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Best child insurance plan in India

Best child insurance plan in India

What is Child Insurance Plan?

A child insurance plan is a combination of savings and insurance, that helps people to plan for the financial future of their child. By the child insurance plan, the parents can assure that the requirements of the child will be taken care of in the future even if the parents are not around. The child’s insurance plan not only provides security for the financial values but also provides flexible payouts at specific intervals of time so that the child can achieve the major milestones of his life. The best child insurance plan will be that which provides comprehensive benefits to the insured. Along with the insurance coverage, it has also to meet the expenses of future needs and the education of the children. Also with the growing inflation and the increasing rate of education a child insurance plan has become a major need for the parents.

Why get the child insurance plan?

The first question which comes to everybody’s mind the way to get a child insurance plan? So the most important reason to get a child insurance plan is to ensure that the future of the children is not jeopardized due to parents’ untimely demise. It is always important to prepare ourselves for the uncertainties of the future. Maybe the financial advisors argued that the term insurance might do the job of securing children’s future in case of the untimely death of the parents at a lower cost, but the term insurance will not continue even after death. If one opts for child insurance then the insurance company will continue to pay the premium on behalf of the policyholder. Though the child insurance plans are costlier they will serve the child’s interest better in the longer term.

Best child insurance plans in India

Aegon Life Rising Star Insurance Plan

Aegon Life Rising Star Insurance Plan is a unit-linked child insurance plan that aims to provide financial protection to the child against any type of future emergency. This plan helps to provide financial assistance to the child so that there is security to the Childs future and he can achieve major milestones in life. The major features of this plan are given below

  • It offers the option of regular premium payment
  • This plan comes with an inbuilt premium waiver benefit on death and income benefit.
  • It offers four different fund options to invest in.

Aviva Young Scholar Advantage Plan

This is a non-participating unit-linked insurance plan. It is specifically designed to cater to the financial requirement of the child. This plan provides for the complete protection of the child against any type of eventualities. The major features of this plan are given below.

  • This plan provides comprehensive insurance coverage to the child
  • In case of death of the parents during the tenure of the plan, it offers a waiver of future premium, where all the future premium of the policy is waved off.
  • The plan offers the option to invest in seven different kinds of funds as per the requirement and the suitability of the insured.
  • It offers the option to pay an add-on premium in form of pop-ups.

Birla Sun life vision star plus insurance

Life vision star plus insurance is a traditional participating insurance plan which is designed to provide regular assured payouts to finance the Childs education and to provide financial security to the child’s future even in the absence of parents with a comprehensive financial production. The main features of this insurance are given below.

  • This plan offers the option to choose the sum assured depending upon future needs.
  • It offers the option to choose from two different payout options.
  • It offers the option to choose the premium paying term from 5 to 12 years as per one requirement.
  • One can take a loan against this policy against the maximum surrender value.
  • One can also choose to pay the premium annually, semi-annually, quarterly, or monthly basis depending upon one suitability.

Exide life Mera Ashirwad plan

Exide life Mera Ashirwad plan is a granted child insurance plan which is designed to provide financial protection to the child and helps the children to achieve the major goals of life. it is a granted protection come savings oriented child insurance plan call mom what that pays money at critical milestones of children’s life like higher education, marriage, etc. The important features of the plan are given below.

  • This plan offers a minimum entry age of 21 years and maximum entry age of 50 years.
  • This policy offers a maximum majority age of 65 years.
  • The parenting life is the life insured and the guaranteed payouts ensure that the child’s future is secured properly.

Reference

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Written by Yashika Jindal

Yashika is a second-year law student at UILS, Panjab University Chandigarh. She wants to a Judge so that she can serve society and bring a revolutionary change in the legal framework. She is a passionate and hard-working person who loves to learn new and innovative things. Apart from the law, she has a great interest in social work and music. She is always on the hunt for great opportunities that can help to develop her personality and legal skills.

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