Child Life Insurance Plan
Child Life Insurance plans are a financial instrument that one can use to create a corpus to fulfill their child’s future financial expenses. Child life insurance plans provide financial security to children in case of an unforeseen demise of the parent which is the life assured. One can use child life insurance plans to fund their child’s higher education, help their child kick start their career, help their children start their own dream venture or even help in funding their child’s marital expenses. A child life insurance plan can help an individual ensure financial security of their child in case an unforeseen event occurs. A child life insurance plan can also act as a collateral for a loan in case you need immediate funds for your child’s expenses.
Best Child Life Insurance Plans in India
Aditya Birla Sun Life Vision Star Child Plan
Rs. 1 lakh- no upper limit
Bajaj Allianz Young Assurance Child Plan
10 times the annualized premium
Bharti Axa Child Advantage Plan
Rs. 25,000- no upper limit
LIC New Children's Money Back Plan
5 times annualized premium-no upper limit
TATA AIA Super Achiever Plan
10 times the annualized premium
- Tax BenefitUp to 1,50,000**
- Claim SupportEveryday 10AM-7PM
- 45 Lacs+Happy Customers
*Standard Terms and Conditions Apply.
**Tax benefits are subject to changes in Income Tax Act.
What is a Child Protection Plan?
A child insurance plan is a type of life insurance plan that helps in planning the financial future requirements of a child by building funds over a certain time period. On maturity, a child insurance plan ensures paying a lump sum amount to the child in order to meet their expenses related to education, marriage, etc. A child insurance plan makes sure that the future financial needs of your child are met even during your absence.
Types of Child Insurance Plans
Highlighted below are the different types of child insurance plans available in the market:
- Child Endowment Plan: A child endowment plan allows you to invest in a variety of debt products based on the selections of the insurance provider. While the profits on these investments are not large, you can relax knowing that your money is safe due to the low risk.
- Single Premium Child Plan: Under this plan, a policyholder makes a lump sum payment in just a single premium for the whole policy duration and stays free from any kind of worry related to remembering the due dates.
- Regular Premium Insurance Plan: Unlike a single premium child insurance plan, a regular premium insurance plan allows you to pay your premiums whenever you like.The premium can be paid by you on a monthly, quarterly, half-yearly or yearly basis.
- Unit Linked Investment Plan: It lets you divide your investment between equity as well as debt products. ULIP is an optimum plan for the long term for e.g. 10-15 years.
Features Of Child Insurance Plans
|Child Plan name||Entry age||Maturity age|
|Aditya Birla Sun Life Vision Star Child Plan||18-55 years||75 years|
|Bajaj Allianz Young Assurance Child Plan||18-50 years||60 years|
|Bharti Axa Child Advantage Plan||18-55 years||70 years|
|LIC New Children's Money Back Plan||21-50 years||6-65 years|
|TATA AIA Super Achiever Plan||25-50 years for parents
0-17 years for child
The following are some of the key features of Child Insurance plans-
- Developing a Learning Corpus for Your Child: You want to make sure that your child has everything they need to succeed as a parent. You can save a lot of money for their future schooling by investing in a child insurance plan. You may provide your child a higher education abroad or pay for the best engineering and medical universities in India by investing rather than simply saving.
- Inflation-fighting Returns: If you invest in a market-linked kid plan, you could earn between 10 and 12 % on your money. Because inflation is currently at 6%, your investment allows you to easily fight inflation.
- Partially Withdrawals in Case of Emergency: You can make a partial withdrawal against the policy to pay for treatment of your child in the case of a medical emergency.
Benefits of Child Insurance Plans
The benefits associated with a child insurance plans are as follows:
- Offers Financial Protection: A child insurance plan acts as a financial safety net as it offers a lump sum amount to the nominee in the event of your untimely demise.
- Tax Benefits: A child insurance plan is free from tax deduction under the Section 80C of the Income Tax Act, 1961. You are eligible to claim tax deductions of maximum Rs 1.5 lakhs towards the premium paid.
- Investment Component: A life insurance policy, like a life insurance policy, has investment components. Furthermore, a ULIP child insurance plan offers the benefits of the financial markets' high-return potential.
- Partial Withdrawal: Under a ULIP child insurance plan, you are allowed to withdraw certain parts of your funds in order to meet the urgent needs of your child. Once the lock-in phase is over, you are allowed to cash out some of your units and pay the expenses towards unforeseen medical expenses, school fees, etc.
Why Choose InsuranceDekho?
You should consider purchasing child insurance plan from InsuranceDekho because of the following reasons:
- Instant Policy Issuance: You can buy a child protection plan at InsuranceDekho website within a few minutes. To make comparison and buy a child insurance plan, go through the below mentioned easy steps:
- Fill in your information like Age, Date of Birth and Contact Number
- Make comparison of all the available quotes at one place
- Choose a child plan that best fits your needs and budget
- Pay the premium amount and submit all the relevant documents
- Dedicated Customer Care: The customer care staff at InsuranceDekho is available to assist the customers with any kind of query for all the 7 days of the week. Our helpful and knowledgeable staff is available at your service to offer you with smart solutions related to child insurance plans.
- Best Insurance Plans Available: InsuranceDekho has collaborated with all the best child insurance companies in India to offer you with the top life insurance plans available. This assists you in getting the child insurance plans which offers a great deal for the premium paid by you.
How to Buy Child Insurance with InsuranceDekho?
You can follow the below mentioned easy steps to purchase a child insurance plan at InsuranceDekho website:
- Enter Your Information: You need to first enter all your personal information like name, contact number, date of birth and gender. To see all the available quotes, click on ‘View Instant Quotes’.
- Make Comparison of Various child Insurance Quotes: Different child insurance quotes would appear on your screen depending on the information you submitted. Compare the many child insurance policies and select the one that best suits your needs.
- Proceed for Payment: Once you choose the best Child plan for yourself, make adjustments to the sum assured and your policy duration. After finalizing all the details, pay the premium amount via net banking or debit/credit card.
- Submit the Documents: You need to submit all the necessary documents like photo ID proof (e.g. Aadhar card, Voter ID, passport, Pan card), address proof ( like telephone bill, electricity bill, etc), age proof, passport size picture alongside required medical records. You would also need your recent salary slip for policy issuance.
Investment Insurance Companies
- Kotak Life Investment
- Future Generali Investment Plans
- SBI Life Investment Plans
- PNB MetLife Investment
- HDFC Life Investment
- ICICI Prudential Investment
- LIC Investment
- Max Life Investment
- Tata AIA Investment
- Bajaj Allianz Investment
- Aegon Life Investment
- Aditya Birla Sun Life Investment
- Bharti AXA Investment
- Edelweiss Tokio Investment Plans
- Pramerica Life Investment Plans
- Canara HSBC Investment Plans
- Reliance Nippon Investment Plans
- Shriram Life Investment Plans
- India First Life Investment Plans
- Sahara Life Investment Plans
- Aviva Life Investment Plans
- Ageas Federal Life Investment Plans
- Star Union Dai-Ichi Investment Plans
Disclaimer: InsuranceDekho does not endorse, rate or recommend any particular insurance company or insurance plan.
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FAQ About Child Life Insurance Plan
Who is a nominee?
A nominee is an individual who is entitled to get the cover benefits as decided by you during policy purchase.
Will I receive any tax benefits under a child insurance plan?
Yes, you are allowed to receive tax deductions towards the premium paid for your child plan under the section 80 C of the Income Tax Act.
What documents do I require to purchase a child insurance plan?
You need basic KYC documents for ID proof along with your as well as your child’s address. Also, you need to submit age proof too.
How much do I have to spend to get my child insured?
The amount of premium payable is based on several factors such as age, sum assured, policy term, etc.
Who should consider purchasing a child insurance plan?
If the age of your child ranges between 0-15 years, then you must consider purchasing a child insurance plan.