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Explore Different Types Of Child Insurance Policies India

Updated On Dec 09, 2021

Child insurance is a strategy that helps you achieve your goals by protecting the future and allowing your child's ambitions to take flight. It was created to safeguard your child's financial future while also ensuring that they have access to basic essentials in the case of a calamity. These plans address all of your concerns, allowing you to enjoy a worry-free life without having to be concerned about your child's future. In this post, we'll go over the many sorts of benefits provided by Child Plans, as well as the various types of Child Plans offered by Insurance Companies, in order to help you better understand and pick the plan that best matches your needs.

Types Of Child Insurance Plan 

In India, there are several types of Child insurance programs to choose from:

  • ULIP for Children

The Child ULIP offers three distinct benefits: high insurance coverage, frequent investing, and stock market participation. As a result of these advantages, the nominated Child will be entitled to the sum insured in the case of the parent's or legal guardian's death. Furthermore, upon the death of the parent, future premium payments will be canceled, and the maturity value will be paid at the moment of maturity. However, the market determines the payouts at maturity, making the plan suitable for lengthy periods of time such as 10-15 years. Firms provide varied selections amongst various investment funds under ULIP plans in order to make you obtain more money than you invested.

  • Child Endowment Plans 

On the basis of the insurance company's decisions, your assets are invested in various loan products. Although the profits on such investments are not very high, the extremely minimal risk involved ensures that your money is safe. These insurance policies offer consistent returns on your investments in the form of bonuses based on the policy sum insured. Bonuses on typical insurance policies are usually distributed after the second year. You can, however, see if the bonus is in cash or if it is a reversionary bonus that will be compounded or calculated with simple interest.

  • Regular Child Premium Plan 

Because everyone's financial situation is different, many parents may not be able to pay for a yearly premium all at once. They will be able to carry on with their strategy without interruption as a result of this. Parents are expected to pay the premiums on these plans monthly, quarterly, or half-yearly, depending on their income and convenience. Due to the lower cost and a variety of advantages tailored to the schedules, such premium payment cycles are appealing to a wide range of customers.

  • Child Plan with a Single Premium

These plans allow parents to pay the insurance payment in one lump sum for the full policy term, eliminating the stress of remembering premium due dates. Furthermore, the single premium plan relieves you of the burden of planning resources for the payment of policy premiums on a monthly basis. On top of that, several insurance providers offer significant discounts or lower premiums on Child insurance policies.


The greatest option for securing your child's future is to get a child insurance policy. To determine the ideal plan for your child, you must first have a thorough grasp of the many types of plans available. In this post, many sorts of Child plans are discussed so that you may choose the best one for your child.

Also read: Which Plan is the Best for My Child?

Is it Compulsory to Buy a Child Insurance 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.

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