Best one-time investment plan for child

Table of Content

• Importance of a one-time investment plan for child
• Education of your child
• Important milestones
• Protection in times of uncertainties
• Advantages of a one-time investment plan
• Best one-time investment plans for child
• Things to consider in one-time investment for child

Raising a child is not easy at all, especially when inflation is on the rise. This is why you need to start investing as soon as you become a parent. Wondering what plans you can invest your money into? The most sought-after option these days is a one-time investment plan. Wait! Before you go ahead with the best one-time investment plan for the child, you must however first try to understand what it is. Well, in that case, keep reading to know!

As the name suggests, a one-time investment plan for the child means you pay a lump sum amount one-time through a policy term. Along with the life cover, the money keeps growing. As the child grows, the investment plan will keep supporting the child in each of his or her milestones in life.

What is the importance of a one-time investment plan for the child?

There are many one-time investment plans for the child in India and all of them come with benefits. Before we discuss the advantages of one-time investment plans, let us discuss their significance.

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Education of your child

Education is one of the most important things that we can give to our children. And when we are planning a bright future for our child, we need to think about what may happen after 12 years. This is when a one-time child plan helps. Even if the fees charged by educational institutions get higher by then due to inflation, it will not impact your child’s education. The return you get will cover it all.

Also Know: 10 Best Child Insurance Plans in India

Important milestones

During the important stages of your child’s life, you can make partial withdrawals. This way you can be prepared for your child, whether it is their education or marriage.

Protection in times of uncertainties

The one-time investment plans work like a life cover as well. Even in an unfortunate event, you will have the assurance that your child is protected financially.

Advantages of a one-time investment plan

As the advantages of a one-time investment plan are concerned, here are some of them mentioned below:

• Life cover: One of the important advantages of this kind of policy is the life cover that is provided under it. Since the life is insured, the child has a financially secured future even in the eventuality of the loss of life of parents/guardians.

• Financial growth: The plan gives you the option of investing the money in your choice of funds such as debt, equity, or mixed. This ensures that your investments are inflation-proof.

• Tax savings: Under this kind of policy, the person is eligible for deduction of income tax under section 80C of the Income Tax Act, 1961. The deduction can amount to up to INR 1.5 lakhs annually for the premium paid. Also, the earnings under this policy on maturity are free from income tax under section 10D of the same act.

Best one-time investment plans for child

Name of the plan	Entry age	Maturity age	Sum assured
Tata AIA Life Insurance Super Achiever	25-50 years	70 years	10XAP
SBI Life – Smart Scholar	18-57 years	65 years	Limited Premium- 10 x AP    Single-Premium- 1.25x  Premium
Reliance Child Plan	21-55 years	65 years	INR 50,000
SUD Life Aashirwaad	18-50 years	70 years	INR 4,00,000
Shriram Life New Shri Vidya	18-50 years	70 years	INR 1,00,000
Sahara Ankur Child Plan	0-13 years	40 years	For 10 years and below- INR 15 lakh    For 11 years and above – INR 24.75 lakh
Aditya Birla Sun Life Child’s Future Assured Plan	18-65 years	75 years	Minimum- INR 4,00,000
Aviva Young Scholar Secure	21-50 years (Parent) 0-12 Years (Child)	71 years	Death Benefit: Higher of (10 X Annualised Premium) or (105% of paid premiums)
Aegon Life Rising Star Insurance Plan	18-48 years (Parent) 1 day-15 years (Child)	65 years	Maximum Cover: For age less than 45 years –  18 x Annualised Premium For age above 45 years – 10 x Annualised Premium
Bharti AXA Life Child Advantage Plan	Regular: 18-50 years Limited:18-55 years	Regular – 71 years Limited – 76 years	Minimum – INR 25,000
Canara HSBC Future Smart Plan	18-60 years (child must be below 18 years of age)	NA	Below 45 years of age: For 10,15 and 20 years policy term – 10x AP 25 years policy term – 12.5x AP 45 years of age and above – 7x AP
Aegon Life Rising Star Insurance Plan	18-48 years (Parent) 1 day-15 years (Child)	65 years	Maximum Cover: For age less than 45 years –  18 x Annualised Premium For age above 45 years – 10 x Annualised Premium
Edelweiss Tokio Life Wealth Secure+	Base: 0-50 years Life Partner: 18-50 years Child: 18-40 years	Base: 18-70 years Life Partner: 23-55 years Child: 23-55 years	Minimum: 7 x AP
Future Generali Assured Education Plan	21-50 years (Parents) 0-10 years (Child)	67 years	NA
Exide Life New Creating Life Insurance Plan	18-45 years	60 years	NA
HDFC Life YoungStar Udaan	Classic: For Aspiration – 30 days to 60 years For Academia and Career – 8 to 60 years Classic Waiver: 18 to 55 years	Classic: For Aspiration- 18 to 75 years For Academia and Career: 23 to 75 years Classic Waiver: 33 to 75 years	NA
IndiaFirst Life Little Champ Plan	21-45 years	For 7-12 years: 65 years  For 13-14 years: 70 years	Minimum – INR 1,50,000
IDBI Federal Life Insurance Dream Builder Plan	21-50 years	72 years	INR 2,15,000
ICICI Prudential SmartKid Solution	20-54 years	64 years	7x AP
Kotak Headstart Child Assure	18-60 years	70 years	Minimum – Entry age < 45 yrs: Higher of (10 X AP) OR (0.5 X Policy Term X AP) Entry age >= 45 yrs: Higher of (7 X AP) OR (0.25 X Policy Term X AP)
LIC’s New Children’s Money Back Plan	0-12 years	25 years	Minimum – INR 1,00,000
Max Life Future Genius Education Plan	21-45 years	66 years	For 8 pay Variant- INR 3,27,000 (min.) For Limited Pay Variant-  INR 2, 12,000 (min.)
Pramerica Life Rakshak Gold	18-60 years	65 years	INR 75,000
PNB MetLife Smart Platinum	7-70 years	NA	NA

3 Things to consider while making a one-time investment for a child

Here are some of the important considerations to be made while you are purchasing a one-time investment plan for your child.

1. Addition of premium waver: One of the common waivers to these plans is the option to waive off the premiums. This facilitates the premiums of the policy to be waived off in the eventuality of the policyholder being passed away.
2. Partial withdrawal option: Another useful feature to be added to these policies is the option to withdraw a partial sum from the fund. In case of any financial emergencies, you should be able to claim a partial amount from the total maturity fund.
3. The earlier the better: Under these policies, the people who purchase them at an earlier stage have a clear advantage as they are able to have the maturity earlier and have the amount readily available for the higher education requirements of the child. You can also benefit by paying a reduced premium rate if you take the policy earlier.

Read More: What is a Child Insurance Plan and How do Child Plans Work?

To sum it up

A one-time investment plan can be very helpful for your child. You can rest assured that your child will not have to worry about finances even if you are not around.

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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FAQs on One-Time Investment Plan for Child

Which investment plan is the best for children?

Best investment plans that you can buy for your children can be Canara HSBC Future Smart Plan, Edelweiss Tokyo Life Wealth Secure+ Future Generali Assured Education Plan, etc.

Which is the best scheme for a one-time investment?

Some of the best one–time investment schemes in India are Tata AIA Life Insurance Super Achiever, Sahara Ankur Child Plan, Bharti AXA Life Child Advantage Plan, Aegon Life Rising Star Insurance Plan, etc.

Is there a one-time investment plan for a child in the post office?

Yes, there are several one-time investment plans for a child in Post Office such as National Saving Certificate (NSC), Kisan Vikas Patra (KVP), Public Provident Fund (PPF), and Post Office Recurring Deposit Scheme (RD). 

What are the investment schemes for a girl child in India?

For the girl child, the top schemes are Sukanya Samridhi Yojana, Post Office Time Deposit Account, and Post Office Savings Account.

What are the best investment schemes for a boy child in India?

For a boy child in India, you can buy investment schemes such as National Savings Certificate (NSC), Kisan Vikas Patra (KVP), Post Office Monthly Income Scheme (POMIS), and Public Provident Fund (PPF).

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Delhi traffic police challan & traffic fines

Table of Content

• Traffic Rules in Delhi
• Obligatory Documents Avoid a Challan
• New Vs. Old Traffic Fines
• How to make Challan Payment Online?
• How to check Challan Status Delhi?
• Traffic Rules that are must to follow

Every vehicle owner is required to drive safely on the road maintaining all the traffic rules and regulations to avoid a challan or fine. In this post, we will take a look at the Delhi Traffic Police Challan and traffic fines. Read on!

Road Accidents are on a rise in India. Despite the safety measures and the traffic rules being followed, the number of accidents on the road couldn’t be avoided. Delhi, being the capital and a highly populated city, experiences a number of road accidents. Hence, to enforce traffic regulations and safety on roads, amended rules and penalties are implemented by the central government. In this post, we will discuss the Delhi traffic police challan and traffic fines.

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Traffic Rules in Delhi

The rising cases of accidents and road fatalities in Delhi has led to some changes in the traffic rules made by the central government. The changes were enforced since 1 September, 2019 by making amendments in the Motor Vehicle Act, 1988.

It is necessary for every motorist/vehicle owner to adhere by the new regulations. In case people are found violating these rules on road, they would be levied with heavy penalties through traffic challans.

After the modifications in rules and new penalties, the vehicle owners in Delhi have started taking traffic rules sincerely. Further, people have started carrying the obligatory papers while driving a vehicle.

Obligatory Documents to Carry to Avoid a Challan of Delhi Traffic Police

As per the new Motor Vehicle Amendment Act, the below mentioned papers are required to be carried by every vehicle owner driving a vehicle on the roads in India:

• DL – Driving license (Valid)
• Motor Insurance  (Third-Party Liability)
• RC – Vehicle Registration Certificate
• PUC – Pollution Under Control Certificate

If a person is caught for violating any traffic rule and not carrying the required documents, he/she would be  penalized accordingly as per the new Delhi police challan or traffic rules.

New Vs. Old Traffic Fines – Delhi traffic police challan list

Here is the list of traffic challan or penalties levied for violating traffic rules. You can check the difference in penalty by comparing the old and new rates.

Violation	New Amended Fine (INR)	Old Fine (INR)
Not Carrying License	5,000 and/or community service	500
Drunk and Driving	10,000 and/or 6 months in prison (1st offense) 15,000 and/or 2 years in jail (if offense repeated)	2,000
Over speeding	LMV – 1000 – 2,000 MPV/HPV – 2,000 – 4,000	400
Driving Without Insurance	2,000 and/or 3 months in jail, 4,000 if offense repeated	1,000
Overloading	2,000 (two-wheeler) plus license disqualified	100
Driving Without Seatbelt	1,000	100
Racing	5,000 and/or 3 months in jail, 10,000 and up to 1 year in jail if offense repeated	500
Jumping Red Light/ Risky driving	1,000 – 5,000 and/or 6 months to 1 year in jail, license seized	100-300
Violating Road Regulations	500 – 1,000	100
Not giving passage to Emergency vehicles	10,000 and/or community service	500
Juvenile driving offenses	25,000 and 3 years in jail (guardian), RC canceled for 1 year	Not applicable
Driving without RC	5,000 (for first time), 10,000 if repeated	Not applicable
Offering Bribe/enforcing authorities	Twice the penalty (as per the traffic rule violated for which the bribe was offered)	Not applicable
Honking in Silent zone	2,000 – 4,000	Not applicable
Oversized motor vehicle	5,000 – 10,000	Not applicable
Disobedience of Orders of the Authorities	2,000	500

Also Know: Traffic Fines Online Checking- How to Check & Pay RTO Traffic Fines Online

How to make Challan Payment Online?

To make online challan payment, you can follow the simple steps given below:

• Visit the portal of Delhi traffic e-challan at  https://ift.tt/qanzHZw
• Click on the ‘Notice’ tab and choose ‘Pending Notices’
• Submit details like Challan Number or Vehicle Number
• Click on ‘Find Details’ tab
• Check for any pending challan and choose the ‘Pay Now’ tab
• Payment can be done via any online payment mode as per your comfort after checking the amount payable
• Once paid, the receipt will reach you as text message on your mobile

How to check Challan Status Delhi?

To check challan status,  visit the Parivahan website of the Ministry of Road Transport and Highways.

Follow the steps below to check the challan status Delhi:

• Go to https://ift.tt/Li2kKoy
• Choose the option of ‘Check Challan Status’
• Enter the challan number of your Delhi traffic penalty or vehicle or DL number to see the status of your e-challan
• You can see pending traffic fines (if any) to confirm the e-challan status

What are Traffic Rules in Delhi that are must to follow?

Below are some rules that drivers and owners of cars should follow to avoid hassles and challan in Delhi:

• They must carry the vehicle documents such as Valid License, Valid Insurance, PUC, RC etc. to avoid fines
• Always follow lights/signals of traffic and the instructions to stay safe and avoid fines. It will also keep people away from accidents
• For bikers, it is compulsory to wear helmets for the rider s well as the pillion sitting behind
• Never drink and drive to avoid accidents and traffic hassles
• Follow rules and cooperate with traffic police. Never try to bribe them

Read More: Updated List of Rules for Traffic Violations and Fines in India

Summing Up

The traffic rules  are created for the safety of the driver as well as for the smooth traffic flow on the road. Thus, to avoid Delhi traffic challan and for hassle-free driving experience, everyone should follow these rules and regulations.

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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FAQs on Traffic Police Challan & Traffic Fines

What is the fine levied for drunk and driving in Delhi?

INR 10,000 as per the new challan rate under the Motor Vehicle Amendment Act, 2019.

What happens if a defaulter doesn't pay Delhi traffic challan?

If you receive a challan and do not pay it off on time, the case would be moved to the court for settlement. A court order can be summoned to you about your pending Delhi traffic police challan. 

What are the without insurance challan in Delhi?

A  challan of INR 2000 is levied for driving without insurance as per new Motor Vehicle Amendment Act, 2019. It was earlier INR 1000 under the old Motor Act.  A penalty of INR 4,000 will be imposed if the offense is repeated along with up to three months imprisonment.

Can I pay Challan Online in Delhi?

Yes, you can pay Challan online in Delhi. There are two ways to do so:
via the Parivahan website, and 
via the Delhi Transport's official website
You can follow the steps mentioned in the post above

What is the penalty for a juvenile driving offense? 

According to the new rules of Indian Motor Vehicles Amendment Act, if a minor is found driving on the roads in India the parents would be sentenced to 3 years in prison along with paying a penalty of INR 25000. Further, the minor driving the vehicle will not get a driving license till the age of 25. 

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