Popular Child Life Insurance Plans in India 2021
Updated On Aug 19, 2021
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One of the most important responsibilities that come with being a parent is to secure your child’s future financially so that they can lead a comfortable life and fulfill their life goals when or not you are around. Child plans make sure that your child is financially supported in every step they take. Being participating plans, child plans do not end when the parent or the guardian passes away accidentally. The insurer pays the premiums on behalf of the child to ensure their safety. They provide medical insurance and can act as collateral assets.
Popular Child Life Insurance Plans in 2021
There are many child insurance plans offered by different insurers. You must compare different plans and choose one that suits your lifestyle comfortably. To help you pick, some popular child insurance plans are -
1. Max Life Shiksha Life Super
Max Life Shiksha Life Super is a unit-linked plan. It is carefully designed to meet the financial needs of a child to provide them financial security even in times of crisis. The policy term and premium payment can be chosen by the life assured. The life assured can choose from 5 different funds. In case of financial emergencies, the life assured can withdraw partially.
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2. Kotak HeadStart Child Assure Plan
Kotak Head Start Child Assure Plan is a unit-linked insurance plan. It is designed to help you to save and grow money for your child’s future financial expenses like their educational expenses and the major life goals that they set for themselves. There are 7 fund options offered by this plan choose from. The minimum entry age of the parent in this child insurance plan is 18 years and the maximum is 60. The maximum maturity age offered by this plan is 70 years.
3. Bajaj Allianz Young Assure Plan
Bajaj Allianz Young Assure is a plan that is a savings option and a plan that ensures the safety of the child financially and provides a benefit of life insurance. It is carefully built to meet the needs of the child financially while fulfilling their life goals. The minimum entry age is 18 and the maximum is 50. The plan offers a maximum maturity age of 60 years. It also offers different payment options.
4. Exide Life Mera Ashirwad Plan
This plan is specially tailored to provide financial security to your child. This plan helps them financially to fulfill the major goals and reach milestones that occur in their life. They can save for their future or invest in major expenditures. They are financially supported by this plan if they want to pursue their higher education abroad. They can also save this money for their marriage expenditure. A guaranteed sum assured is offered to the child to make sure that the child’s future is financially stable. Tax deductions under section 80C of the Income Tax Act, 1961 are applicable in this plan.
In conclusion, investing in child insurance plans means providing financial support to your child along with life cover. They make sure that your child is financially supported through every major event they go through.
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.