|Child plan||Entry Age||Min Sum Assured||Policy term||Min Annual premium||Premium Payment Frequency||Premium Payment Term|
|AEGON Life Rising Star Child Insurance Plan||Life assured parent: 18-45 yearsChild (nominee): 1 day to 15 years||Higher of 10 times of Regular Annualized Premium or (0.5 x Policy Term x Annualized Premium)||25 years less age at entry of the child||Annual mode: Rs. 20,000 Other modes: Rs. 30,000||Yearly, Half-yearly, Monthly||Equal to policy term|
|LIC New Children's Money Back Plan||0 years to 12 years||Rs. 100,000||25 years less age at entry of the child||--||Yearly, Half-yearly, Quarterly, Monthly||Equal to policy term|
|SBI Life Smart Scholar child plan||Parents: 18 to 57 years Child: 0 to 17 years||Higher of 10 times of Regular Annualized Premium or (0.5 x Policy Term x Annualized Premium)||8 years to 25 years||--||Yearly, Half-yearly, Quarterly, Monthly||Equal to policy term|
|PNB MetLife College Plan||20-45 years||Rs. 2,12,040||12 – 24 years||Annual Mode : Rs.18,000, Non Annual Mode: Rs.30,000||Regular||Equal to policy term|
|HDFC Life YoungStar Udaan Child Plan||18-55 years||--||15-25 years||--||Yearly, Half-yearly, Quarterly, Monthly||7, 10 or Policy Term minus 5 years|
|Bajaj Allianz Lifelong Assure Child Plan||10-55 years||Rs. 100,000||100-age at entry||--||Yearly, Half-yearly, Quarterly, Monthly||10, 15 and 20 years|
|LIC Jeevan Tarun Plan||90 days – 12 years||Rs. 75,000||25 years less age at entry of the child||--||Yearly, Half-yearly, Quarterly, Monthly||20 years less age at entry of the child|
|Kotak HeadStart Child Assured Plan||18-60 years||Entry age of below 45: Higher of 10 x annualized premium OR 0.5 x policy term x annualized premium Entry age of 45 and above: Higher of 7 x annualized premium OR 0.25 x policy term x annualized premium||10, 15 and 25 years||Regular and 10 PPT: Yearly – Rs. 20,000 p.a. and Half-yearly –Rs. 10,000 5 PPT: Yearly – Rs. 50,000 p.a. and Half-yearly –Rs. 25,000||Yearly, Half-yearly||10, 15 and 25 years|
|Star Union Dai-ichi Life Bright Child Plan||Life Assured: 19-45 years Child: 0-8 years||Rs. 500,000||24 minus age of child at entry||--||Yearly, Half-yearly, Quarterly, Monthly||18 minus age of child at entry, or Fixed 10 years|
|Tata AIA Life Insurance Super Achiever Plan||Life Assured: 25-50 years Child: 0-17 years||10 x Annualized Premium||10-20 years||Rs.24,000 per annum||Yearly, Half-yearly and monthly||10 years|
A: Child plans are insurance cum investment financial instruments catering exclusively to manage the financial needs of a growing child. Child plans are designed to offer financial security for all the growing needs of a child at various stages of life including higher education and marriage. Child plans also offer an additional security protection by offering life insurance to the policyholder parent. The child as a nominee gets paid the sum assured in the event of unfortunate demise of the policyholder during the policy tenure. All pending premiums are also waived off in such a scenario.
A: Child plans are tailor made to ensure the financial future of the child is secure. Consider the rising inflation and increase in the cost of essentials like school and college education fee, having a financial corpus for the same is an unavoidable financial significance. Considering that MBA costs from a reputed college today cost anywhere between Rs. 25 to Rs. 35 Lakhs. Add to it the inflation and the cost will go even higher in 10 to 15 years’ time. Child plan ensures that financial corpus for your child education is substantial enough to bypass all such financial challenges. Child plans also offer periodic pay-outs, which means that your child has access to money as and when required in certain pre-determined ages. As a parent, you can assure a healthy and prosperous future for your child by investing in the right child plan.
A: Child plans can be bought for your child from the day the child is born. Ideally, child plans should be bought as soon as the child is born to ensure your child’s financial health remains secure irrespective of any financial uncertainty in the future.
A: Yes, you can buy child plans the every day the child is born depending on the eligibility norms of the child plan.
A: Child plans can be bought by parents as well as grandparents for their children and grandchildren. Check the eligibility age criteria to buy the selected child plan to ensure your age category meets the eligibility criteria of the plan.
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