Now you can use unit linked plans to secure your child’s future as well. There are several life insurance products with ULIPs that cover your child’s future as well. This enables to give you a complete financial security for your family and you. You simply have to choose the ULIP for your child that seems the most convenient for your finances and your family. Some come with single premiums and some come with free asset allocation as well. Choose the one that suits your requirements from the following plans.
Types of ULIPs for Children’s Education:
1. Aviva Young Scholar Advantage:
This is a non-participating unit-linked regular premium payment plan that has been specially designed keeping in mind your specific needs as a parent.
2. HDFC SL Youngstar Super Premium:
You can choose the amount you want as the sum assured based on the premiums you are willing to pay annually. You have the convenience to choose the premium amount as well where there is no ceiling on maximum premium.
3. Max Life Shiksha Plus Super:
This is a ULIP from MAX Life that provides comprehensive life insurance coverage including Family Income Benefit and Funding of Future Premiums in case of your (same as Life Insured) death.
4. SBI Life -Smart Scholar:
This ULIP is designed to secure your child's future. The plan provides dual protection including market linked returns and investments with benefits such as partial withdrawals being allowed during the policy term.
5. Kotak Head Start Child Assure:
This ULIP from Kotak intends to secure your child’s future along with great returns to your investments. This also includes a planned corpus when your policy reaches its maturity date.
- Aegon Life ULIP Plans
- TATA AIA ULIP Plans
- SBI Life ULIP Plans
- PNB MetLife ULIP Plans
- MAX Life ULIP Plans
- Aviva ULIP Plans
- Bajaj Allianz ULIP Plans
- Bharti AXA ULIP Plans
- Birla Sun Life ULIP Plans
- Exide Life ULIP Plans
- Future Generali ULIP Plans
- HDFC Life ULIP Plans
- ICICI Prudential ULIP Plans
- IDBI Fedral ULIP Plans
- India First ULIP Plans
- Kotak Life ULIP Plans
- Shriram Life ULIP Plans
GST of 18% is applicable on life insurance effective from the 1st of July, 2017