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Best Child Insurance Plans in India 2022

August 07, 2022

Top Child Insurance Plans In India You Can Choose in 2022

Are you concerned about your child’s future due to the rising education costs? Do you want to invest in the best child insurance plan? If so, here are the top plans for your child’s education and future.

Every child is unique with their distinct aims and aspirations in life. However, they need the right platform and guidance to be able to achieve those. Right guidance can be gathered from parents, elders and teachers etc. But for the right platform, they need appropriate education.

Parents do their best to offer their child every possible means to help them excel in their chosen career and future. However, lack of capital comes as a hindrance in the way of fulfilling the dreams of many children. Hence, investing in a child insurance plan is a smart step towards securing a bright future for your child.

With the best child insurance plans, parents can bolster the financial future of their children. Most of these plans provide the option of getting flexible payments at regular intervals, which helps in realizing the dreams of your children. Further, these child insurance plans allow several added advantages, such as:

  • Assured Benefits – Assured or guaranteed benefit of education is a confirmed feature of child life insurance plans. Unlike in other insurance plans, a child insurance policy allows the insured to avail a confirmed child education plan which is not available with other investments. Further, there are some child education insurance plans that are available with the incentive of premium exemption/waiver. With this benefit, a child can claim for maturity benefits regardless whether the parents are living or dead at the time of policy maturity. Thus, even if the parents die and the premiums of the policy are not paid, the plan still functions normally and allows the nominee to benefit from it.
  • Dual Benefits – Most of the best child insurance plans in India serve the purpose of dual plans – investment and insurance. The investment element helps in saving prudently for the child while the insurance element allows psychological assurance to the parents regarding the financial well-being of their child in their absence.

10 top Insurance Plans for Children In India for 2022

If you are searching for insurance policies for your child, you can find several schemes that are available. However, the problem is that you can’t be sure about the benefits of these policies and which policy would suit your purpose well unless you have a good understanding of them.

So, how do you find out which is the best child insurance plan in India as per your requirement? Indeed it is a difficult choice. However, to make things simpler we are listing out details of a few best insurance plans for a child below to help you make an informed buying decision.

1. Bajaj Allianz Young Assure Plan

If you are looking for a conventional savings plan, you must invest in this plan.

Features:

  1. Complete financial security together with life coverage benefit
  2. Provides rider benefits to increase strength of policy coverage
  3. Allows multiple premium payment options along with several options of policy terms
  4. Offer higher sum assured rebate
  5. Allows the policyholder to receive a terminal bonus plus vested bonus at maturity

2. Bharti AXA Life Child Advantage Plan

This non-linked plan is another beneficial option that comes with two payout options of money back and endowment.

Features: 

  1. Equipped with built-in benefit of premium waiver
  2. Allows the insured to choose policy term
  3. Offers income tax benefits under section 80C
  4. 18 to 55 years is the age of entry for this plan

3. Max Life Shiksha Plus Super Plan

You can secure your child’s education and many other requirements with this plan.

Feature:

  1. Provides comprehensive family coverage with education of the child
  2. Policy terms ranges from 15-25 years
  3. Offers 6 fund options under this plan
  4. In the 12th year of the plan, additional units are added to the fund
  5. Allows maturity benefits
  6. Allows partial withdrawal in case of financial urgency

4. ICICI Pru Smart Kid Solution

With this comprehensive unit-linked policy you can protect the future of your child better.

Features:

  1. Allows the child to receive lump sum money if any untoward incident happens to the policyholder during the duration of the plan
  2. Offers dual premium – regular and single – payment options
  3. Wealth booster and Loyalty Addition benefits are added advantages offered as part of this plan
  4. Policy period ranges between 10 to 25 years

Also Read: Best Investment Plans for Child Education in India

5. LIC New Children Money Back Plan

With this child plan of LIC, you can meet several needs of your child in the growing stage such as education, marriage etc.

Features:

  1. Maturity benefit equal to the sum assured plus relevant bonuses
  2. Can avail survival benefit of over 20% of sum insured after a particular age of the policyholder
  3. Allows rebate on a high premium
  4. Allow the insured to buy loan
  5. Offers death benefit to the nominee of the policy
  6. HDFC Life Youngstar Super Premium Plan

6. HDFC Life Youngstar Super Premium Plan

This kid’s unit-linked policy offers dual benefits of investment and insurance to help the child at different life stages like education, marriage, etc.

Features:

  1. Can customize the plan as per the needs of the child
  2. Allows 100% waiver of future premiums if the insured dies during the middle of the policy
  3. Also, if parents die in the middle of policy, it offers 50% of the premiums as annual income. For this the benefit payment option of ‘Save-n-Gain’ should be opted by parents at the time of buying the policy
  4. Plan allows four investment funds
  5. Tenure of the policy ranges from 10 years, 15 years, and 20 years

7. Aegon Life Rising Star Insurance Plan

Another unit-linked plan to safeguard the future of your child.

Features:

  1. Financial security and triple benefit coverage till the age of 25 of the policyholder
  2. Comes with 4 fund options
  3. Allow withdrawal after 5 years of the plan
  4. Offers maturity and death benefits
  5. Allow the insured to pay add-on premium as top-ups

8. Birla Sun Life Vision Star Plan

Another good plan to finance the education of your child.

Features:

  1. Allow death and maturity benefits
  2. At maturity, the insured receives accrued bonuses
  3. Pays regular payouts after completing 5 years of the plan
  4. Boosts coverage with additional riders
  5. Policy doesn’t stop even if the premiums are not paid after two years. It functions on the basis of reduced Paid-Up.

9. Future Generali Assured Child Education Plan

It is a non-linked, guaranteed payout plan.

Features:

  1. Allow systematic savings till your kid turns 17
  2. Allow three options to receive guaranteed payouts for his/her education
  3. Several riders strengthens the plan
  4. Allow death and maturity benefits
  5. Age of entry between 21 to 50 years

10. Kotak HeadStart Child Assure Plan

Buy this plan to manage your child’s primary financial needs.

Features:

  1. Allows 7 fund options and triple benefits
  2. Financial security of a child
  3. Allow to create wealth for future
  4. Allows maturity benefits

To Conclude

Now you know about the top 10 child insurance plans in 2022 that you can invest in for your kid. The advice here is to have a thorough understanding and knowhow of the terms and conditions of the plans that you are likely to buy before going ahead with the investment. So, make an informed and wise investment decision by using a child insurance plan calculator to make sure that you secure your child’s future in the best way possible.
Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.

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