Best Child Education Plans In India
Updated On Jan 04, 2022
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One such plan is the child education plan, which focuses primarily on your child and comes with a variety of insurance goods and services for wise financial planning. By investing in the policyholder's contributions and making the maturity benefit available when the policy term finishes, it mixes insurance and investment. You can utilize the full sum to pay for your child's education or other long-term requirements. The child plan provides a death benefit to the child in the event of the parent's untimely death, protecting the child from the uncertainties of life.
Best Child Insurance Plans In India
The following is a list of the finest child insurance policies for Indian parents.
1. Child Advantage Plan by Bharti Axa Life
This is a non-linked participating life insurance plan with a cash payment or an endowment option. The plan has a premium waiver benefit. Let's take a look at the coverage's perks and features. The minimum age to enroll in the insurance is 18 years old, while the maximum age is 55. The insurance has a maximum maturity age of 76 years. The policy allows for a range of policy tenures. The policyholder can pick a policy duration of 11 to 21 years depending on the age of the child.
2. HDFC Life's YoungStar Super Premium Plan
HDFC provides two different types of death benefits. If the parent dies during that period, just half of the premium will be paid. There are four investment funds from which to pick.
Unit-related package with two death benefit choices Half of the premiums will be taxed as yearly income if a parent dies during the term and chooses the 'Save-n-Gain' payment option. There are four different investment funds to choose from. As an add-on, severe illness coverage is offered.
3. Smart Child Assure Plan from ICICI Prudential
This is a Unit Linked Insurance Plan that helps you to save money while simultaneously providing insurance coverage for your children's future. The following are the advantages and benefits of insurance. The plan offers two premium payment options: regular pay and single pay. The insurance has a maximum maturity age of 64 years. The plan includes a number of different investment fund possibilities. The coverage lasts anything from 10 to twenty-five years.
4. New Children's Money-Back Plan from LIC
This program is open to children ages 0 to 12. A minimum of one lakh rupees in guaranteed sum is required. At certain intervals throughout the game, bonuses will be introduced. The cover will only be charged 20% of the original amount when the child reaches the ages of 18, 20, or 22.
As a parent, you would never put your children's future, especially their education, in jeopardy. Investing in a child plan, on the other hand, helps you to prepare ahead of time and guarantee that your child is healthy regardless of what happens. There are numerous types of child plans available, including market-linked and traditional plans, as well as basic and lump-sum plans. After weighing the different premiums and incentives, choose the one that best suits your needs. A policy of life insurance for a child can contribute to the cost of their education, including extracurricular activities and post-secondary education. It also helps your money grow, giving your child the financial security he or she needs to weather inflation. As a result, a child life insurance policy is designed to safeguard and preserve your child throughout his or her lifetime.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.