Best Child Plans To Invest In 2021
Updated On Aug 02, 2021
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A child plan allows you to save and grow money for the future expenses your child may need. They are a great way to invest and ensure your child’s safety financially. Some of the child plans you can choose from are written in this article.
5 Best Child Plans Of 2021
Below are 5 child plans you can choose from to invest in -
HDFC Life YoungStar Super Premium Plan
This plan is a unit-linked Child Plan. Its main goal is to secure a child’s future financially by increased growth and extended life coverage.
Key Aspects of HDFC SL YoungStar Super Premium Plan
- The benefits offered by this plan -
- It has a regular Unit-Linked plan payment mode.
- It has 2 cover options, namely, life option and life and health option.
- The payment mode of the beneficiary depends on the option you choose under benefit payments. The options include Save benefit and Save-n-Gain benefit.
ICICI Pru Smart Kid Plan
ICICI Pru Smart Kid Plan is a plan that provides security to your child financially. In case of the parent/ guardian’s sudden death, the child receives a lump sum amount.
Key Aspects of ICICI Smart Kid Plan
- The following benefits are offered by the plan
- In the unfortunate event like the death of the life assured, the nominee is paid a lump sum payment of the Sum assured to take care of immediate expenses of the family.
- If the life assured passes away if all the due premiums are paid, the waiver of future premiums is paid to the nominee.
- The advantage of liquidity is available in this plan.
- When invested over a long time, the life assured can get additional loyalty benefits in this plan.
- Tax benefits are applied under the Income Tax Act, 1961.
Bajaj Allianz Young Assure Plan
Bajaj Allianz Young Assure Plan is a limited premium payment Endowment plan that requires participation.
Aspects of Bajaj Allianz Young Assure Plan
- The plan offers the following benefits.
- This plan provides multiple premium payment and policy term options to choose from. The life assured can choose one from the options available according to their suitability. This is to make sure that you have the money required at times like a child’s education, marriage, or in times of crisis.
- This plan is widely known for its good returns due to guaranteed maturity benefits and additions.
- You can also enhance your life cover by using additional riders and add-ons.
- This plan provides a special and reasonable rate for female buyers.
- To match your future financial needs, you can choose from three different payment options.
LIC New Children’s Money Back Plan
LIC New Children’s Money Back Plan is non-linked. It is a participating, individual, life assurance money back plan. It has been specially designed to meet your child’s educational, marriage, and unforeseen circumstances financial needs.
Key Aspects of LIC New Children’s Money Back Plan
- This plan offers the following benefits.
- The death benefit is paid to the nominee after the life assured dies suddenly. This is paid under two circumstances. If the life assured passes away before the date of commencement of risk, the nominee will receive an amount of all the premiums paid. The taxes, extra premium, and rider premium are excluded. If the life assured dies after the date of commencement of risk, the nominee receives the sum assured on death along with applicable Simple Reversionary bonuses.
- If the life assured survives the whole policy term, a bonus called the survival benefit is paid to the life assured celebrating the anniversary.
- On maturity of the policy, the life assured receives an additional bonus called the maturity benefit along with applicable simple reversionary bonuses.
Max Life Future Genius Education Plan
Max Life Future Genius Education Plan ensures that your child is financially secured and can receive the very best college experience.
Key Aspects of Max Life Future Genius Education Plan
- The benefits of this plan are -
- This plan offers four guaranteed payouts at the end of the last four years of the term.
- On maturity, a bonus is paid to the life assured to save for higher studies.
- In the case of the sudden death of the life assured, the nominee is paid in two ways. The nominee can choose to take the death benefit as a lump sum amount immediately or take it as income.
Investing in a child plan is the best thing to do as a parent for your child. It ensures their financial state is stable and helps them cover for their higher studies, marriage, or unforeseen situations financially.
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.