. Child Plans are tailored to meet important expenses as and when required to ensure that there are no glitches in your child’s pursuit of his or her dreams.

3. You can choose riders to secure your child plan

   Any good child future plan comes with the options of riders at comparatively nominal costs, which you can avail for extra security.

conclusion

Once you are aware of the rising need for securing a child plan to ensure your child’s seamless progress into a bright future, you should hand pick a plan to cater to your child’s needs from the plethora of investment plans available in the market.