Every parent always wishes to make their children highly educated; they also don’t want their children to compromise for building his career in any conditions. Best child insurance plans help your child with lump sum money in case of your uncertain death. In fact, they can also buy child insurance education plan which mainly focuses on child’s education.
Top Five Best Child Insurance Plans in India
SBI Life Scholar II
This money back cum traditional savings plan is considered as one of the child best insurance plans. On parent’s demise during the policy term, the basic sum assured is paid, the remaining premium payments are waived off and survival benefits are paid to the beneficiary in installments. Riders are also available with this policy.
LIC’s Komal Jeevan
When a child becomes a major, this money back plan would give a certain percentage of the sum assured in four regular installments. Periodic payments are done when the child attains the age of 18, 20, 22 and 24. For education period of a child, it provides strong financial support. It includes maturity benefits and survival benefits as well.
Birla Sunlife Insurance Bachat Child Plan
This is traditional child plan for which premiums have to be made monthly. The lowest monthly premium is Rs 400 and maximum is Rs 3,000. At the time of maturity, all the monthly base premiums with loyalty additions and bachat additions are paid. On life assured’s death, the nominee will receive the sum assured, all leftover premiums are waived off and the maturity benefits are paid on maturity.
HDFC Unit Linked Young Star II
It gives financial protection to a child if you are not there to take care of his needs. This is a unit linked policy that offers a great opportunity to increase your savings by giving policyholders an option of thoroughly researched and selected investments.
TATA AIA Life Insurance United Ujjwal Bhawishya Supreme
This unit linked child insurance plan provides around 7 investment fund option. Policyholder needs to select the one as per the budget, risk-taking ability and needs. Child insurance benefits offered by this plan will continue even after the insured person’s demise and death benefit will be immediately paid.