Child Insurance Plan guarantees that your children will have a secure future even if their parents are not around. So, for that, every parent works really hard to give a luxurious lifestyle to their children because they are everything to them. Timely investments must come first when it comes to funding their education and protecting their financial future.
It’s crucial to save for your child’s education because of the increase in tuition fees. Therefore, a number of insurance plans provide coverage for a newborn child’s medical costs from the day of delivery until they turn 90 days old.
However, purchasing an insurance policy for a child presents a number of difficulties since it must satisfy the requirements of the parents. It should safeguard a child’s future against financial hardships while their parents are away. However, while purchasing a new insurance plan from the market, one should pick the appropriate business.
We’ve compiled a list of the 7 best child insurance plan in India for 2022 in this article. Therefore, if you’re seeking the best insurance plan for your child then this blog is for you.
7 Best Child Insurance Plan In India
Here is the list of popular insurance companies that offers you the best child insurance policy to secure the future of your child.
1. HDFC Life Youngstar Super Premium Plan
If you are searching for the best insurance plan for a child then this is the best child policy, available for both insurance coverage and for investment. This double plan could be used throughout your child’s life, including higher education, marriage, etc.
2. Bajaj Allianz Young Assure Plan
One of the leading insurance providers, Bajaj Allianz offers the best insurance options for children at competitive prices. This approach is considered as a conventional savings strategy that motivates your child to meet his or her financial objectives. Along with the advantages of life insurance, rider benefits to increase coverage, and a discount for a bigger sum promised, it also offers financial stability.
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3. ICICI Pru Smart Solutions
A child is expected to receive complete protection under this unit-linked insurance policy to ensure a safer future. A kid will receive complete protection and a lump-sum reward under this plan in the event of an unexpected incident. Additionally, this plan provides two ways to pay for the premiums (regular pay and single pay).
4. LIC’s New Children Money Back Plan
A public insurance provider, LIC, provides a variety of child insurance at competitive rates. Your best option can be the New Children Money Back plan because it covers all of the needs of growing children, such as their school and wedding. Additionally, it offers the choice of taking loans in case of a financial emergency, a discount on a large premium, a death benefit to the nominee, and a survival benefit (equivalent to 20 percent of the basic sum assured).
5. Max Life Shiksha Plus Super Plan
Max Life is a well-known insurance provider on the market that offers child insurance policies with the greatest features. It not only provides protection to a child’s education but also covers complete family coverage. This plan also provides benefits for your child’s schooling, offers benefits at the time of maturity, and has a range of policy terms of between 15 and 25 years.
6. Kotak Head Start Child Assure Plan
The Kotak Head Start Child Assure policy is a unit-linked life insurance policy. This popular child plan covers parents’ life is insured. It also includes economic growth as well as protection for your child. There are 7 different fund options available with this plan.
7. Aegon Life Rising Star Insurance Plan
Last but not least, the best child insurance plan in India is the Aegon Life Rising Star Insurance Plan, which offers four unique fund choices. By providing triple benefit insurance coverage up until your child becomes 25 years old, this plan provides financial certainty for your child’s education. You can also profit from maturity and death.
Benefits Of Child Insurance Plan
A child insurance plan will not only secure your child’s future but also provide a few extra benefits: –
1. Helps In Child Education
Especially in the absence of a parent, child education programs allow children to concentrate on their careers without worrying about money. The best present parents can offer their kids is proper education. However, a good education takes time and money which might include extracurricular activity costs, study trips, and tuition fees.
So, by having a child insurance plan, the savings in the policy will be enough to cover the exorbitant tuition costs. Moreover, he/she would be able to achieve his/her objectives and professional goals thanks to the amount guaranteed by the child education policy.
2. Dual Benefit
By having the child insurance plan, your child will get both insurance and investment. It offers constant insurance protection, protecting all of her life’s significant moments. The income from maturity can be applied to a variety of financial requirements.
3. Income Tax Benefits
Section 80 C allows for a tax deduction for the premium paid for a child education plan, up to a maximum of Rs. 1.5 lakh per year. Additionally, Section 10 (10D) of the tax code provides tax benefits for the maturity amount. So, these are the main advantages of a child education plan, aside from the fact that it is an excellent investment strategy.
Planning for their children’s future security should be a priority for parents. We tried to demonstrate the different child insurance plan with the best features so they could choose the best choice. Moreover, it makes it simple for buyers of insurance to compare the policies of different insurance providers. Nevertheless, whether you select a private or public child investing plan entirely relies on your needs and related benefits.