Popular Child Life Insurance Plans To Invest In India

A child insurance helps in financially planning your child’s future needs. In this type of insurance plan, you pay your premiums for a selected period. Once your policy term ends, you receive a lump sum amount called the Maturity Benefit. In case of a death during the policy term, the company offers your nominee the Life Cover amount. The company also waives off premiums for the remaining policy term to ensure that your children’s future is always secure. At the end of the policy term, your child receives the promised maturity amount. This benefit is available provided all due premiums are paid on time and the policy is valid. Let’s have a look at some of the child plans available today. 

Best Child Life Insurance Plans in 2021

Here's a list of the top child life insurance plans available:

Bajaj Allianz Young Assure

The entry age is 18 to 50 years and maturity age is minimum 28 and maximum 60 years. Flexibility in choosing premium payment and policy term options to ensure you have financial backing at major events of life. Option to choose 3 Cash Instalments. Get comprehensive coverage in case of death or accidental disability. Option to enhance your coverage with rider benefits. Special rates for female policyholders.

HDFC Life YoungStar Super Premium

The entry age is between 18 to 65 years and maturity age is maximum 75 years. The minimum policy term is 10 years and maximum policy term is 20 years. Flexibility to customize plans to suit your child with the premium, Sum Assured and the plan option of your choice.
Multiple premium paying options available for convenience. Get tax benefits subject to provisions contained under sections 80C and 10(10D) of the Income Tax Act, 1961.

Birla Sun Life Insurance Vision Star Plan

The entry age is between 18 to 55 years and maximum maturity age is 75 years. In case of death, all future premiums will be waived off and the nominee will get the death benefit. Loan can be taken against the policy for the maximum surrender value. Flexibility to choose premium paying terms. Tax benefits can be availed.

Aviva Young Scholar Advantage Plan

The entry age is between 21 to 45 years and maximum maturity age is 60 years. Premium payment term is equal to the policy term.
Yearly premium paying mode. Waiver of future premiums in case of death of a parent. Flexibility to withdraw money for major milestones. Lump sum pay out in case of death of parent to maintain financial stability.

Reliance Nippon Life Child Plan

The entry age is between 20 to 60 years and maximum maturity age is 70 years. Guaranteed sum assured irrespective of survival of the policy holder. Upon death of the policy holder, all future premiums are waived off and policy continues. Flexibility to choose policy terms between 10 to 20 years. Option to choose premium paying terms. Tax benefits on premium and returns.

Conclusion

Most of the child insurance plans come with riders that help you enhance the protection or make your child insurance plan work more efficiently for you. So, before you decide on any child insurance plan, always check the flexibility that it is offering you with regards to shaping your child’s future and fulfilling his needs in an efficient manner. After all, that is the whole point of getting a customised child insurance plan. 

Also Read: Benefits Of Purchasing A Life Insurance Policy Online

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