• 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
      "Better"
      0.5 4.0/5 "Great!"
      Life Insurance Corporation is Good service for customers my LIC policy tenure period is till 20 years but I have already done with 5 years remaining 15 years is left with me to pay the insurance.The payments and the Amount given is affordable to pay, Since the service is rendered from the Government Of India this LIC policy is a Better one.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 19, 2018
    • LIC Life Insurance
      "Looters"
      0.5 0.5/5 "Unacceptable"
      LIC is just looting common indian people in the name of life insurance. With LIC you can't invest your money in your way. Worst ever customer service. Their staff will behave as if you borrowed something from them. Please avoid it as much as possible.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Feb 19, 2018
    • LIC Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the Life Insurance Corporation of India and the customer service is good one with them. I would like to say that the overage value is good one with the Life Insurance Corporation of India.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 17, 2018
    • SBI Life Life Insurance
      "Looking for better feature and service"
      0.5 3.0/5 "Satisfactory"
      Performance of people they wont helpful, they don't realize whom they are dealing with. If anything happens also no body is there to help me. SBI life is average, I have tenure of 15 years, premium monthly 1500. I will maturity benefits lump sum amount its nominal, tax benefits, life cover accidental cover
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance with LIC,the premium amount is 3800.i make direct payments at the branch.The policy coverage amount is one lakh, i feel its very less.The policy is for 15 years,I submitted documents via an agent.Plan name is Jeevan anand.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life Insurance with LIC.The premium amount is 13800 in a year.The policy coverage is three lakhs,I make direct payments at the branch.I have no claim experience,its been nine years since i have taken this policy.The policy is for 15 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Very Good"
      0.5 4.0/5 "Great!"
      Taken a life insurance policy with LIFE INSURANCE CORPORATION OF INDIA. Its an attractive insurance policy. They have given very good benefits and its a right policy. I would end up saying that it is a very good with LIFE INSURANCE CORPORATION OF INDIA.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 16, 2018
    • Tata AIA Life Insurance
      "Good Investment"
      0.5 5.0/5 "Blown Away!"
      I took this Insurance some 2 years back and the experience with it has been pretty good. I have been paying Rs.25000 as premium in this Insurance. I would be getting a Money back for every 2 years. The overall experience with it has been pretty good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Good to invest"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance policy from LIC. I am using the service for a very long time. I never contacted the customer service. It was taken through an agent. The policy coverage and the plan benefits. I believe its a cash back policy. I am paying monthly 8K through net banking.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2018
    • Max Life Insurance
      "Good Insurance"
      0.5 5.0/5 "Blown Away!"
      Like all my Life Insurance even this is a Money Back plan. Every 3 years I will be getting a cashback and at the end of term I would be getting a lumpsome amount. I have been paying Rs.15000 as a premium for this Insurance. Customer service of them is pretty good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Good investment"
      0.5 5.0/5 "Blown Away!"
      I have taken a Money back policy in LIC, in which every 5 years I will be getting Cashback and also at the end of stint I will be getting a lumpsome amount. I have been paying Rs.25000 as an annual premium for this Insurance. They provide Loan on the basis of this Insurance. I have making my repayment for this Insurance using cheque mode.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Its Good"
      0.5 4.5/5 "Excellent!"
      I wont deal with any LIC agent, I make payment by myself through online, the payment gate is convenient. I took lot of policies, each has different tenure. Hope I will be getting good sum assured after the maturity period with the tax benefits.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 16, 2018
    • Max Life Insurance
      "Good Investment"
      0.5 4.0/5 "Great!"
      I have taken a policy in this Insurance wherein I would be getting a return at the end of my whole term. I have been paying Rs.25000 as an annual premium for this insurance. The payment is directly linked to my account through ECS. The return expected is around 8%.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance with LIC,the policy is for 21 years ,the plan name is Endowment policy,I pay a premium amount of 15,000.I get a policy coverage of three lakhs,I make payments directly at branch,the executives are good and had explained the policy in detail.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance with LIC,the policy is for 8 years ,the plan name is Endowment policy,I pay a premium amount of 10,000.I get a policy coverage of two lakhs,I make payments directly at branch,the executives are good and had explained the policy in detail.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Wonderful"
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the Life Insurance Corporation of India. I have felt that the customer service is good one with them and there is no hidden cost in it. I am happy with the Life Insurance corporation of India.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have a Life insurance service from Life insurance corporation of India,for the term period of 15 years. I have six policy's with Life insurance corporation of India. The payments where through cheques,they never update me with any offers or schemes. It is a average service from Life insurance corporation of India.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Wonderful"
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the Life Insurance Corporation of India. I have felt that the customer service is good one with them and there is no hidden cost in it. I am happy with the Life Insurance corporation of India.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 16, 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. Customer service is good and the response is fine one for me with them. Coverage value is also fine one with the Life Insurance Corporation of India of India.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have taken Life Insurance with LIC,the premium amount is 14,000 per annum.The total policy is 20 years.I make online payments,i have no claim experience so far.The policy coverage amount is two lakhs.The customer service is good they respond on time.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 15, 2018
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