Which Is The Best Child Plan That Will Support My Child's Educational Needs?
Published On Jan 08, 2022
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Child Education Plans are a type of financial instrument that may be used to build a fund to cover a child's future financial needs. Child life insurance policies give financial protection to children in the event of the untimely death of the life guaranteed parent. Kid education plans can be used to support a child's further education, assist their child in launching a job, assist their children in launching their own dream enterprise, or even assist in funding their child's marriage expenditures. A child education plan can assist a parent in ensuring their kid's financial stability in the event of an unanticipated occurrence. A child education plan can also be used as collateral for a loan if you need money for your kid's costs right away.
Top 5 Education Plans for Children
The following is a list of the Top 5 Child Education Plans:
1. HDFC LIFE YoungStar Premium Plan
One of the greatest Child Policy Plans available is offered by HDFC Life. There are two types of Death Benefits available. A benefit is that in the event of the policyholder's untimely death, only half of the premium will be charged. Four distinct fund investments are available. Additional protection against serious illnesses.
2. ICICI Smart Life Plan
Another banking and insurance institution offers this plan. It gives you the option of choosing between two distinct investment portfolios. Loyalty incentives and bonuses are available with the ICICI Smart Life Plan.
3. LIC's New Money-Back Plan for Children
This is one of LIC's excellent insurance options, providing protection and cash for your child's future. It offers protection to youngsters from 0 to 12 years old. The Accrued Bonuses facility is included in the total insured. While the youngster is 18, 20, and 22 years old, 20% of the insured amount is charged. The Children's Money Back Plan guarantees an amount of 1 lakh or more.
4. Future Genius Education Plan by Max Life
You may be free of any anxieties about your child's future ambitions and desires if you follow this strategy. It offers coverage for the rest of the person's life after they pass away.Max Life Plan gives four money back guarantees, each of which must be claimed during the past four policy years. It gives you the freedom to pick your premium payment and policy conditions.
5. Bajaj Allianz Young Assure Plan
The Bajaj Allianz Young Assure plan helps you meet your financial objectives while also providing support for future expenditures. The maturity benefit can be received in three installments. Additional Bonuses based on the Sum Assured at maturity. Accidental Life Disability Benefits are available. There are 5 distinct Riders available.
These are the most effective child education plans on the market. The perks provided ensure that your child's goals are not jeopardised due to financial hardship. Examine the features, advantages, and coverages of each plan before deciding. A child's life insurance policy can assist pay for their schooling, as well as extracurricular activities and post-secondary education costs. It also helps your money grow, giving your child the financial security he or she needs to weather inflation. As a result, a child life insurance policy is designed to safeguard and preserve your kid throughout his or her lifetime.
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.