Best Life Insurance Plans for Children

It is a known fact that education has become costlier over time and it is important to make sure that you do not fail to provide the resources required for your child to help them study or fulfill the goals that they set for themselves. To help you save and grow money for the future of your child, certain plans are specifically built to meet the needs of a child and provide them with financial stability and promote self-dependence. As a parent, it can be your primary concern on how to help your child financially to fulfill their goals. You can keep up your responsibility by investing in a child insurance plan. 

While investing in a plan or an investment instrument, you must be very careful and pick a safe and effective option. Considering all your financial aspects, the needs of the child, and the flexibility of your financial position before investing in your child is an utmost necessity in order to provide the best of all the benefits. You can provide your child a financially stable future by investing in a child insurance plan. These plans take care of your child even after you are gone.

Best Child Insurance Plans To Buy In 2021

It can be difficult for you to collect different leaflets of different child insurance plans available in the market. To make your research easier, the important features of the best child insurance plans are listed below -

1. Birla Sunlife Vision Star Plus Insurance

It is a regular insurance plan that includes participation. It is tailored to provide regular payouts for securing the child’s education financially. It takes care of the child’s education financially even after the parent or the guardian of the child happens to accidentally pass away.

• Offers you to choose the sum assured based on future needs.
• Provides two different payout options.
• You can choose annual, semi-annual, quarterly, or monthly payments to pay your premiums.
• You can avail of a loan against the terms and conditions.

2. Exide Life Mera Ashirwad Plan

This plan is specially tailored to provide financial security to your child and help them financially to reach the major milestones that occur in their life. They can choose to save for their future or to inc=vest in major expenditures. If they wish to study abroad for higher studies, they are financially supported by this plan. They can also invest this money in their marriage expenditure.

• A guaranteed sum assured is offered to the child to ensure that the child’s future is financially secure.
• Tax deductions under section 80C of the Income Tax Act, 1961 are applicable to this plan.
• The plan comes along with premium waivers.
• You can choose to receive a maturity benefit in this plan.

3. HDFC YoungStar Super Premium Plan

This plan is a unit-linked insurance plan that helps the parents of a child to ensure financial safety and support them to reach their future goals. 

• The plan offers 4 different fund options that you can choose from to invest in.
• You are provided 3 tenures to choose from being 10, 15, and 20 years.
• You can choose the sum assured.

4. ICICI Pru Smart Kid Assure Plan

This is a unit-linked insurance plan that helps you to create a strong financial base for your child for them to have a more comfortable and financially secure future. This helps them to fulfill their financial goals and reach their major milestones.

• There are two different options for premium payment being regular pay and single pay.
• The maximum maturity age is 64 years.
• There are also different fund options for you to invest in.

5. Kotak HeadStart Child Assure Plan

It is a unit-linked insurance plan. It helps you to save and grow money for your child’s future financial expenses like their educational expenses and the major life goals that they set.

• There are 7 fund options to choose from
• The minimum entry age is 18 years and the maximum is 60.
• The maximum maturity age is 70 years in this plan.

Conclusion

To provide a financially stable and secure future for your child, you can invest in child life insurance plans as they can help you save and grow money for their future expenses. Even in unforeseen unfortunate events like the death of the parent or the guardian, the child is financially secured through these plans.

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Advantages Of Purchasing A Child Life Insurance Plan

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.