Best Child Plans

To pick the right investment plan for your children, you should look for one that combines the benefits of savings, investment, and insurance protection. Here are the best child plans to invest in 2023.

List of Best Child Plans^††

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. Max Life Shiksha Plus Plan

   This is a ULIP that provides the dual benefit of savings cum investment. Moreover, the plan comes with an inbuilt waiver of premium rider. Some of its key features are:-

   • The plan continues to provide its services even after the demise of the policyholder.

   • The insurer funds all the future premiums on the death of a parent.

   • The insured is offered loyalty additions to the fund value.

   • Based on the risk appetite of an individual, the plan offers an option of 6 funds for a diversified asset allocation.

2. ICICI Prudential Smart Kid Premier Plan

   ICICI Prudential Smart Kid Premier plan is a ULIP. The plan provides financial security to the child if anything happens to the parents. The key features of ICICI Prudential Smart Kid Premier Plan are:-

   • The plan provides a death benefit and maturity benefit to the beneficiary of the policy. Besides this, all the future premiums are waived off in case of the demise of the insured.

   • During the entire tenure of the policy, the sum assured can be increased or decreased.

   • The plan offers a rider benefit.

   • The insured can choose from the option of 8 investment funds.

3. SBI Life Smart Scholar Plan

   This is a ULIP that provides the dual benefit of investment cum insurance. Besides this, the plan provides add-on benefits like accidental death and accidental total and permanent disability riders. Some of the key features offered by the policy are:-

   • The plan offers 7 fund options.

   • Premium waiver benefit is also offered on the death of a parent. Despite this, the child receives the full fund value on maturity.

   • The plan provides loyalty additions that increase the fund value.

   • Under sections 80C and 10D of the Income Tax Act, the premium paid and maturity benefits are exempt from the tax deduction.

4. HDFC SL Youngstar Super Premium

   This is a ULIP that secures the future of the child financially through accelerated growth from market-linked returns. Also, it provides life coverage to the child in case of any eventuality. Some of its best features are :-

   • The plan provides 2 options of life coverage - life option and life and health option.

   • The insured can choose from 4 fund options available for investment.

   • The policyholder can avail of tax benefits under section 80C and section 10D of the Income Tax Act.

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5. SBI Life Smart Champ Insurance Plan

   This plan is designed to fulfill the child's education requirements and entitle them to a bright future. The plan offers assured benefits and bonuses which are added to the basic sum assured at the end of every policy year. Key features of the policy are:-

   • It provides an option choosing from single pay or limited premium payment.

   • The plan comes with accidental total and permanent disability rider.

   • It also provides the benefit of premium waiver under which all the future premiums are waived off in case of the demise of the insured person.

   • The plan also provides a guaranteed smart benefit, terminal bonus, and simple reversionary bonus that further adds to the savings of the insured.

6. Bajaj Allianz Young Assure Plan

   This is a traditional endowment plan that also provides the benefits of bonuses. With the help of the Bajaj Allianz Young Assurance Plan, one can avail of the benefits of life coverage along with an opportunity to create a corpus for a child's secured future. Key features include :-

   • The insured can enjoy guaranteed additions to the basic sum assured under the plan.

   • As per the suitability of the insured, one can choose from a variety of premium payment options and policy tenures.

   • The maturity benefits can be availed in three options.

7. Future Generali Assured Education Plan

   This is a regular premium paying plan that takes care of the child's financial needs in terms of their education. The parent is the principal life insured under the policy. Some of its key features are:-

   • It allows parents to save systematically till the child turns 17 years of age.

   • The plan provides three options to receive maturity benefits depending on the education milestones you want to cover.

   • If the parent dies, the insurer waives off future premiums, pays the death benefit amount, pays 5% of the sum assured on each death anniversary of the parent till the child turns 17.

8. Edelweiss Tokio Life Edu Save Plan

   The plan helps your child dream big without any financial worries. There is an option to go either for Limited premium payment or Regular pay.

   • If you choose the marriage funding option on maturity, you get 100% of the assured amount along with the bonus.

   • If you pick the post-graduation plan option, the insurer pays 52% of the assured amount on maturity, and another 53% percent is given in the second last year of the policy term.

   • The child insurance coverage can be further enhanced with Accidental death benefits rider, Accidental total permanent disability rider, Critical illness rider, and Life payor waiver benefit.

9. Bharti AXA Child Advantage Plan

   This plan comes with two maturity benefit options, i.e., money back maturity benefit and endowment maturity benefit. Additionally, this child plan offers a waiver of premium benefit without any additional payment.

   • The policy term ranges from 11 years to 21 years.

   • The age criteria to buy this plan is a minimum of 18 years and a maximum of 55 years for the policyholder.

   • You can choose to pay the premium monthly, half-yearly, quarterly, and yearly.

   • After the policyholder's demise, the insurer pays the premium, and your child can continue to enjoy the coverage benefits.

10. Aditya Birla Sun Life Vision Star Plan

    This child insurance plan that helps grow your saving to make your child's dream come true.

    • The insurer pays Regular bonuses as well as a terminal bonus.

    • The minimum entry age is 18 years, and the maximum is 55 years for the policyholder.

    • You can choose the premium paying frequency, i.e., monthly, half-yearly, quarterly, and yearly.

    • You can also choose your premium paying term, i.e., 5-12 years.

11. Reliance Nippon Child Plan

    One of the best gifts you can give to your child is financial security and the promise to pursue his dreams. Be it higher education, marriage, or home, you can help your child with his future goals. Here are the key features of the Reliance Nippon Child Plan -

    • The minimum sum assured available is Rs. 50,000 with no upper limit.

    You can select from three premium payment terms: 5 years, 7 years, and 10 years.