Best Child Insurance Plans Available in India in 2024

With rising prices and a rising pace of schooling, having a child insurance plan has become a need for parents. Child insurance payouts can be utilised for a variety of things, including medical expenditures, education fees, and other milestones in your child's life. When it comes to financial objectives, there is a wide range. A single policy may not be acceptable to everyone. 

Now that we understand the significance of having a child insurance plan, the typical question is, which is the best child insurance plan to invest in? With such a wide variety of child insurance policies on the market, selecting the appropriate one can be difficult.

Top 3 Child Insurance Plans - 2023

To choose the finest child insurance plan for your financial goals, you must look at the top ones on the market. Following are the features and benefits of the top 3 child insurance plans.

1. Birla Sun Life Vision Star Plus Plan 

This is a typical participation insurance plan that is particularly intended to offer monthly assured payouts for funding the child's education and financially ensuring the child's future even if the parents are not there, as well as full financial security. The following are the policy's characteristics and advantages:

Features of Birla Sun Life Vision Star Plus Plan

1. The plan allows you to select the sum guaranteed amount based on your future needs.
2. The plan allows you to select a premium-paying period ranging from 5 to 12 years, depending on your needs and preferences.
3. The plan allows you to pick between two distinct compensation choices.
4. You can borrow against this insurance up to the maximum surrender value.
5. You have the option of paying the premium annually, semi-annually, quarterly, or monthly.

Benefits of Birla Sun Life Vision Star Plus Plan

1. In the event of the policyholder's death, the nominee will get the death benefit. In addition, there will be no need to pay premiums in the future.
2. On the maturity date, the accumulated bonuses will be paid. In addition, if you stop paying your premiums after three years, your policy will not lapse, but it will continue to operate on a reduced paid-up basis.
3. Section 80C of the Income Tax Act provides tax advantages.

2. ICICI Pru Smart Kid Assure Plan

This is a Unit Linked Insurance Plan that helps to build a financial corpus for the children's better future while simultaneously providing insurance coverage. The following are the policy's characteristics and advantages.

Features of ICICI Pru Smart Kid Assure Plan

1. The plan provides two premium payment options: regular pay and single pay.
2. The insurance has a maximum maturity age of 64 years.
3. The plan provides several fund alternatives for investment.
4. The policy tenure spans from ten to twenty-five years.

Benefits of ICICI Pru Smart Kid Assure Plan

1. The plan provides full protection to ensure the child's financial future.
2. The plan provides two portfolio strategies from which to pick.
3. The advantage of loyalty addition and wealth booster is provided under the policy of long-term investment.
4. Tax advantages are available under Sections 80C and 10(10D) of the Income Tax Act.

3. Bharti Axa Life Child Advantage Plan

This is a non-linked participating life insurance plan that allows you to choose between money return and endowment. The plan includes a built-in premium waiver benefit option. Let's take a look at the policy's features and advantages. 

Features of Bharti Axa Life Child Advantage Plan

1. The policy's minimum entrance age is 18 years, while the policy's maximum entry age is 55 years.
2. The policy has a maximum maturing age of 76 years.
3. The policy allows for the selection of several policy tenures.
4. The policyholder can select a policy term ranging from 11 years to 21 years depending on the age of the kid.

Benefits of Bharti Axa Life Child Advantage Plan

1. The policyholder can select between two maturity benefit options: money-back and endowment.
2. The policy has the built-in advantage of a premium waiver.
3. Section 80C of the Income Tax Act provides tax advantages. The policyholder can select between two maturity benefit options: money-back and endowment.
4. The policy has the built-in advantage of a premium waiver.
5. Section 80C of the Income Tax Act provides tax advantages.

Conclusion

Once you are aware of the growing necessity to secure a child's plan to ensure your child's smooth transition into a bright future, you should handpick a plan to suit your child's demands from the multitude of investment plans accessible in the market. The ultimate decision is made based on your financial needs and aspirations. Nonetheless, it is usually beneficial to reduce down options. The top selections are generally the greatest ideas, thus it is uncommon to make a mistake with them.

Also Read: 

Is Child Insurance Plan A Necessity?

Step-to-step Guide to Choose the Best Child Education Plan