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Child Plan

Every parent wants the best for their children and getting the best for them is their responsibility.  With the rising inflation everything has become costly. So everything needs to be planned beforehand be it child’s education, marriage, health care etc. A child plan can be the best way to plan and secure a child’s future. Moreover a child plan also provides protection in case of the untimely death of a parent. These plans are basically insurance cum investment plans.

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Type of Child insurance plans and how does it work.
A child plan can be of different types- Child ULIP plan and Child endowment plan.
Child ULIP Plan- A child ULIP Plan basically invests the premium amount in debt and equity instruments. The investor can choose the amount to be invested in debt and equity investments and the returns are market linked.
Child Endowment Plan- A child endowment plan basically invests in debt instruments and depends on the insurance company’s performance. The investor has to depend on the bonus being given out.
Based on the mode of the premium payment insurance can be categorized into two types:

  • Regular Premium plan - In this type of plan the premium is paid in regular installments. The premium is paid till the child attains 18 years of age .The maturity amount is received in installments in the next four years.
  • Single Premium plan - In this type of plan the premium amount is paid as a single payment when the policy is bought. The parents, while buying the policy fixes the maturity period. The maturity period should be fixed in such a way that the child should not be younger than 16 years of age and older than 25 years.

In case of death of the parent the child is being paid the sum that is being assured to take care of the immediate financial needs and the premium amount is being paid by the insurer until maturity.

Thus a child plan comes with several benefits:

  • Helps in securing the child’s future by providing financial assistance in case of death of the individual.
  • Tax benefits under section 80 C of the Income Tax Act.
  • One need not worry for the child’s higher education if proper coverage is chosen.

Generally a child life insurance has a long tenure of around 8-10 years and one should be careful while choosing the policy and must select the appropriate cover so that the policyholder is not under insured.

There are several companies in India that has various child insurance plans:

  • Life Insurance Corporation of India
  • HDFC Life
  • Birla Sun Life Insurance Plan
  • SBI Life Insurance
  • Kotak Life Insurance
  • PNB Metlife Insurance
  • ICICI Prudential Life Insurance
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