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  • Child Plans In India – Detailed Overview

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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

    Life Insurance for Children Reviews

  • Page 1 of 50 1 2 3 4 5
    • LIC Life Insurance
      "Good. Can do better"
      0.5 3.0/5 "Satisfactory"
      I also have a life insurance with LIC. The tenure is for twelve years. I have taken a money back policy and every three years I would get my bonus which is a feature in this policy. The premium is normal too. Though there are things which can be done online. I still need to visit the office.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 20, 2018
    • HDFC Life Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance from HDFC Life. I could purchase the insurance online. The tenure is for ten years and there are good plan benefits and sum assured. I would get my maturity amount after the 10th year. The premium is nominal and I can pay it online.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 20, 2018
    • LIC Life Insurance
      "Satisfactory"
      0.5 4.5/5 "Excellent!"
      I have taken another policy with LIC. It is a Jeevan Saral policy. The premium is normal. The sum assured and the policy benefits are good. I would get the benefits of this policy after the retirement. It has been a very good experience till date.
      Was this review helpful? 2
      , vadodara
      Reviewed on Sep 18, 2018
    • LIC Life Insurance
      "Good in benefits"
      0.5 4.5/5 "Excellent!"
      I have also taken a endowment policy from LIC. The policy benefits are good. The sum assured is also good. The benefits was also provided to me immediately. It has been a good experience and it is secure to get the policies from this company. Good overall.
      Was this review helpful? 0
      , vadodara
      Reviewed on Sep 18, 2018
    • LIC Life Insurance
      "Beneficial policy"
      0.5 4.5/5 "Excellent!"
      My father has taken a life insurance from LIC for me. It is a money back policy and the benefits are good and the sum assured is good. I got the benefits by default without having to go behind LIC.
      Was this review helpful? 0
      , vadodara
      Reviewed on Sep 18, 2018
    • SBI Life Life Insurance
      "LIFE INSURANCE SHOULD BE TAKEN BY EVERYONE FROM SBI LIFE IN "
      0.5 4.0/5 "Great!"
      I have taken life insurance from Sbi Life insurance of money back gold policy . This policy covered with accidental coverage . This is a good policy with good returns . I have chosen for 12 years period with better policy coverage. I recommended every one to have one policy of SBI LIFE.
      Was this review helpful? 0
      , champawat
      Reviewed on Sep 18, 2018
    • Bajaj Allianz Life Life Insurance
      "Not paying back maturity amount"
      0.5 0.5/5 "Unacceptable"
      My policy (0002439625) has matured on July 2018, now three months over Bajaj Allianz has not paid my maturity amount back. Each time I contact them getting silly reason to avoid to pay back my maturity amount. The first reason was they despatch a cheque aready. After one moth they changed ask me my bank account details, I have submitted 5 times but the same is not updated their system. Now they are telling the clarity of the document is not clear. Any of the above cases Bajaj Allianz has not contacted me to inform this. Each time I have called them and ask about my maturity amount.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 17, 2018
    • ICICI Prudential Life Insurance
      "Worst Policy Provider. Dont Trust them"
      0.5 0.5/5 "Unacceptable"
      one of the unethical and non trusted brand. don't go with icici policy there are lots of hidden clause which these guys hide from you. please avoid going for icici pru policy. I have avail policy in month of January they have hide lots of bad things about policy.
      Was this review helpful? 3
      , pune
      Reviewed on Sep 17, 2018
    • Future Generali Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the Future Genrali. I am paying a premium of 12000 per year. Their hasn't been any issues with the policy. The policy is a normal life insurance with out any commendable benefits. They need to improve their customer support services.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 15, 2018
    • Kotak Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the Kotak, I am paying a premium of 11000 , they need to work on their promises while purchasing the policy. I am just paying the premium with out any benefits or a proper support. When it comes to serving customers they're all hesitant.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Sep 15, 2018
    • Max Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the Max Life. I am paying a premium of 35K per year, they all provide massive offerings in order to convince the customers but once the customer has taken the policy; the service part becomes pathetic. They need to be more helpful and beneficial form the customer point of view.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 15, 2018
    • Birla Sun Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with Birla Sun Life from last 10-12 years and it is a long term policy. I pay a premium of Rs 6000 once in 6 months and i am convenient with the payment options. The tenure period for this insurance policy is 20 years.
      Was this review helpful? 1
      , mumbai
      Reviewed on Sep 14, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      My life is insured with LIC from last 12 years and it is s long term policy. The name of the policy is Jeevan anand and the tenure period for this policy. I pay my premium once in 3 months through net banking and the maturity period for this policy is 16 years.
      Was this review helpful? 2
      , pune
      Reviewed on Sep 12, 2018
    • Aviva Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with AVIVA life from last 6 years, i am happy with the coverage value of this policy. It covers critical illness as well as it has a cashless treatment. A premium of Rs 4500 has to be paid for this policy and i pay it through net banking.
      Was this review helpful? 1
      , pune
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 3.5/5 "Pretty good"
      I hold a Money back policy with LIC from last 6-8 years, i get a money back after every 4 years. I pay my premium once in a year by cheque and i am convenient with the payment options. I am happy with the returns and benefits of this policy. The tenure period for this loan is 25 years.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 1 year and it is a long term policy. I am happy with the returns and benefits of this policy. I pay my premium once in 3 months through net banking and i am convenient with the payment options. The maturity period for this policy is 15 years
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 3.5/5 "Pretty good"
      I have a life insurance policy with LIC from last 4 years and it is a long term policy. I am satisfied with the coverage and returns of this insurance policy. I pay my premium on yearly basis and the payment mode is Auto debit. The tenure period for this policy is 15 years.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've two life insurance policies with the LIC, I'm paying a premium of 40000 for the two policies. I am making the premium payments online. So far there hasn't been any issues with their services.
      Was this review helpful? 1
      , lucknow
      Reviewed on Sep 11, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've two life insurance policies with the LIC, I'm paying a premium of 40000 for the two policies. I am making the premium payments online. So far there hasn't been any issues with their services.
      Was this review helpful? 0
      , lucknow
      Reviewed on Sep 11, 2018
    • SBI Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the SBI Life. I am applying a low premium, So far it has been a hassle free experience with the policy. I am just paying the premium. The premium is comparatively low.
      Was this review helpful? 1
      , udaipur
      Reviewed on Sep 11, 2018
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