Different Types Of Child Plans Available In India.

Child insurance is a strategy for attaining your goals by securing the future and allowing your child's ambitions to take flight. It was created to safeguard your child's financial future while also guaranteeing that basic needs are met in the case of a calamity. These plans address all of your concerns, allowing you to relax and enjoy life without worrying about the future of your child. To assist you in better understanding and picking the plan that best matches your needs, we'll go through the many sorts of benefits given by Child Plans, as well as the various types of Child Plans offered by Insurance Companies, in this post.

The Top Three Child Education Plans

The top three child education plans are as follows:

1. HDFC LIFE YoungStar Premium Plan 

HDFC Life offers one of the best Child Policy Plans on the market. It has two separate Death Benefit options. Only half of the premium will be levied in the case of the policyholder's untimely death. There are four separate fund investments available. Additional safeguards against dangerous diseases.

HDFC SL Youngstar Super Premium Plan Benefits

• The plan allows you to invest in one of four different types of funds.
• You can choose the amount of your premium under the plan.
• The strategy assists in deciding on a policy duration of 10 years, 15 years, or 20 years.
• The strategy aids in determining the amount guaranteed.

Benefits Offered by HDFC SL Youngstar Super Premium Plan

• The policyholder can tailor the plan to their own requirements.
• Both insurance and investment options are available via the plan.
• Section 80C of the Internal Revenue Code provides tax benefits.

2. ICICI Prudential Smart Kid Assure Plan

This is a Unit Linked Insurance Plan that assists in the building of a financial corpus for the children's future while also providing insurance coverage. The following are the policy's features and benefits.

ICICI Pru Smart Kid Assure Plan Features 

• Regular pay and single pay are the two premium payment options offered by the plan.
• The maximum maturity age for the insurance is 64 years.
• The plan offers a variety of investment fund options.
• The policy tenure ranges from 10 to twenty-five years.

ICICI Pru Smart Kid Assure Plan Benefits

• The plan offers complete security to safeguard the child's financial future.
• The plan offers two portfolio strategies from which to choose.
• The benefit of loyalty addition and wealth booster is offered by the long-term investment policy.
• Tax benefits are available.

3. Bajaj Allianz Young Assure Plan

The Bajaj Allianz Young Assure plan assists you in meeting your financial goals by offering support for future charges. The maturity benefit can be obtained in three payments. There are further bonuses possible in addition to the Sum Assured upon maturity, such as accidental life disability gain. There are 5 different Riders to choose from.

Features of Bajaj Allianz Young Assure

• Minimum entrance age of 18 years and a maximum admittance age of 50 years are allowed under the policy.
• The maximum maturity age for the insurance is 60 years.
• The insurance company offers a variety of premium payment and policy term options.
• The insurance company will give you a discount on your rate if you have a higher guaranteed sum.

Bajaj Allianz Young Assure Advantages

• In addition to the guaranteed additions, the policyholder receives a guaranteed maturity bonus when the insurance expires.
• At the policy's maturity, the covered individual receives the vested bonus as well as any terminal bonuses.
• Based on major life events for the child, the policyholder can choose to receive the maturity benefit over three, five, or seven years.
• Additional rider benefits are available to augment the policy's coverage.
• Sections 80C and 10(10D) of the Internal Revenue Code provide tax benefits.

Conclusion

These are the most efficient child education programs available. The benefits provided ensure that your child's ambitions are not jeopardized by financial constraints.

Also read - Child Plans And Its Features To Look For While Purchasing Them