Top 5 Child Insurance Policies In 2024

Best child insurance plans will strengthen the child’s financial future and offer flexible payouts at intervals so that every child can fulfil his/her desire and achieve the milestones of life. Before committing any investment, go through the terms and conditions of each plan and choose the best life insurance for children. Then, make your investment plan wisely to ensure that your child is secured in the best possible way. 

Advantages of Child Insurance Policy in 2024

A child plan policy will not only safeguard your child’s future but also offer some added advantages as mentioned below:-

Guaranteed Benefit: A child insurance plan offers a guaranteed child education plan that you may not get with other types of investments. Many child education programs come with an in-built incentive called a premium exemption benefit. This benefit offers to pay a maturity benefit irrespective of whether the parent is alive at the time of maturity or not. Thus, by opting for a childhood life insurance policy, you can secure the future of your child.

Dual Benefit: The best child education insurance plan is a dual plan (investment-cum-insurance plan). One part is the formation of a financial corpus, especially for kids, and the second one offers peace of mind. 

List of Top 5 Best Child Insurance Plans in India for 2024

There are many insurance policies available in the market but how would you know which is the best child insurance plan in India? Here we listed out some of the best child insurance plans with their details that will help you to make the right decision.

1. HDFC Life Youngstar Super Premium Plan

This is the best kid’s policy that offers investment options and insurance coverage. This unit-linked plan can be used at various stages of your child, including higher education, marriage, etc. Some features are,

• This plan can be customized as per your child’s various requirements.
• In case of death of the life assured this plan used to pay 100% of the future premiums.
  50% of the premiums are charged as annual income if the parent dies during the term policy. The parents prefer the ‘Save-n-Gain’ payment.
• Four investment funds are available.
• The policy tenure periods are 10 years, 15 years, and 20 years.
   

2. ICICI Pru Smart Kid Solutions

This is a unit-linked plan that offers comprehensive protection to your child for a better future. Some salient features of this plan are,

• Choose an investment strategy as per your child’s evolving needs.
• This plan offers all-around protection to your child. Your child will get a lump sum amount in case of an unfortunate incident during the policy term.
• This plan offers two premium payment options (regular pay and single pay).
• The benefits of loyalty addition and wealth boosters are offered under this plan.
• The range of policy period is between 10-25 years.

3. Bajaj Allianz Young Assure Plan

This is a traditional savings plan that inspires your child to achieve his/her financial goals. Some features of the plan are,

• This plan offers financial security along with the benefit of life cover.
• The plan offers rider benefits to enhance coverage.
• Multiple premium payment and policy term options.
• Offers a rebate for a higher sum assured.
• At the time of maturity, the insured person gets a vested bonus plus a terminal bonus.
   

4. Max Life Shiksha Plus Super Plan

This plan helps you secure a fund for your child’s future education and other needs. Some features are,

• This plan offers comprehensive coverage for your family along with your child’s education.
• The range of policy terms is between 15-25 years.
• This plan comes with 6 fund options.
• After the completion of the 11th year, additional units will be added to your fund.
• This plan offers maturity benefits at the end of the policy term.
• In the case of financial urgency, you are eligible for partial withdrawal. 

5. LIC New Children Money Back Plan

Are you looking for the best children’s money-back policy plan? Then, the LIC New Children Money Back plan could be your utmost choice as it meets all multiple needs of growing children, including their education, wedding, etc. Some features are,

• This plan offers a maturity benefit equivalent to sum assured and applicable bonuses.
• After the certain age of the insured person, this plan offers a survival benefit (equivalent to 20% of the basic sum assured).
• LIC provides a rebate on a high premium amount.
• You can take a loan under this policy.
• This plan offers a death benefit to the nominee.

Also read:

High Return Child Plan

Child education plan insurance