Top 3 Child Insurance Plans To Buy In 2021

Life will provide your kid with the same obstacles that you encountered in your own life, and it is your job to ensure that when such issues arise, your child is prepared and has the necessary tools to deal with them. A Child Insurance Plan not only protects your child's future but also provides you with an investing framework. If you are not alive when the plan matures, you will be leaving assets to empower your child's future. In this post, we will look at the reasons to get a child insurance policy as well as the Best Child Insurance Plans in India in 2021.

Benefits of Buying a Child Insurance Policy

You should get Child Insurance Plans for a variety of reasons. The explanation behind this is as follows:

1. Provides Guaranteed Benefits Upon Maturity

There's something unique about a kid policy that you won't discover in any other sort of policy. It is a guaranteed sum promised that will be obtained by the insured even if you are not there when the plan matures. This is known as a premium exemption advantage, and it assures that the profit may be used to help your child's future and ambitions.

2. Insurance And Investment Provide Dual Assurance.

These Child Insurance Plans contain two values in one bundle. The first component is insurance coverage designed specifically for the kid, and the second component is an investment structure designed to provide funds for the child's future. All school tuition and further education expenditures will be covered, allowing you to prepare for your child's future needs.

Top 3 Child Insurance Plans To Buy  In 2021

The following are some of the best child insurance plans on the market:

1. HDFC Life YoungStar Super Premium Plan 

HDFC provides two types of death benefits. If the parent dies during the term, only half of the premium will be paid. You have a choice of four investing funds.

Features of HDFC Life YoungStar Super Premium Plan 

• Unit-associated package with two death benefit choices
• If the parent dies during the period and the 'Save-n-Gain' payment choice is chosen by the parent, half of the premiums are charged as yearly income.
• There are four investment funds to choose from.
• As an alternative, severe illness coverage is provided.

2. 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

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

3. 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

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

Conclusion

As a parent, you would never jeopardize your children's future, especially their education. Investing in a kid plan, on the other hand, allows you to plan ahead of time and ensure that your child is healthy no matter what. There are several types of child plans available, including market-linked and conventional plans, as well as basic and lump-sum plans. After evaluating the different premiums and incentives, you should select the one that best meets your needs.

Also read - Understanding Significant Features Of Child Insurance Plan

Savings And Investment Tips For Education Of Your Child

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.