• 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
    • HDFC Life Life Insurance
      "Fair service"
      0.5 2.0/5 "Expected more"
      I've a health insurance policy with the HDFC life. I pay a premium of 8000 per year via an agent. I am not aware about the in depth features of the policy. So far the experience has been good with them. It is a recommendable insurance policy to have.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 14, 2018
    • Kotak Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance with Kotak Life from last 2 years and it is a long term policy. I am happy with the returns and tax benefits of this policy. I pay my premium once in 3 months and i am convenient with the payment options. The maturity period for this policy is 10 years.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 14, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a LIC policy from last 4 years and it is a long term policy. The tenure of this life insurance policy is 20 years. I pay my premium once in a year through direct payment and the payment options are convenient for me. I am happy with coverage and returns of this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 14, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with LIC from last 10 years and it is a long term policy. I am satisfied with the coverage and benefits of this policy. I pay my premium once in 3 months by cheque and i am convenient with the payment options. The maturity period for this policy is 15 years.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 14, 2018
    • ICICI Prudential Life Insurance
      "Value for money"
      0.5 4.0/5 "Great!"
      I am using ICICI prudential life insurance company from the last three to five years of time. I would like to say that the coverage value is an average one and the customer service is fine one too with the ICICI prudential life insurance company.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 14, 2018
    • LIC Life Insurance
      "Scope for improvement"
      0.5 3.0/5 "Satisfactory"
      I am having the life insurance policy with the Life Insurance Corporation of India. I would like to say that the customer service is not good one and the coverage value is not good too. There are no advantages with them.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 14, 2018
    • LIC Life Insurance
      "Best"
      0.5 4.5/5 "Excellent!"
      I have got the life insurance policy with the Life Insurance Corporation of India. I have not used their web portal as such. Coverage value is good one with the Life Insurance Corporation of India, also the premium value is better one with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 14, 2018
    • LIC Life Insurance
      "Good money back plan "
      0.5 5.0/5 "Blown Away!"
      I am having the Money back life insurance policy for the past 10 years. The customer support service and the response is good with the LIC. I pay the premium amount of Rs,5000 to this policy every year once. This policy has the tenure of 20years. I got the money back in 4 years once.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good child plan "
      0.5 5.0/5 "Blown Away!"
      I got the Jeevan Tharan life insurance policy around 3 years ago. The customer support service and the response is good with the LIC and this policy will get matured once my child turns to 18years. I pay the premium amount of Rs,15,000 to this policy in every once.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The Life insurance policy has been taken by me around 4 years ago. This policy has the tenure of 15years. The customer support service and the response is good with the LIC. I pay the premium amount of Rs,28,000 in every year once. i am satisfied having this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 3 years and it is a long term policy. I am happy with the returns and tax benefits of this policy. I pay my premium once in a year through online and the payment options are convenient for me. The maturity period for this policy is 20 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 13, 2018
    • Aegon Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I hold the AEGON LIFE term insurance policy around a year ago. The customer support service and the response is good with the AEGON LIFE and I get good plan benefits and the policy coverage with this policy and I am satisfied using this AEGON LIFE insurance policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have been using LIC since my childhood and it is a long term policy, the tenure for this life insurance policy is 15 years. I pay my premium once in a year by cheque and i am convenient with the payment options. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 13, 2018
    • Aviva Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      The AVIVA life insurance policy has been used by me for more than 3 years. This policy has the tenure of 20years. The customer support service and the response is good with the Aviva insurance. I pay the premium amount around Rs,10,000 in an year.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "BEST"
      0.5 5.0/5 "Blown Away!"
      MONEY BACK i have been using from the LIC. I have been using since 2009. It is a long term policy of 27 years. I pay for 6 months once for my insurance and through the cash and sometimes through the net banking. I have not taken any of the loans in my insurance.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the Life Insurance Corporation of India and I have not interacted with them as much. Coverage value is fine one with the Life Insurance Corporation of India and I have not claimed as such.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 13, 2018
    • Kotak Life Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I am having the Life insurance policy with the KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE company. I got this policy around 14years ago. This policy has the tenure of 20years. I pay the premium amount of Rs,2500 every year once. The plan benefits and the coverage is good with this policy and i am satisfied using it .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Better Jeevan saaral policy"
      0.5 5.0/5 "Blown Away!"
      I pay the premium amount of Rs,12000 every year once to the Jeevan saaral policy . I hold this policy for the past 18years. The customer support service and the response is good with the LIC and this policy ha the tenure of 20 years. The plan benefits and the policy coverage is very good with this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good Jeevan anand policy"
      0.5 5.0/5 "Blown Away!"
      I got the LIC life insurance policy around 6years ago. The customer support service and the response is good with the LIC and this policy has good plan benefits and better policy coverage with this policy. I pay Rs,762 every 3 months once as premium amount. This policy has the tenure of 20years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • SBI Life Life Insurance
      "Better Policy"
      0.5 5.0/5 "Blown Away!"
      Total tenure of the policy is 20 years. It is a cashback policy. Every 5 years i will get 10%. Every 5 years they will give the cashback policy. Once in 5 years, my number will update in their system, i have to give a blank cheque. At the end of th term , I would get bonus points I guess.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 13, 2018
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