10 Best Child Insurance Plans (2023)

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Best Child Insurance Plans: Child Insurance Policy helps to your children to achieve their cherished purpose of life. Opting for the best child insurance plans 2023 can help secure a child's financial future while also providing flexible payouts at regular intervals. These plans enable children to pursue their dreams and achieve important milestones in life. In addition to providing financial protection, child insurance policies offer several additional benefits, which are listed below:

Best Child Insurance Plans in 2023

A dual plan is the most beneficial option for child education insurance, as it combines both an investment and insurance plan. This plan serves two purposes: firstly, it helps build a financial corpus specifically for children; and secondly, it provides a sense of security and peace of mind.

By choosing a child insurance plan, you can obtain a guaranteed child education plan which is not typically available through other investment options. Such plans often include a premium exemption benefit, which provides a maturity benefit regardless of whether the parent is alive at the time of maturity. This means that by investing in a childhood life insurance policy, you can ensure a secure future for your child.

Top 10 Child Insurance Plans

In this Article, We are going to know a list of the Top 10 Child Insurance plan / Best child education plan in India 2023. So, if you are also looking the Best Insurance Policy for your Child, then read this article thoroughly. 

Why Child Insurance Plan in 2023?

It is critical to purchase a child insurance policy for your children to ensure their future is protected in case of your unexpected death. Life is full of uncertainties, and it is vital to plan ahead.

While some financial advisors may recommend term insurance to secure your family's future at a lower cost, term insurance coverage ends upon your demise. In contrast, a child insurance plan guarantees that the insurance company will continue to pay the premiums thorough the policyholder. Although child insurance plans are more expensive, they offer better long-term benefits for your child's interests. With a best child insurance plans, the beneficiary receives the amount at regular intervals according to the plan.

Best Child Insurance Plans in India 2023

10 Best child Insurance Policies 2023 is given below:

Best Insurance Policy 2023

10 Best Child Insurance Plans in India (2023)
S.No.	Child Insurance Plans
1.	HDFC SL YoungStar Super Premium
2.	Bajaj Allianz Young Assurance
3.	ICICI Prudential Smart Child's Regular Premium
4.	Bharti AXA Life Child Advantage Plan
5.	LIC New Children's Money Back Plan
6.	Kotak HeadStart Child Assure Plan
7.	AEGON Life Rising Star Insurance Plan
8.	Aditya Birla Sun Life Insurance Vision Star Plus
9.	Exide Life Mera Aashirvad Plan
10.	Aviva Young Scholar Advantage Plan

Child Insurance Plans 2023: Important Terms

When considering investing in child insurance plans, there are several essential factors that you should consider. These factors include:

1. Financial Goals: It is crucial to determine your financial goals for your child's future, such as education, marriage, or starting a business. This will help you select a plan that aligns with your objectives.

2. Premium Amount: You should evaluate the premium amount you are comfortable paying on a regular basis. Consider your income and other expenses to determine the amount you can afford to invest.

3. Coverage and Benefits: Review the coverage and benefits offered by different child insurance plans. Check if the plan provides comprehensive coverage for the risks you want to protect your child from.

4. Policy Term: Choose a policy term that matches your financial goals and the age of your child. Longer policy terms generally offer higher benefits and more significant returns but may require a higher investment.

5. Claim Settlement Ratio: Check the claim settlement ratio of the insurance company offering the plan. A high ratio indicates that the insurer settles claims efficiently and promptly.

6. Riders and Add-Ons: Consider the availability of riders and add-ons to customize the policy as per your specific needs.

By keeping these factors in mind, you can choose the best child insurance plan that meets your financial goals and protects your child's future.

Top Child Insurance Plans 2023

After knowing the terms regarding Best Insurance Policy for Child. We are going to get an overview of best child insurance plan in India 2023. The details are given below:

HDFC SL Young Star Super Premium

The HDFC SL YoungStar Super Premium Plan is designed to secure the child's future by providing life insurance coverage and accelerating growth.

This unit-linked insurance plan helps to save money for a child's future needs, including higher education and marriage. It is considered one of the best child insurance policies available in the market.

HDFC Young Star Super Premium Child Plan 2023 : Features:

• The policyholder can choose from four different fund options to invest in.
• The premium amount is flexible and can be customized according to the customer's needs and suitability.
• Tax benefits can be availed under Section 80C of the Income Tax Act.
• The sum assured can be selected by the policyholder based on their age, with 10 times for those below 45 years and 7 times the annual premium for those over 45 years.
• Life Option and Life & Health Option are the available options for the policyholder.
• There is no upper limit for premium payment, and the minimum premium amount is Rs. 15,000, paid annually.
• The policy term can range from 10 to 20 years. The 11 to 14-year term is not available.
• In case of the policyholder's unfortunate demise or serious illness, the Sum Assured (Beneficiary) will be provided to the child, and no further premium payment is required. If the Save benefit option is chosen, all the original regular premiums for the policy will be paid in full, and any Critical Illness or Death Benefit coverage will end immediately. The plan beneficiary will receive the Fund Value at maturity.
• The sum assured can be chosen based on the policyholder's protection needs, and investment funds can be selected based on their risk and return preferences.

Bajaj Allianz Young Assurance Plan

Bajaj Allianz is a leading insurance provider that offers a variety of insurance plans in India, including the best children's plan. They provide plans for various purposes, and you can choose the one that best suits your needs.

If you want to save money while also receiving basic protection coverage, Bajaj Allianz's savings plans are an excellent option. These plans are typically participating and require a small premium payment, making them an effective way to lay the foundation for your child's future.

With the best child plan in India, Bajaj Allianz can help you achieve your child's goals successfully. This plan comes with several features, including Guaranteed Maturity Benefit (GMB), Vested Bonus (VB), Guaranteed Additions (GA), Interim Bonus (IB), and Terminal Bonus (TB). You can choose any one option for a cash installment for your maturity benefit, and after the policy reaches maturity, you will receive your initial installment.

If the policyholder sustains permanent total disability due to an accident and has made all unpaid premiums, the policy will be converted to one that is fully paid. The plan has a minimum entry age of 18 and a maximum of 50, and the maximum majority age is 60 years. It also provides a rebate for higher assured sums and a premium with policy term deposits.

The policyholder is guaranteed a maturity benefit along with guaranteed additions, and on maturity, the insured will receive the vested bonus plus the terminal bonus. Additionally, you can also avail tax benefits under Under Section 80C of the Income Tax Act.

ICICI Prudential Smart Child Regular Premium Plan

The ICICI Prudential Smart Kid Regular Premium Plan is a traditional participating endowment plan that provides benefits for the child and ensures the parent's life. If the parent dies during the policy's term, the nominee receives the Sum Assured to cover immediate financial needs, and the insurer waives future premium payments so that the Maturity Benefit is paid when it is due.

Key features of this plan include two premium payout options, a maximum maturity age of 64 years, and a policy tenure that ranges from 10 to 25 years. If all premiums are paid, the plan guarantees the Maturity Benefit based on the selected option in all situations. Additionally, the plan offers two rider benefits, a Vested Bonus, and Guaranteed Additions of 3.5% on the Sum Assured for the first 4 years.

The policy qualifies for a deduction from taxable income under section 80C for yearly life insurance premium payments up to Rs. 1,50,000.

Bharti AXA Life Child Advantage Insurance Plan

Bharti AXA Life Insurance Company offers a wide range of insurance plans that cater to various needs, including protection, savings, and retirement. Among its offerings is the Child Advantage Plan, which is considered one of the best children's insurance plans.

This traditional child plan guarantees returns and allows policyholders to share in the company's profits through bonuses. The Bharti AXA Life Child Advantage Plan is a non-linked participating plan that offers a choice between money-back and endowment options, as well as a built-in premium waiver benefit.

If you choose the Money back option, this plan guarantees pay-outs to cover your child's educational needs in the final five years before maturity. Additionally, you will receive a guaranteed payout at maturity for your child's higher education and career needs. Under the Endowment Plan, you will receive a guaranteed lump sum amount at maturity to help your child achieve their dreams if the policy is still in effect.

This plan includes a built-in Premium Waiver benefit that ensures your child's needs are met in case the parent (the Life Insured) passes away. The policy's benefits remain in effect, while future premiums are forgone.

The policy offers flexible policy tenures, and the maximum maturity age is 76 years. Policyholders can choose terms ranging from 11 years to 21 years, depending on the age of their children.

LIC New Children Money Back Insurance Plan 2023

The LIC New Children's Money Back Plan is a specialized plan designed by LIC to cater to the financial needs of growing children, including education, weddings, and other expenses.

Apart from providing risk coverage for children, this money-back scheme is also a participating, non-linked plan that offers survival benefits, making it one of the top child plans in India.

Key features of this plan include:

• A maturity benefit that equals the sum assured and all accumulated bonuses will be paid.
• A survival benefit equal to 20 percentage of the total sum assured will be paid when the life assured reaches a certain age.
• In the event of the life assured's unfortunate death after the policy's risk commencement while the policy is still in force, the sum assured on death and any accumulated bonuses will be paid.
• Policyholders are eligible to share in LIC's profits and earn bonuses.

Best Child Insurance Policies in India 2023: FAQs

Q: What is the best child insurance plan in India?
A: Child insurance is a type of life insurance policy that provides financial protection to a child in case of the policyholder's death. It is specifically designed to secure the future of the child, and it can also help in meeting their education and other expenses.

Q: What are the benefits of a child insurance policy?
A: The benefits of a child insurance policy include financial protection for the child in case of the policyholder's death, maturity benefits that provide a lump sum amount at the end of the policy term, survival benefits that provide periodic payouts during the policy term, and tax benefits under Section 80C of the Income Tax Act.

Q: What are the types of child insurance policies available in India?
A: The types of child insurance policies available in India include traditional child insurance plans, unit-linked insurance plans (ULIPs), and child education plans.

Q: What factors should be considered while selecting a best child insurance policy?
A: Factors that should be considered while selecting a child insurance policy include the age of the child, the policy term, the premium payment term, the coverage amount, the survival benefits, the maturity benefits, the surrender value, the riders available, and the reputation of the insurance company.

Q: What are the documents required for purchasing a child insurance plan?
A: The documents required for purchasing a child insurance policy include identity proof, address proof, age proof of the child, and income proof of the policyholder.

Q: Can the policyholder withdraw money from the child insurance policy before maturity?
A: Yes, the policyholder can withdraw money from the child insurance policy before maturity by surrendering the policy. However, surrendering the policy may result in the loss of benefits and reduced returns.

Disclaimer

This article is published for the benefit of the general public and is intended for informational purposes only. It is recommended that readers do not consider the contents of the article as definitive and should conduct further research or seek the advice of an expert on the subject matter.