Child Education Plans In India

The child education plan is one such plan that focuses primarily on your child and includes a variety of insurance goods and services for prudent financial planning. It combines insurance and investment by investing in policyholder contributions and making the maturity benefit available when the policy term expires. You can use the entire amount to pay for your child's education or other long-term needs. The child plan protects the child from the uncertainties of life by providing a death benefit to the child in the event of the parent's untimely death.

Best Education Plans for Children in India

The following is a list of the best child insurance policies available to Indian parents.

1. Bharti Axa Life's Child Advantage Plan

This is a non-linked participating life insurance policy that can be paid in cash or endowed. A premium waiver benefit is available under the plan. Let's take a look at the benefits and features of the coverage. The minimum age to enrol in insurance is 18 years old, and the maximum age is 55 years old. The maximum maturity age for the insurance is 76 years. The policy provides for a variety of policy tenures. Depending on the child's age, the policyholder can choose a policy duration ranging from 11 to 21 years.

2. Max Future Genius Education Plan

Max's plan ensures that the child's financial goals are not jeopardised in the event of a parent's unexpected death or absence. In the event that the life guaranteed dies, the insurance will continue. You will be able to select your preferred premium payment method and coverage period. This plan also includes a money-back guarantee for the last four years of the policy's life.

3.  HDFC YoungStar Super Premium Plan

HDFC provides two kinds of death benefits. If the parent passes away during that time, only half of the premium will be paid. There are four investment funds to choose from.

Unit-related package with two options for death benefits If a parent dies during the term and chooses the 'Save-n-Gain' payment option, half of the premiums will be taxed as yearly income. There are four different investment funds from which to choose. Severe illness coverage is available as an add-on. of the policy's duration.

4. The ICICI Smart Life Plan

With this plan, you have the option of investing in one of two different investment structures. When premiums are paid on time and without penalty, loyalty incentives are provided. Asset boosters have the potential to increase the value of your portfolio by up to 40 times the annual premiums you pay.

5. A New Money-Back Policy  for Children (LIC)

This plan is available to children aged 0 to 12. A minimum of one lakh rupees in Guaranteed Sum Assured. Throughout the course of the game, bonuses will be added. When the child reaches the ages of 18, 20, or 22, the cover will be charged only 20% of the fee.

Conclusion 

There are many different types of child plans available, such as market-linked and traditional plans, as well as basic and lump-sum plans. Choose the one that best meets your needs after weighing the various premiums and incentives. A child's life insurance policy can help pay for their education, including extracurricular activities and post-secondary education. It also helps your money grow, providing your child with the financial security he or she requires to weather the effects of inflation. As a result, a child life insurance policy is intended to protect and preserve your child for the rest of his or her life.

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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.