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Promise a Secure Future to Your Child

Your child is the backbone of any civilization as they carry forward the name, tradition and history of human race forward. Every parent’s priority is to provide the best education to their child. This can be a challenge for many parents as the rate of inflation in education sector is growing with every passing day. Providing best education to your child has become a nightmare for most of the parents.

A child insurance policy is the solution that can promise a secure future to your child. These policies offer benefits towards your child’s education. These plans not only ensure that your child gets financial help to pursue higher education, but also provide benefits at various stages of their life like marriage, admissions etc. Insurance is like investment which offers more coverage and benefits than any other financial product.

Few Child Investment Plans

1.     SBI Life- Smart Scholar

·        It is a non-participating Unit Linked Insurance Plan (ULIP). If you are not around, this scheme offers dual protection to your family.
·        Payment of base sum is assured and inbuilt premium pay benefit to ensure continuance of your policy.
·        This plan offers benefits of market linked rent and insurance benefit.
·        The minimum entry age is 0 years and the maximum age is 17 years.
·        Under section 80C of the Income Tax Act, tax deduction is available.
·        In case of sudden demise of policy holder, a lump sum benefit equal to higher of the sum assured or 105 per cent of all premiums paid till date of death will be paid.

2.   SBI Life- Smart Champ Insurance Plan

·        It is an individual non-linked, participating life insurance plan which protects your child’s future educational needs.
·        The policy provides assured benefits which can be paid during the tenure of the policy and provides insurance cover to the policy holder.
·        The person will be assured for life and the policy holder will be assured for death and accidental permanent disability throughout the policy tenure.
·        Smart benefits can be paid in four equal instalments once the child becomes 18 years old.

3.   LIC Child Career Plan

·        This plan is designed to meet the increasing educational and other needs of the child.
·        It provides risk cover on the life of children for the policy term and also during the extended term.
·        Under this scheme, the money comes in instalments, but the major funds are provided when the child attains 18 years of age.
·        You can pay the premium regularly at yearly, half-yearly, quarterly or by deducting salary over the policy term.
·        The premium can be paid either for duration of 6 years or up to 5 years before the policy term.

4.   LIC New Children’s Money Back Plan

·        It is a participatory non linked money back plan.
·        Survival benefit under this plan helps to meet the educational, marriage and other needs of children.
·        The policy offers survival and maturity benefit along with death benefits.
·        The policy holder has the option to avail the survival benefit at any time on or after its due date during the time period of policy.
·        If the proposer is aged between 18 to 55 years, waiver benefit rider is available to them as optional rider by paying additional premium.

5.    HDFC SL Youngstar Super Premium

·        This is a Unit Linked Insurance Product by HDFC that offers life insurance coverage.
·        It offers financial protection to your child and offers two flexible payment preferences, namely- Save Benefit or Save-n-Gain Benefit.
·        This plan provides four plans to suit your needs: Income Fund, Balanced Fund, Blue Chip fund and Opportunities Fund.

6.   Public Provident Fund

·        This is one of the oldest long term taxes saving plan.
·        This can be opened in a public sector bank or post office.
·        The maturity period for this policy is 15 years, but one can extend it in blocks of 5 years twice.
·        The interest rate is based on market.
·        You can invest up to Rs. 1, 00, 000 per annum.

7.    Fixed Deposit/Debt Fund

·        This is the safest option for those who prefer fixed returns.
·        Debt securities have a fixed maturity date.
·        These schemes pay a fixed rate of interest.
·        Debt investment is more tax efficient than fixed deposits, so if you wish to save tax, it is better to invest in debt investment.

8.   Sukanya Samriddhi Scheme

·        This is the scheme for girl child.
·        You can open an account under this scheme any time after the birth of girl child till she turns 10.
·        The account can be opened in authorized branches of commercial banks or any post office.
·        From the date of opening, the account operates for 21 years till the marriage of the girl after she turns 18.


To buy child insurance policy, you just need to find out which insurance agent and company to choose for and compare insurance policies online by comparing their websites. Identify the policy that suits your needs the best. Make a well informed decision.


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