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Insurance policy is a contract of protection/compensation by the insurer to the insured. It is designed to reimburse or compensate the insured party for the financial loss caused in event of death or damage to merchandise as mentioned in the insurance contract.

Broadly insurance can be classified in two categories:
First - Life Insurance which matures in event of death of the insured/policyholder. On occurrence of such an event the insurance company pays a sum of money assured to the nominee/beneficiary (person nominated by the policyholder). Life Insurances are of two types:
Traditional Plans - which contain Endowment Plan , Cash Back Plan, Term Plan , (Term Life Insurance) and Whole life policy. And Unit-linked Insurance Plans - are of 4 types - Endowment cum Ulips, Children Plan , Retirement Plan or Pension plan and investment/saving plans.
Second - General insurance. All insurance policies other than life insurance policies come under general insurance segmentation. (Also known as non-life insurance policies). These policies include Home Insurance, Auto Insurance, Travel Insurance, Marine Insurance, Theft Insurance, Office insurance and Health insurance
Health insurance is most acquired policy in general insurance segment. Health insurances are of 3 types - Comprehensive Plan - which include Mediclaim and Fixed benefits plan, Accidental Insurance and Critical Care plan .
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Home > Child Plan

Child Plan

Children Plan / Child Plan is a type of life insurance plan. This plan help you save and gives your children the freedom to make their dreams come true. This insurance policy provides risk cover on the life of child.

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Children Plan / Child Plan is a type of life insurance plan. This plan helps you to save small amount from today and gives your children the freedom to make their dreams come true. This insurance policy provides risk cover for the future of your child. When a new child comes to a family there is happiness all around but the parents should start planning their kid’s future from the same day. As a parent we forget our life for our kids but think once the better financial planning can solve all your life trouble. It’s not necessary to do a heavy investment for your child at one time even gradual investment for long time makes sense to the responsible parents.

Importance of Child Plan:
As per the current scenario life has really become unpredictable. In that case safety of your own ones bothers a lot. Being a caring parent changing circumstances for your kid like child's education, marriage etc mandate that the financial planning has to be done to meet these objectives within the given timeline.

Why Child Insurance plan?
Every parent dreams a bright future for their kid’s .But to achieve that dreams we have to make sure that the savings for that time should be started from day one. Education is always a major requirement for our child. Considering today’s scenario where education is becoming expensive day by day. After education the next move is for settling down that includes marriage expenses. Among all the planned expenses we can’t ignore unforeseen expenses such as illness etc.
To handle these situations we should start investing in best child insurance plan where at the right age of our child we can financially support him. There is several type of insurance policy offered by Insurance companies for your child in their portfolio like

ICICI Prudential: ICICI Pru SmartKid Regular Premium | ICICI Pru SmartKid Premier

LIC: Komal Jeevan| Jeevan Anurag | Jeevan Kishore | Jeevan Chhaya

Bharti AXA: Bharti AXA Life Bright Stars Edge| Bharti Axa Life Power Kid Insurance Plan

Aviva Life Insurance: Aviva Young Scholar Advantage | Aviva Young Scholar Secure

HDFC Life: HDFC Children's Plan | HDFC Unit Linked Young Star II | HDFC SL YoungStar Super Premium

Max Life Insurance: Max Life Shiksha Plus II

SBI Life: SBI Life Scholar II

Birla SunLife: BSLI Children's Dream Plan | BSLI (Bachat) Child Plan

Some are pure traditional plan and other market linked. Any accumulation plan is based on the strategy of assets allocation via Systematic investment plan (SIP) so as to generate returns over time.
The success of Child Plan is to start early while deciding on the scheme to opt for. It is necessary to arrive at the intervals at which regular withdrawals would be required.

Want to know how rising cost will effect your child/Grand child academics. Child Education Cost Calculator

In normal Child Insurance plan:
1) One needs to pay premium up to a predetermined term.
2) If Proposer (In most cases parents) dies and if PWB* is taken (In most of the policies it comes by default) all the future premium will be waived, and child will continue to get all the benefit stated in the policy.
3) If Child dies
a) Before commencement of risk, Premium paid is returned
b) After Commencement of risk, S.A or accumulated amount whichever is higher is paid to proposer and Policy gets terminated.
4) If every thing works fine, On Maturity Child will receive amount as stated in the Policy.

In a child Insurance policy, normally risk commence after child completes 7 years or 5 policy years, whichever is later. These Child Policies pay Periodic amount so parent can use this amount to fund unforeseen expenses for child. Child Plan is ideal for you as it encourages you to save systematically and create a sufficiently large corpus for your child’s dream, be it higher education, set up a business or wedding.
*It is the Premium Waiver Benefit that secures your child future if something unfortunate happens to you. This makes them interesting, and a worth investing your money.
10 Comments, read them below or add one
  • Sheeba      February 21, 2013 6:31 pm
    My son is 6 months old and I want to give him the best possible education.please suggest me a good plan for him.
    Post Reply
    • Aman       February 25, 2013 12:37 pm
      You can go for LIC Komal Jeevan.
      Post Reply
    • prakash      January 31, 2013 11:35 pm
      my girl is 6 year old suggest me the best plan to go ahead
      Post Reply
      • raju      January 28, 2013 11:05 pm
        my son born 2 month before so i want child gain plan.. What are the benefits of this plan?
        Post Reply
        • Piya      January 29, 2013 12:52 pm
          Child Gain plan offers you additional benefit of Accidental Permanent Total Disability in which an additional sum assured is given in case of unfortunate death. you will get good return when your child age will be 18, 19,20 or 21. Limited Premium Payment.
          Post Reply
        • umesh k vyas      January 20, 2013 1:14 pm
          I has a daughter Avani age of 2.5 years. I want best education for her and also her needs.
          Post Reply
          • Piya      January 21, 2013 11:41 am
            You can go for Aviva freedom advantage,HDFC Life Youngstar superII or ICICI Pru smart kid. Check the returns as per your age and investment amount.
            Post Reply
          • sidharth shankar      January 9, 2013 7:07 am
            i have a 7 years son, kindly advice best children plan for eduction purpose.
            Post Reply
            • Saira      January 9, 2013 11:24 am
              You must need money for your child when he will be of 18 yrs i:e after 11 yrs.....you can for ICICI Pru smart kid or Aviva freedom life advantage.Both the plans gives good return in fix time.
              Post Reply
            • Advik      January 7, 2013 11:44 am
              For a investment of 16 lacs for 16 yr and assuming the return @ 10% can easily get approx 30 lacs.
              Post Reply
              • narayana      January 7, 2013 9:45 am
                if i deposit 1 lake for my child for 16 years how much she will get at that time of 16years...
                Post Reply
                • Riya      January 3, 2013 12:46 pm
                  My spouse age is 30 yrs.Pls lemme know what more details you want.
                  Post Reply
                  • atul      January 3, 2013 7:34 am
                    send me ore datil
                    Post Reply
                    • Riya      December 28, 2012 1:30 pm
                      Is it necessary to buy only child plan for my new born kid or can also look for some investment plan which give high return after certain fixed time? Suggest me the best plan to go ahead.
                      Post Reply

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