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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  • Bajaj Allianz Life Life Insurance
    "staff at the nearby office are prompt and efficient"
    0.5 5.0/5 "Blown Away!"
    I have been receiving a pension through Bajaj Allianz for several years. The payments have always been received on time. The staff at the nearby office are prompt and efficient. I recommend this company for cases like pensions where are periodic payments.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 26, 2020
  • LIC
    LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    My life was insured from LIC because my parents have taken the policy from the same company. I pay the premium amount of Rs. 5650 on yearly basis. I have no idea about the sum assured amount. I bought the policy 8 years before. I need to pay the premium upto 20 years. Tax benefits applicable on this policy. I will visit the branch directly to pay the premium.
    Was this review helpful? 0
    , mysore
    Reviewed on Feb 25, 2020
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    My life insurance was taken from LIC because when the agent approached me i felt the benefits are good. Its a Government undertaken company thats the other reason for selecting LIC. I pay the premium amount of Rs. 14150 on a half yearly basis. Total term period of the policy is 15 years in that i need to pay the premium for 11 years and there will be a locking period for 4 years.
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 25, 2020
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance policy from LIC .This was a money back policy for the tenure of 20 years and the coverage value for Rs. 3L after maturity i will be getting Rs.6L returns. I am paying premium on annual basis Rs. 18500 through online .
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 24, 2020
  • LIC Life Insurance
    "Good service"
    0.5 5.0/5 "Blown Away!"
    I have taken an Endowment Policy through LIC. This policy tenure is 20 years and paying the premium through ECS . According to my experience everything is good and also I will be getting amount after 25 years. This is a long term policy, but I am not getting that much benefits.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 24, 2020
  • LIC Life Insurance
    "Normal policy"
    0.5 4.0/5 "Great!"
    Based on my friend suggestion, I have taken a life insurance policy from LIC. I need to pay the premium for 25 years for the sum assured amount of Rs. 25L. I am paying the premium amount of Rs. 1,450 on a monthly basis. I have taken the policy on 8 years before. I have no idea about tax benefits features.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 23, 2020
  • LIC Life Insurance
    "Average Policy"
    0.5 4.0/5 "Great!"
    My friends were recommended me about the life insurance policy from LIC. I bought the policy in the year of 1997. I pay the premium amount of Rs. 450 on a quarterly basis. I need to pay this premium for 25 years. I visit the branch to pay the premium and the employee response is not that much good.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 23, 2020
  • LIC Life Insurance
    "Need to improve their services"
    0.5 5.0/5 "Blown Away!"
    For the tenure period of 28 years,I have taken life insurance from LIC. I have taken this policy on 7 years back. I have faced an issue , for the premium amount to pay amount use to auto debit through ECS mode but for the past 4 months amount was not detected, so I raised to the concern company. They told that I haven't maintain a sufficient amount in my account then I have provided my bank statement. Then the amount was debited via ECS . I need to pay the premium amount of 2,162 rupees. It cover up to myself.
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 22, 2020
  • HDFC Life Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance from HDFC Life on 5 years back. It cover up to myself. I am paying the premium amount on yearly basis of 50K which is high but it is fine to pay the amount. While taking this insurance the agent has given all the details about policy.
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 22, 2020
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken maturity benefit policy directly through lic agent .I am paying the premium online .The policy tenure is for 15 years and the agent shared all the relevant details about the policy .The policy was closed and i have not faced any issues so far and everything is good on this policy it is for famiy benefits.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Feb 22, 2020
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy directly through LIC agent . This is a money back policy for the tenure period of 15 years. I was paying the premium through online on before but later the premium is paid through agent. Everything was good to me so far. I have closed this policy successfully and the policy details was clearly shared by the agent .
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Feb 22, 2020
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a Life Insurance policy from LIC and the policy is Jeevan Anand term is for 30 years, after 30 years i am getting some returns.This policy is going to be completed and not get matured. I am getting as a pension as every month Rs. 28000. LIC is the back bone of Indian economy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Feb 21, 2020
  • Bajaj Allianz Life Life Insurance
    " the easiest and best investments "
    0.5 5.0/5 "Blown Away!"
    Bajaj Allianz life insurance has been one of the easiest and best investments I have made to date. Right from the initial customer service to the easy availability online, it has made me secure and relaxed about my investment. True value for money
    Was this review helpful? 1
    , chennai
    Reviewed on Feb 21, 2020
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance policy from LIC. I am paying premium on yearly basis Rs. 32,000 through online. The policy term is 20 years and will be getting some returns after this maturity. Service was good and plan benefit was super and it has good payment options.
    Was this review helpful? 0
    , kolkata
    Reviewed on Feb 21, 2020
  • HDFC Life Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a life insurance policy from HDFC LIFE. The premium i am paying yearly Rs.26,000 with the term of 20 years, after 20 years i will be getting good returns. Customer service and responsiveness was good. This policy has good plan benefit and it has good coverage.
    Was this review helpful? 0
    , kolkata
    Reviewed on Feb 21, 2020
  • ICICI Prudential Life Insurance
    "Not recommendable policy"
    0.5 2.0/5 "Expected more"
    I have bought the life insurance from ICICI prudential on 8 years back. This is a market based policy and I have invested the money of Rs. 1L and I have paid the premium amount of Rs. 3000 on every month. After 4 years when I withdraw the money, I got only Rs. 64,000 and I had a loss of this policy. My friend told me that this policy is good for investment. This is a tax benefit policy.
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 21, 2020
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken my life insurance from LIC because its a guaranteed policy since its Government based company. Whatever the commitment they are making to the customer, they are keeping the same. They have their own standard as well. Jeevan Anand is a good plan after the policyholder's death the nominees will get the money other than this there are several benefits are available.
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 21, 2020
  • LIC Life Insurance
    "Best policy"
    0.5 4.0/5 "Great!"
    I have taken a Life Insurance policy from LIC and the policy term is 15 years, after that I will be getting good return. I am paying premium Rs. 30,000 on Yearly basis through online and he given all the plan benefits properly. LIC always provides me a good service.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Feb 21, 2020
  • LIC Life Insurance
    "Best policy "
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy through LIC agent which was a money back policy for the tenure period of 10 years. I am paying the premium through yearly basis. I will be getting maturity amount but not sure about the value. Customer service was fine.
    Was this review helpful? 0
    , dindigul
    Reviewed on Feb 20, 2020
  • LIC Life Insurance
    "Good Service"
    0.5 4.5/5 "Excellent!"
    I have taken life insurance policy directly through lic agent .This was a Money back policy and the premium is paid on quarterly basis and the premium amount was Rs.3550.This was paid directly through agent. The process was very good and policy tenure was 15 years only. The policy features and benefits are pretty good .
    Was this review helpful? 0
    , thrissur
    Reviewed on Feb 19, 2020
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