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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"
    0.5 4.0/5 "Great!"
    The life insurance policy has been taken from the LIFE INSURANCE CORPORATION OF INDIA where it gives the maturity is for long term policy also added on that the premium i pay for this policy which is satisfactory. The policy is very good.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 15, 2018
  • HDFC Life Life Insurance
    "GOOD"
    0.5 3.0/5 "Satisfactory"
    I am not satisfied with the service of the HDFC LIFE where i have purchased the life insurance policy with this HDFC LIFE. I have started using it from past few years where the policy is very good. They give the fake promises for this policy....
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 15, 2018
  • Bajaj Allianz Life Life Insurance
    "Safe plan for future"
    0.5 5.0/5 "Blown Away!"
    I have life insurance with Bajaj Allianz, I used to pay Rs. 12,000 for one year policy, it has the tenure of 40 years, Its a totally term plan for the value of 1 crore, they give lump sump amount to the nominees, the claim ratio is good and also terminal waiver on premium.
    Was this review helpful? 1
    , pune
    Reviewed on Dec 14, 2018
  • SBI Life Life Insurance
    "Best ULIP Policy"
    0.5 5.0/5 "Blown Away!"
    I have purchased a market based policy 2 years ago. I have chosen SBI LIFE because it was suggested by my friend. I pay the premium amount of Rs. 10000. I make the premium through online. The growth was pretty good and tenure period of the policy is 10 years.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 14, 2018
  • LIC Life Insurance
    "Best policy in LIC"
    0.5 5.0/5 "Blown Away!"
    My money back policy was taken with LIFE INSURANCE OF INDIA. I pay the premium amount of Rs. 5000 in a month. I have selected LIC because of the returns. I make the premium through ECS. Total tenure period of the policy is 25 years. My friend has referred me about this policy
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 14, 2018
  • LIC Life Insurance
    "Good LIC policy"
    0.5 5.0/5 "Blown Away!"
    I'm just paying the premium and i have never get the sum assured amount and i will get it after 25 years of tenure period. I'm making the premium through ECS. I pay the premium amount of Rs. 5000 every month. I will get a coverage value of Rs. 1.27 Cr.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 14, 2018
  • Bharti Axa Life Life Insurance
    "Best Policy"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance from the Bharti Axa life as it has good returns i make the payment through on-line banking annually . This policy covers accidental and critical illness benefits with the tenure period of 15 years . Overall am satisfied with my policy .
    Was this review helpful? 0
    , faridabad
    Reviewed on Dec 14, 2018
  • LIC Life Insurance
    "Useful policy"
    0.5 4.0/5 "Great!"
    In the month of February, i have purchased a money back policy from Life Insurance corporation of India. I pay the premium amount of Rs. 15000. Last time i have paid the payment through cheque and in future i make through online. One of sister who is working as a LIC agent has referred this policy.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 14, 2018
  • LIC Life Insurance
    "Useful policy"
    0.5 4.0/5 "Great!"
    I have purchased a term insurance policy 1.5 years back. There is no particular reason for choosing the LIC. I pay the premium amount of Rs. 26000 and i have chosen the annual payment mode. Sum assured amount was Rs. 70 lakhs. Total tenure period of the policy upto 70 years of my age.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 14, 2018
  • LIC Life Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    I have a life insurance policy with LIC from last 4 years and it is a long term policy. I pay my premium once in 6 months through direct payment and i am convenient with the payment options. Tenure period for this policy is 18-20 years. The returns and benefits are good in this policy.
    Was this review helpful? 1
    , ghaziabad
    Reviewed on Dec 14, 2018
  • LIC Life Insurance
    "GOOD SERVICE"
    0.5 5.0/5 "Blown Away!"
    I have purchased the life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA where the name of the policy is ENDOWMENT PLAN and i am using it from past 10 years. The maturity period of this policy is till 67 years of my age. This gives the policy coverage of 4 lakhs.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 14, 2018
  • LIC Life Insurance
    "Good Policy with Life Coverage"
    0.5 5.0/5 "Blown Away!"
    I have agent who coordinate with me for my life insurance, they are responding well, the customer support is good, they have different payment options. The policy name called Jeevan labh its for 15 years I get the benefits as lump sum amount with life cover.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 13, 2018
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my life insurance with Life insurance corporation of India,the agent had clearly explain me about the policy coverage, plan benefits etc, there premium amount they have charged me was nominal,they charged in quarterly basis,overall service is good.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Dec 13, 2018
  • HDFC Life Life Insurance
    "Fine policy for emergency purpose"
    0.5 5.0/5 "Blown Away!"
    Along with my personal loan they have provided me a life insurance policy from HDFC LIFE. I have to pay the premium amount of Rs. 6000 in a year. I used to pay the premium through online. Total tenure period of the policy is 4 years. I'm getting a sum assured amount of Rs. 3 lakhs.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Dec 13, 2018
  • SBI Life Life Insurance
    "Best Policy"
    0.5 5.0/5 "Blown Away!"
    I took this Life insurance from Sbi life mainly because of the good returns. The payment am doing through online every year through online payments . The best about the policy is it covers accidental coverage and critical illness There customer service and customer response is also good.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 13, 2018
  • LIC Life Insurance
    "Best Policy"
    0.5 5.0/5 "Blown Away!"
    Based on the benefits and returns i have chosen this life insurance corporation of India . I am satisfied with the amount which am making for the policy . Am making the payment yearly through online . This policy cover accidental benefits . Overall am happy with it.
    Was this review helpful? 0
    , faridabad
    Reviewed on Dec 13, 2018
  • LIC Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I have purchased a life insurance policy in my wife's name. 5 years back i have bought the Jeevan saral policy with Life Insurance Corporation of India. Since its a better company, i have selected the LIC. I pay the premium amount of Rs. 5400. Its a long term policy. I have selected the annual payment mode.
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 13, 2018
  • LIC Life Insurance
    "Best Service"
    0.5 5.0/5 "Blown Away!"
    I am using LIC using thee policies same policies life insurance coverage and two more different policies i am never contact customer Service for everything contact with agent only Responsiveness very good , Promised Interest Rate is less in LIC but trust worthy , Fees & Charges is use to pay by agent only. Hence i can give rating 5 for best service
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Dec 13, 2018
  • IDBI Federal Life Insurance
    "Very Good"
    0.5 4.5/5 "Excellent!"
    IDBI Life cover policy for my children there is more benefits in this policy i have to pay 30k every year after his age of 16 partially amount will received for his education after few years for marriage and in risk factor also amount will provide once terms will complete total Amount will be received in 3 terms for this policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 13, 2018
  • LIC Life Insurance
    "Very good"
    0.5 4.5/5 "Excellent!"
    I am using Life Insurance policy and need payment in six month once i am happy with LIC insurance policy . Since long time i am using Life cover policy so i am only trust to LIC for Life insurance payment is made in cheque and sometimes in cash which one collected by agent for service i can give rating 4.5 very good service.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 13, 2018
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