India (Commonwealth Union)_ In addition to health and life insurance, child insurance also becomes essential for fulfilling your kid’s aspirations since it enables your child to follow their dreams without interruption. Here are some top insurance plans that are a combination of protection, savings, and investment plans that can help you fulfill your child’s future financial demands, such as higher education, business and marriage.
LIC Children’s Money-Back Plan
It is a non-linked, participation money-back plan with survivor benefits that would help policyholders pay for their kids’ major expenditures, such as studies and marriage. The maximum eligible age to invest in this plan is 12 years, and the term to maturity is 25 years. Under this plan, the sum promised will be paid out in the tragic event of the policyholder’s demise.
HDFC SL Youngstar Super Premium Plan
It is a unit-linked plan with premium waiver advantages, allowing your family to opt out of paying future premiums in the event of your untimely demise. The minimum annual premium is INR 15,000, but you can select a premium according to your financial means. As it is an investment-based plan, you may select your fund based on the risk appetite.
Max Life Future Genius Education Plan
It is a non-linked, participatory education plan intended especially to meet your child’s future financial needs. It also offers several advantages, such as death benefits, guaranteed money back, maturity benefits, and premium waiver benefits, among others. The major purpose of the Max Life Education Plan is to pay your child’s higher education expenses, which may also be your objective.
Aviva Young Scholar Advantage Plan
It is a non-participating unit-linked plan that will safeguard your child in the event of any financial misfortunes that might impact your kid’s life. In the event of your death during the duration of the plan, your insurer will waive any further premiums.
SBI Life Smart Champ Insurance Plan
It is an individual, non-linked, participation plan that will allow you to protect your important financial needs, such as your child’s schooling. In addition to life insurance coverage, you will be eligible to collect the sum promised in the case of the policyholder’s permanent disability.
