5 Popular Child Plans to Invest in India

                                  

If you are worried about the future of your child, it is time to shed all your worries now. In this article, we will help you understand how you can make your child’s future bright, just with a little thoughtful planning.

Sending your child to a higher education institute should be considered one of your long-term goals, besides your child’s wedding and your own retirement.  Once you make a long-term goal, it is time to start a robust financial planning.

Financial planning has been made much easier with the advent of child insurance plans. These days, almost all top insurance companies have at least one child plan among the products they offer.  Here, we will show you five most popular child insurance products available in India.

SBI Life Smart Champ Insurance Plan

This SBI child plan is a non-unit linked, participating life insurance plan. Apart from offering the guaranteed death benefit, the policy pays out the maturity benefits in instalments over a period of four years. The following table highlights the eligibility details of this child insurance plan:

Entry Age	21 years – 50 years (for proposer); 0 – 13 years (for child)
Maturity Age	70 years(for proposer) ; 21 years (for child)
Minimum Annual Premium	Rs.6,000/-
Minimum Sum Assured	Rs. 1,00,000/-
Policy Term	21 years minus child’s age at entry

The benefits offered by the plan include:

Ü  Death benefit

Ü  Maturity and Survival Benefits paid out in instalments

Ü  Vested Simple Reversionary Bonuses

Ü  Terminal bonuses(if any)

Ü  Income Tax benefits

Max Life Shiksha Life super

This is a non-participating Unit-linked child education plan. The plan lets you choose from and switch among 7 fund options so that your investment stays safe through the ups and downs of the market. Here are the eligibility criteria of the child plan as follows:

Entry Age	21 years – 50 years (for proposer); 0 – 18 years (for child)
Maturity Age	65 years(for proposer)
Minimum Annual Premium	Rs.25,000/-
Minimum Sum Assured	10 times annualized Premium

The benefits offered by the plan include:

Ü  Death benefit

Ü  Maturity Benefit

Ü  Guaranteed Loyalty Additions

Ü  Income Tax Benefits

MetLife Smart Child Plan

Another Unit Linked Insurance Product, MetLife Smart Child Plan guarantees to safeguard the future of your child from all sorts of financial adversities. This plan allows you to create wealth for future a swell. Following are the eligibility details of the plan:

Entry Age	18 years – 55 years (for proposer); 90 days  – 17 years (for child)
Minimum Annual Premium	Rs.18,000/-
Minimum Sum Assured	10 times annualized Premium
Policy Term	10, 15, 20 Years

The benefits offered by the plan include:

Ü  Death benefit

Ü  Maturity Benefit

Ü  Guaranteed Loyalty Additions

Ü  Income Tax Benefits

HDFC SL YoungStar Super premium

This is a Unit linked child insurance plan offered by HDFC Life. This is a highly customizable plan as it allows you choose the sum assured payout options and the plan option as well. The eligibility criteria of the child education plan are shown in the following table:

Entry Age	18 years – 55/65 years (for proposer)
Maturity Age	65/75 years(for proposer)
Minimum Annual Premium	Rs.24,000/-
Policy Term	10-20 years

The benefits offered by the plan include:

Ü  Death benefit

Ü  Critical Illness benefit

Ü  Maturity Benefit

Ü  Guaranteed Loyalty Additions

Ü  Income Tax Benefits

Birla Sun Life Insurance Vision Star Plan

This child plan is a whole life insurance plan that offers guaranteed life coverage for 100 years. The plan offers limited premium payment option and you can choose the date on which you will receive the pay-outs from the insurer. The table below shows the policy details of the plan:

Entry Age	1 years – 65 years
Accumulation period	5 years – 35 years
Minimum Annual Premium	Depends on the sum assured
Minimum Sum Assured	Rs. 1,00,000/-
Policy Term	100 years (whole life)

The benefits offered by the plan include:

Ü  Death benefit

Ü  Survival benefits

Ü  Maturity Benefit

Ü  Monthly Additions

Ü  5 Additional Rider Options

Ü  Income Tax Benefits

The ones discussed above are some of the most popular child insurance plans available in India. Apart from these, there are other Child Education Plans as well that are economical and offers a lot of interesting benefits at the same time. So, if you want to make your child’s higher education easily affordable for you, do your research and choose the right education plan for your child.