Know About Different Child Education Plans In India

Child Education Insurance Plans are designed to meet your security and savings needs in order to ensure the future of your children. One of the most important goals of being a parent is to ensure that your children have a bright future and a comfortable life. These options can assist you in accomplishing this goal by allowing you to save for your children's higher education at a prominent university. You pay premiums for a specific term with a Child Education Insurance Plan (monthly, half-yearly, yearly, or single pay). When your policy's term ends, you'll get a lump-sum payment called the Maturity Benefit. If an unpleasant incident occurs during the policy term, the firm will extend the life insurance sum to your nominee.

Most Efficient Child Education Programs

The following are some of the most popular child education plans:

• The Future Genius Education Plan of Max Life

Max's plan ensures that the child's financial aspirations are not threatened in the event of a parent's abrupt death or absence. In the case that the life assured passes away, the insurance will continue. You'll have the option of selecting your chosen premium payment method and coverage period. During the latter four years of the policy's life, this plan also provides a money-back benefit.

• ICICI Pru Smart Life Plan

With this plan, you have the option of investing in one of two alternative investment structures. When premiums are paid on time and without late penalties, loyalty rewards are offered. Asset boosters can improve the value of your portfolio by up to 40 times the amount you pay in annual premiums.

• A New Children's Money-Back Plan (LIC)

This plan is for children aged 0 to 12 years old. Guaranteed Sum Assured of at least Rs. 1 lakh. During this time, bonuses will be added. Only 20% of the amount will be charged to the cover when the child reaches the ages of 18, 20, or 22.

• Bajaj Allianz's Young Assure Plan

When Bajaj Allianz reaches maturity, it promises incentives and enhancements. Compensation for whole and partial disability is also included in this plan. The existing plan can accommodate up to 5 additional riders. The maturity profit could be distributed in three installments.

Conclusion

As a parent, you would never put your children's future, especially their education, in jeopardy. Investing in a Child plan, on the other hand, lets you plan ahead and ensure that your child is healthy regardless of the circumstances. Child plans come in a variety of flavors, including market-linked and traditional options, as well as regular and lump-sum options. After weighing the various premiums and incentives, you should make your decision depending on your personal needs. Choosing the finest child education insurance plan is a prudent decision you should make to safeguard your child's safe and secure future, but with so many plans to pick from, it's easy to become confused. That's where this article comes in. We've got you covered!

Also read: 

Top 4 child education plans in India

Buying Child Insurance? Keep These 5 Crucial Aspects In Mind

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.