Best Insurance Plans That Secure Children’s DreamsLife InsuranceUpdated on Sep 30, 2018 View more like this | Visit India, UN | Contact sidharth kapoor |
Every parent dreams of providing the best education to their children. Higher education is an expensive proposition and parents need to prepare well in advance in order to cater to their children’s educational requirements.
It is important for every parent to invest in a life insurance plan in order to offer financial security to his/her family. A child insurance policy can ensure that adequate funds are available to the children even in the absence of the parent(s).
There are several life insurance policies that are specifically meant to secure children’s future. Some of the best child insurance policies are:
SBI Life Scholar 11
This is a traditional money back plan that ensures periodic payments to the child after s/he attains the age of 18 years. It offers maximum protection in case of the demise of the insured parent. In case of such an eventuality, the sum assured is paid to the family and all outstanding premiums are waived off. Survival benefits are paid out periodically to the child who is the beneficiary as per the policy. This is a participating plan that is eligible for bonuses.
Komal Jeevan from LIC
This is a traditional money back plan that gives a certain percentage of the sum assured to the child at the age of 18, 20, 22 and 24. This product gives a guaranteed addition of Rs.75 per Rs.100 sum assured for every completed year. Besides, this is a participating plan that accumulates loyalty additions to be paid out at death or maturity.
Birla Sunlife Bachat Child Plan
This is a traditional, non-participating endowment plan. The policy comes with guaranteed returns and offers a sum assured 180 times the monthly premium. The maturity benefit of the policy is the sum of the premiums paid, loyalty additions and ‘bachat’ additions. In case of death of the insured during the policy term, the sum assured is paid immediately and all outstanding premiums are waived off. Further, the maturity benefit is paid to the beneficiary at the end of the policy term.
HDFC Unit Linked Young Star 11
This is a unit-linked plan that secures your children’s dreams while offering you an opportunity to invest your money in market-linked instruments. You have an option of 4 different funds to choose from, depending upon your risk appetite. The maturity benefit in this plan is the fund value or the sum assured, whichever is higher. In case of death of the insured parent, sum assured is paid immediately to the beneficiary child and all future premiums are waived off. The policy continues and at the end of the policy term, the fund value is paid to the child.
Tata AIA Life Insurance United Ujjwal Bhavishya Supreme
This is a unit-linked child insurance plan. This plan offers financial security to your child and the opportunity to earn market-related returns. You have a variety of market-linked funds to choose from. The maturity benefit is the fund value. In case the insured parent dies during the policy term, the sum assured is paid to the child and future premiums are waived off. Further, the maturity benefit is paid to the child at the end of the policy term.
Related Read:This Is Why You Should Buy A Child Insurance Plan?
The Bottom Line
Parents strive to provide the best education to their children, to ensure they live a fulfilling and prosperous life. However, things may not always go as planned. A life insurance plan can offer a great deal of financial security to families. A child insurance plan will be the ideal policy to secure the future of your children. Opt for a policy that can serve the specific requirements of your family.
It is important for every parent to invest in a life insurance plan in order to offer financial security to his/her family. A child insurance policy can ensure that adequate funds are available to the children even in the absence of the parent(s).
There are several life insurance policies that are specifically meant to secure children’s future. Some of the best child insurance policies are:
SBI Life Scholar 11
This is a traditional money back plan that ensures periodic payments to the child after s/he attains the age of 18 years. It offers maximum protection in case of the demise of the insured parent. In case of such an eventuality, the sum assured is paid to the family and all outstanding premiums are waived off. Survival benefits are paid out periodically to the child who is the beneficiary as per the policy. This is a participating plan that is eligible for bonuses.
Komal Jeevan from LIC
This is a traditional money back plan that gives a certain percentage of the sum assured to the child at the age of 18, 20, 22 and 24. This product gives a guaranteed addition of Rs.75 per Rs.100 sum assured for every completed year. Besides, this is a participating plan that accumulates loyalty additions to be paid out at death or maturity.
Birla Sunlife Bachat Child Plan
This is a traditional, non-participating endowment plan. The policy comes with guaranteed returns and offers a sum assured 180 times the monthly premium. The maturity benefit of the policy is the sum of the premiums paid, loyalty additions and ‘bachat’ additions. In case of death of the insured during the policy term, the sum assured is paid immediately and all outstanding premiums are waived off. Further, the maturity benefit is paid to the beneficiary at the end of the policy term.
HDFC Unit Linked Young Star 11
This is a unit-linked plan that secures your children’s dreams while offering you an opportunity to invest your money in market-linked instruments. You have an option of 4 different funds to choose from, depending upon your risk appetite. The maturity benefit in this plan is the fund value or the sum assured, whichever is higher. In case of death of the insured parent, sum assured is paid immediately to the beneficiary child and all future premiums are waived off. The policy continues and at the end of the policy term, the fund value is paid to the child.
Tata AIA Life Insurance United Ujjwal Bhavishya Supreme
This is a unit-linked child insurance plan. This plan offers financial security to your child and the opportunity to earn market-related returns. You have a variety of market-linked funds to choose from. The maturity benefit is the fund value. In case the insured parent dies during the policy term, the sum assured is paid to the child and future premiums are waived off. Further, the maturity benefit is paid to the child at the end of the policy term.
Related Read:This Is Why You Should Buy A Child Insurance Plan?
The Bottom Line
Parents strive to provide the best education to their children, to ensure they live a fulfilling and prosperous life. However, things may not always go as planned. A life insurance plan can offer a great deal of financial security to families. A child insurance plan will be the ideal policy to secure the future of your children. Opt for a policy that can serve the specific requirements of your family.
