Eligibility Criteria to buy a Child Insurance Plan
Published On Jul 04, 2021
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Being a parent, it is your first and foremost responsibility to make proper financial planning in order to provide a safe and secure future to your children. These planning and investments help children to get financial aid during the journey of achieving major milestones in life. Child Plans is a type of life insurance policy, and plays an important role in helping parents plan and fulfil this responsibility.
Child Plans are specially designed to fulfil two purposes at the same place including insurance products as well as an investment tool. The insurance cover provides financial security to your child at all different stages of their life. The eligibility to buy a child plan depends upon the Insurance Company.
In this article, we will discuss a variety of Child Insurance Plans and their Eligibility and Terms and Conditions required to purchase the Policy.
Types of Child Insurance Plans and Their Eligibility
There are a wide array of Child Insurance Plans and their eligibility or terms and conditions varies from company to company:
LIC New Children Money Back Plan
The minimum Entry Age required for applying this policy is right after birth whereas the Maximum Entry Age is 12 years. There is no Minimum Maturity Age under this policy whereas the Maximum Maturity Age is 25 years. Premium Payment can be done in frequency i.e. yearly, monthly, half-yearly, and quarterly. Premium Payment can be done in 7 pay, 10 pay or 5 pay. The minimum Sum Assured required under this policy is Rs. 1 lakh whereas there is no limit for the Maximum Sum Assured.
HDFC Life YoungStar Udaan
The minimum Entry Age required for buying this policy is 30 days whereas the Maximum Entry Age is 60 years. The minimum Maturity Age under this policy is 18 years whereas the Maximum Maturity Age is 75 years. Premium Payments can be done in mode i.e. yearly, monthly, half-yearly, and quarterly. The minimum Policy Term is 15 years and the Maximum Policy Term is 25 years.
SBI Life-Smart Champ Insurance
The minimum Entry Age of a Child is 0 years whereas the Maximum Entry Age is 13 years. Minimum Maturity Age of Life Assured is 42 years and Maximum Maturity Age is 70 years. Premium Payment mode is yearly, monthly, quarterly and half-yearly. Minimum Sum Assured is Rs. 1 lakh and Maximum Sum Assured is Rs. 1 crore. Policy Tenure is for 15 years.
ICICI Pru Smart Kid Solution
The minimum Entry Age required under this policy is 20 years whereas the Maximum Entry Age is 54 years. The minimum Maturity Age is 30 years and the Maximum Maturity Age is 64 years. Premium Payment can be done in mode that is monthly, yearly, and half-yearly. The minimum Policy Term is 10 years and Maximum Policy Term is 24 years. The minimum Entry Age of a Parent is 20 years whereas Maximum Entry Age is 60 years.
Max Life Future Genius Education Plan
Minimum Entry Age required under this policy is 21 years and Maximum Entry Age is 45 years. The Maturity Age of the Policyholder is 66 years. Premium Payment can be done in frequency yearly, monthly, half-yearly and quarterly. Policyholders can pick any term between 13 to 21 years.
As we can clearly see that all the plans required different eligibility conditions by the life assured to purchase the policy. You as a policyholder can go through certain terms and conditions and make a sound decision before purchasing a particular plan.
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.