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Salient Features of Child Insurance Plan

Updated On Sep 13, 2021

Child plans are investment and life insurance plans that assist you in saving money for your child's financial security in the future. Child plans are similar to ordinary life insurance plans, except that the nominee named in the life insurance policy is the child of the life assured. In the event of the life assured's untimely death, the sum assured is given to the nominee, who is the life assured's kid. Some child policies additionally have a Waiver of Premium option, which means that if the life guaranteed dies unexpectedly, all future premiums on the life insurance policy are waived and reimbursed by the insurance provider.

Salient Features of Child Insurance Plans

The following are some of the most important aspects of child plans:

1. Death Coverage

If the life assured dies, the sum promised, i.e. the death benefit is paid out to the nominee under a child life plan. The child of life ensured is the nominee under the child life plan. If the kid is beyond the age of 18, the death benefit is paid to the child; if the child is under the age of 18, the death benefit is paid to the child's guardian.

2. Financial Security

Child life insurance policies assist you in ensuring your child's financial security even when you are not present. Kid insurance plans have the option of Waiver of Premium, which means that if the policyholder or parent dies, the future premiums are waived and paid by the insurance company, and the nominee, i.e. the child, is paid the sum promised at the time of plan maturity. The advantages provided by the policy will assist your youngster in achieving his or her objectives and dreams.

3. Premium Waiver

The life assured is provided with a waiver of premium benefit under a child life plan, which waives all future payable premiums in the event of the life assured's untimely death. This benefit helps to ensure policy continuation by waiving premiums following the untimely death of the life guaranteed, which is paid for by the insurance provider. The benefit amount under this benefit is payable at the time of plan maturity and can function as a financial resource for your kid even in your absence, assisting him/her in achieving their goals and objectives.

4. Withdrawal in Part

Some child life insurance policies provide partial withdrawals during the policy term, allowing the life assured to contribute financial resources for their child's expenditures at various stages of their life.

5. The rider

You can pick extra coverages known as riders under the kid life insurance plan to supplement the coverage of the base life insurance plan. Accidental Death Benefit Rider, Accidental Total and Permanent Dismemberment Rider, Waiver of Premium Rider, and Critical Illness Rider are some of the most popular life insurance riders offered under child life insurance plans.


A life insurance plan for a child helps provide for your child's education, especially higher education expenses, other costs regarding extra-curricular activities, and more. It also helps you grow your wealth so that your child has enough financial security to face inflation. Therefore, a child life insurance plan works to protect and secure your child at every stage of their life.

You may also like to read - Reasons Why You Must Invest In A Child Life Insurance Plan

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