The Best Online Child Insurance Plans Available in India

A child plan is a combination of investment and insurance that assist in the financial planning for a child's future needs. The insurance component protects the child in the unfortunate event of a parent passing. 
The investment avenue creates an adequate corpus to secure the child's future. Furthermore, the best online child insurance plans offer flexible payouts at significant milestones that might efficiently pay for a child's education at various phases.

Best Online Child Insurance Plans in India

Some of the top online child insurance plans available in India now are 

1. HDFC Life Youngstar Super Premium Plan

It is the best online insurance plan and child's policy available for insurance coverage and investment options. The parents can use this unit-linked plan at various stages of the child's life, including the child's higher education, marriage, etc. Some of the plan features are,

• The insurer can customise the plan to meet the child's specific needs.
• If the life assured (parent) dies, this plan would pay 100% of the future premiums.
• If the parent passes away while the term policy is in effect, 50% of the premiums are charged as annual income. Most parents prefer the "Save-n-Gain" payment.
• Four investment funds are available.
• The policy tenure periods are 10 years, 15 years, and 20 years.

2. ICICI Pru Smart Kid Solutions

This unit-linked plan gives the child all-around safety for a better future. Some significant features of this plan are,

• Select an investment strategy based on the changing needs of the child.
• This online insurance plan provides all-around protection to the child. The child will receive a lump sum payment if an unexpected event occurs during the policy period.
• This policy provides two ways to pay for premiums (regular pay and single pay).
• The plan offers the benefits of wealth boosters and loyalty addition. The policy period ranges from 10 to 25 years.

3. Bajaj Allianz Young Assure Plan

This traditional savings plan motivates the child to meet his or her financial objectives. The plan's features include,

• This plan provides both the advantages of life insurance and financial stability.
• The insurance plan has riders that improve coverage.
• Several alternatives for premium payments and policy terms.
• Offers a discount for a bigger amount of insurance.
• The insured receives both a terminal bonus and a vested bonus at maturity.

4. Max Life Shiksha Plus Super Plan

This plan helps secure a fund for the child’s future education and other needs. Some of the plan's features are,

• This plan provides total family coverage and complete coverage for the child's education.
• The policy terms range from 15 to 25 years.
• This plan offers six different fund choices.
• After the 11th year, the insurer will include additional units in the fund.
• This plan provides maturity benefits at the end of the tenure.
• In the case of an emergency, the insured is eligible for partial withdrawal.

5. LIC New Children Money Back Plan

The plan is the best child insurance plan as it meets all multiple requirements of growing children, including their education, marriage, etc. Some of the features are,

• The maturity benefit under this plan is equal to the sum assured plus any relevant bonuses.
• This plan provides a survival reward (equal to 20% of the base sum assured) after the insured individual reaches a particular age.
• LIC offers a discount for paying a large premium.
• Under this policy, you may obtain a loan.
• This plan provides a death benefit to the nominee.

Conclusion

The need for online child insurance plans cannot be understated, given the uncertainty of life. Children rely on adults for several things, including food and money to pay for their education. On the death of a parent, a child shouldn't have to suffer financially to get the most basic level of care and education. It is why having child insurance is crucial if you are a parent.
Insurance providers offer different kinds of child insurance plans, each serving the specific needs of parents.  Given the wide range of options available for online child insurance plans in India, it is crucial to carefully investigate and shortlist the solutions that best meet the needs and that of the child.

Also read: High-Return Investment Plans Available For a Child in 2022

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