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Child Plans In India – Detailed Overview

If you want to financially secure the future of your child and also finance any major event in his/her life then you must certainly purchase a child insurance plan. It provides both protection and takes care of his/her future needs.
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Parents in India want to secure their child’s future and hence they take a life insurance plans that come along with investment plan. This will serve two purposes. One you can financially secure your child’s future and secondly finance for the major events in your child’s life. It could be for further studies, marriage etc.

Benefits of Child Insurance Plans:

If you take Life Insurance for Kids, you can benefit from the following:

  • Life cover for the child.
  • Build a fund for child’s future needs.
  • You can add riders to the plan.
  • Death benefit and maturity benefits are paid.
  • You can decide the premium amount based on the sum assured and the maturity amount than you choose.
  • Policy term can be taken depending on how old your child is. The policy term can be planned around the time you think that you require extra cash flow.
  • Waiver of premium rider can also be opted.
  • Partial withdrawals are allowed as and when you need to meet your child’s educational requirements or for meeting other related expenses.

Who can take Child Life Insurance?

The policy can be taken by a person who wishes to secure their child’s future. Policy can be even taken if you want to plan for the child’s major events like higher education, marriage etc. In the event you die, you can know that your child’s future is not compromised and that your child will receive the best of the education and a grand wedding that you always dreamed of.

Popular Child Plans by Insurers

Life Insurance for Kids plans offered by various companies are as follows:

  1. LIC Child Career Plan

    Features and Benefits:

    • This plan is designed to meet educational and other needs of your child.
    • Risk cover is provided on the life of your child during the policy term, this can be extended for another 7 years.
    • Survival benefits is paid if the life assured survives the term.
    • You can choose the sum assured, maturity age, policy term, mode of premium payment and the premium waiver benefit.
    • Premiums can be paid yearly, half-yearly, quarterly, or through salary deductions.
    • Premiums can be paid for up to 6 or 5 years.
  2. LIC Jeevan Ankur

    Features and Benefits:

    • Death benefits are paid on death of the assured during the policy term, on death of child when the assured is alive, on death of child or nominee after life assured’s death.
    • Maturity benefit is paid along with loyalty additions irrespective of the survival of the life assured.
    • Loyalty additions are payable on the date of maturity irrespective of the survival of the life assured.
    • You can choose accident benefit rider and critical illness rider.
    • Premiums can be paid on a yearly, half yearly, quarterly or on a monthly basis. The monthly payments are to be made through ECS only.
    • The policy can be revived within 5 years from the date of the first unpaid premium.
    • You can surrender the policy and a guaranteed surrender value is payable on single premium and regular premium policies. Single premium policies will get up to 90% of the premium paid. Regular policies will get up to 30% of the premiums paid.
  3. HDFC Life YoungStar Udaan- Child Plan

    Features and Benefits:

    • Provision to meet academic expenses of your child.
    • Provision for miscellaneous and extracurricular expenses that occur during college or school.
    • Lump sum amount is paid on maturity.
    • Moneyback benefit can be availed.
    • There are two death options that you can choose from. Classic option is when the death benefit is paid and after which the policy will terminate. Classic Waiver option is when the death benefit is paid but the policy will continue and the future premiums are waived.
    • The policy premium payment term is 7, 10 years or policy term minus 5 years.
    • You can choose the policy term as per your child’s future needs.
    • Guaranteed additions are paid during first 5 years of the policy years.
    • Accrued bonuses are payable at maturity.
    • Tax benefits are available under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

    Read More about HDFC Life Child Plans

  4. Reliance Child Plan

    Features and Benefits:

    • Protect your child’s future.
    • Fund your child’s education.
    • Support your child to set up his own business.
    • Helps you focus on your child’s development.
    • Guaranteed periodic benefits are available.
    • Maturity benefits includes 25% of the sum assured, bonus and non-negative capital guarantee.
    • Life cover is offered for the entire policy term.
    • Tax benefits are available as per the prevailing Tax Laws in India.
  5. Max Life Shiksha Plus Super

    Features and Benefits:

    • The coverage includes Family Income benefit and Funding for future premiums in the event the life insured dies.
    • You can choose the policy term, premium payment term keeping in mind your milestone.
    • You get a choice of 5 funds with different levels of risk.
    • You can make partial withdrawals to meet expenses that are not planned.
    • You have systematic transfer plan and dynamic fund allocation to protect your investment against market fluctuations.
    • In the event the life insured dies, you get a lump sum pay-out, family income benefit and funding of premium benefit.
    • On maturity you will receive a settlement equal to the fund value.
    • Guaranteed loyalty additions are payable.
    • Tax benefits are available as per the prevailing Tax Laws in India.

    Read More about Max Life Child Plans

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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Life Insurance for Children Reviews

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  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I am happy with life insurance of corporation of India I have life insurance corporation of India last five years back, my plan is fifteen years , and this is single insurance. This is best customer service provided and response at a time and this is best insurance is all over insurance
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 23, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 3.0/5 "Satisfactory"
    I have taken Life Insurance policy through LIC agent.The name of the policy is Jeevan Anand . The policy tenure is for 15year and 7years completed now .I have got the policy documents on time .There are grace period no extra charge if premium is paid on delay basis.I am paying the premium on yearly basis .I am paying cash payment will pay through branch .
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 23, 2019
  • Bharti Axa Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am holding the TERM PLAN policy with the BHARTI-AXA LIFE INSURANCE where i am using it since from last many years. The sum assured amount with this policy is of 25L for the nominee. The policy maturity period is for long term. The premium paying for monthly once.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 23, 2019
  • Max Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    MAX LIFE INSURANCE is the insurance provider where i am holding the TERM PLAN with this policy, and using it since from last 6 years. The policy has the maturity period of this policy is for 70 years of the age. The premium paying for monthly once.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 23, 2019
  • LIC Life Insurance
    "long lasting investing plan "
    0.5 4.0/5 "Great!"
    For my family benefit, I taken a investment plan in LIC for next twenty years . I need to pay an amount of 8000 rs per annum. They will send me the debit message after the money has been deducted from my account . I got the physical copy for my insurance policy when I started the plan .
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 23, 2019
  • LIC Life Insurance
    "Need to improve the benefits"
    0.5 3.0/5 "Satisfactory"
    The benefits are too less in LIC as compared to other insurer. I have taken 3 to 4 policies through agent, he is very helpful. I use to pay the premium through cheque, its around 50K in a year. I have opted for a long term policies and the sum assured is less.
    Was this review helpful? 0
    , kolkata
    Reviewed on Apr 23, 2019
  • Max Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    Max life is also good and the premium is reasonable for the life insurance. I took a short term plan and the tenure is 10 years. The customer services are good. I make the premium through ECS, it was around 70,000 rupees per annum for two policies.
    Was this review helpful? 0
    , kolkata
    Reviewed on Apr 23, 2019
  • ICICI Prudential Life Insurance
    "Good benefits"
    0.5 4.0/5 "Great!"
    I have a life insurance policy, the benefits are good with ICICI prudential. I have taken 2 policies and using the service for last 7 years. The service is good with them. They have explained me the policy about the benefits. It was taken for tax benefits. The payment was debited from my account in a yearly basis.
    Was this review helpful? 0
    , kolkata
    Reviewed on Apr 23, 2019
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I have purchased the CHILD PLAN with the LIFE INSURANCE CORPORATION OF INDIA where i am using it since from last 17 years. The policy has the maturity period of long term as the premium paying for monthly once through the ecs from the salary. The service is good.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 23, 2019
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I have purchased the PENSION plan with the LIFE INSURANCE CORPORATION OF INDIA where the maturity period of this policy is for long term also the premium paying for monthly once through the ECS from the salary. I am using from last 17 years it gives the coverage for disability, life coverage.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 23, 2019
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I have taken the LIFE INSURANCE CORPORATION OF INDIA and using it since from last 17 years. The name of the policy is ENDOWMENT plan where the maturity period is for long term also the premium paying for monthly once. The policy gives the self coverage.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 23, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance Policy through LIC agent premium is very nominal ,The name of the policy is jeevan anand policy .This policy for 20years The payment is paid through branch,online and through agent ,policy documents got on time ,premium is paid delay also need to pay extra amount.
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 22, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken my life insurance with Life insurance corporation of India from past 10 years, i have been taken two policy from them, the agent had clearly explain me about the plan benefits and policy coverage, the premium amount i use to pay on monthly basis through on line mode.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 22, 2019
  • LIC Life Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    I have a money back policy with LIC and it was taken long back. But am not happy with the maturity value. I make the premium quarterly basis, its 1500 rupees. I have not reached the customer service. It is a life time policy, every 4 year will be getting bonus. Last 2 premiumâ??s have paid through online and before that made cash.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 22, 2019
  • HDFC Life Life Insurance
    "Satisfactory policy"
    0.5 4.0/5 "Great!"
    I have taken the life insurance of 30L which has addon benefits of critical illness and accidental. I have chosen HDFC LIFE after doing online comparison because the premium is less and the tenure is 15 years but I need to pay only for 10 years and remaining 5 years will be paid by the insurer. The policy was started 3 months back with the monthly premium of 1600 rupees. The customer service is good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 22, 2019
  • LIC Life Insurance
    "Its Good"
    0.5 5.0/5 "Blown Away!"
    I have only one policy with LIC, I used to pay the premium of Rs. 1727 on quarterly basis it has the duration of 10 years. Then I will getting the sum assured. I almost paid for 7 years, they have tax benefits and life coverage for the accidental and natural death.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 22, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I hold my life insurance with LIFE INSURANCE CORPORATION OF INDIA, the agent had clearly explain me about the plan benefits, policy coverage and the term and conditions, they have given me hard copy as well, their customer care service is good, the premium amount on yearly basis , i use to pay through on line.
    Was this review helpful? 0
    , thane
    Reviewed on Apr 20, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 3.5/5 "Pretty good"
    I have purchased the JEEVAN BHIMA policy with the LIFE INSURANCE CORPORATION OF INDIA where i am using it since from last few years and the maturity period of this policy is for 35 years. The premium paying for three months once and it gives the family coverage.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 20, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    The name of the policy is JEEVAN ANAND that i am using it since from last 25 yrs. The maturity period of this policy is for 35 years. The premium paying for 3 months once, it gives the policy coverage is for family also it provides the life coverage.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 20, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am holding the JEEVAN ANAND policy with the LIFE INSURANCE CORPORATION OF INDIA and the maturity period of this policy is for 20 years also the premium paying for the policy is for 6 months. It gives the policy coverage for complete family.
    Was this review helpful? 0
    , vadodara
    Reviewed on Apr 20, 2019
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