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How Life Insurance Is Useful For Planning For Your Kids' Education?

Published On Mar 03, 2021 12:00 AM By InsuranceDekho

Life insurance provides life coverage along with benefits which assists you during key phases of your life, education of your children is one of them. The cost of educating a child in India is increasing steadily and planning ahead for higher studies is truly essential.

Child Insurance plans are most suitable when it comes to providing quality education to your children. In child insurance plans, the parents are known as the policyholder and the children are the beneficiary. Following is the of the best child insurance plans offered by various popular insurance companies:

Also Read:- Features of Child Life Insurance Plans

5 Reasons To Purchase A Child Plan

Benefits of Child Insurance Plans

The child insurance plans can be very necessary to an individual when pursuing higher studies, the importance of such plans are as follows:

1. Availability of different variants of child plans

Child plans are usually available in 2 types namely Unit Linked insurance plans and endowment plans. ULIPs for the children invest in the market which maximises wealth while endowment plans offer fixed guaranteed returns.

2. Wide Array of Benefits

The child plans provide enough corpus to pursue higher education, there are some additional benefits such as partial withdrawals in case of any financial urgency, waiver of premium option where the payment of the premium is waived in case of death of the parent and collateral option to provide for child related borrowings.

3. Flexibility in Pay out

The child insurance plans offer 2 different payout options- lump sum and regular instalments. The lump sum payout can be used for many different purposes like marriage, higher studies or any financial requirement. The regular installments can be a source of fee payment and fees for extra curricular activities.

Best Child Insurance Plans in India

Child Insurance policy

Age of Entry

Maximum Maturity Age

Minimum Annual Premium

Sum Assured

Aviva Young Scholar Secure

Min- 21 years

Max- 50 years

71 years

INR 50,000

10 X annualised premium

Aegon Life Rising Star Insurance Plan

Min- 18 years

Max-48 years

65 years

INR 20,000

10 X annualised premium

Bajaj Allianz Young Assure

Min- 18 years

Max- 50 years

60 years

Based on sum assured

INR 25,000

Exide Life Mera Aashirwad

Min- 21 years

Max-50 years

65 years


INR 3.5 Lakh

HDFC SL Young Star Super Premium

Min- 18 years

Max- 65 years

75 years

INR 15,000

10 X annualised premium

Kotak Headstart Child Assure

Min- 18 years

Max- 60 years

70 years

INR 20,000

10 X annualised premium

PNB Metlife College Plan

Min- 20 years

Max- 45 years

69 years

INR 18,000

INR 2,12,040

Max Life Shiksha Plus Super Plan

Min- 21 years

Max- 65 years

66 years

INR 50,000

10 X annualised premium

You May Also Like to Read:- Things You Must Know About Child Insurance Plans

Top Reasons To Buy A Child Insurance Plan

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