5 Best Children Insurance Plan
Your baby becomes the uppermost preference once they come into this world. Their safety, security, fulfilling demands, and even future security responsibility lie on you. No father wants their kid’s dream and aspiration to collapse just because of funds. Instead, every parent does their best to present a sophisticated life to their children at any cost.
Since a child’s birth, parents begin fretting about their studies, career, marriage, etc. To limit this worry to some extent, financial institutions have laid down some children’s insurance plans which will assist parents financially to raise their kids with every facility and convenience. Having copious plans out there, and getting confused among them about which one is to pick is quite lucid.
Yet, which one will be fitting and pocket-friendly to gain the most out of it is the true part of the concern. Hence, this article will walk you through the 5 best children insurance plans that you could screen and shortlist for your loving children.
1. Max Life Shiksha Plus Super
The two-in-one combo, Max Life Shiksha Plus Super renders future security as well as life insurance protection to your child. A unit-linked child investment plan, this plan accommodates in encouraging wealth through market-related returns. Systematic transfer funds and dynamic fund allocations are two benefits that defend clients against market vacillations. Keeping your pocket in the account, the terms and premium can be chosen as per your disposition. This plan additionally authorizes you to withdraw twice every 5 years in case of contingent expenses. The insured person will collect the amount equal to the fund value on maturity. This child plan is advisable when you aspire to draw your money in one direction but also crave two relevant perks simultaneously.
2. SBI Life Smart Champ Insurance plan
Education is extremely costly these days and also a notable requirement in one’s life. To secure the academic future of your kid, this child plan is most prudent. It is a traditional child insurance plan that implements smart gains through 4 equal installments once the child turns 18 years. Premium up to 1,50,000 are eligible for tax deduction under section 80C. Moreover, the versatility of paying the premium as per the client’s budget is possible under this plan as well as the premiums are waived off if the policyholder expires. If you are concerned about your child’s education and have greater career plans for them, this plan is just made for you.
3. Aegon Life Rising Star Insurance Plan
A unit-linked children insurance plan, this plan supports in case of a commercial urgency. Having a regular premium payment option and waiver benefit in case of dissolution of the policyholder, it has four different fund options to invest in. It produces tax benefits, partial withdrawal after completion of 5 years, and increment of insurance coverage throughout the tenure of the scheme. Until the child turns 25, triple benefit insurance coverage for educational assistance is furnished which makes it the ablest plan for a secured career.
4. Birla Sun Life Vision Star Plus Child Insurance Child
This is one of the most reliable child plans to date as it not only serves your kid with instructional aid but will furthermore take charge of expenses for their hobbies and interests so that your child never misses to astonish you plainly because of economic problems. Regular payouts for the obligations mounted and taking loans against the maximum surrender value is feasible along with tax privilege. If the premium is paid for 3 years and subsequently due to any cause, the installment of premium seems unlikely, the policy won’t terminate rather will proceed on a reduced paid-up basis. You can pay the premium annually, quarterly and monthly and can determine the payment term for 5-12 years as per the necessity and appropriateness. Minimum one lakh of the insured amount is paid to the policyholder.
5. Canara HSBC Oriental Bank of Commerce Smart Junior Plan
Canara HSBC OBC offers savings plan cum children insurance plan, this proposal offers payout at significant step or phase of children’s lives such as higher education, marriages, etc. This child plan provides guaranteed payouts during the last 5 years of policy, which can be aligned to child’s educational milestones. Further, the plan also provides Annual bonuses and Final bonus, if any, on maturity. Enhanced triple protection, flexible premium payment terms, tax benefits and guaranteed payouts for your child’s education are some of the fundamental traits of this plan.
What to consider before purchasing any plan for your kid?
These 5 plans are most satisfying to collect from but still if you are served with any other child plan except these, then considering a few facts before investing in it is imperative to ensure safety and gentle returns. These are:
- Quintessential peculiarities: It includes entry and maximum age, loan benefit, waiving off, tenure term, payouts term, etc. What features separate it from other insurance plans is primary to comprehend.
- Claim Settlement ratio: Higher the CSR of the company, the higher is the plausibility of settling your future claims. Hence checking the claim ratio is another aspect in choosing the plan.
- Plan Tenure: Observing the tenure of the policy is vital to ensure your child avail all benefits at the right age and right phase.
When it comes to children, every parent craves the most competent school, college, career, partner, and facility for them. No parents negotiate on their children’s demands and future security and to ensure the best for them, investing in children insurance plans is a step that can’t be neglected. By investing in such plans, you can ensure your child doesn’t struggle even after your demise and have a safe and secure future.
Different financial institutions have several policies which more or less provide the same benefits but some traits differ which may be suitable for some while for others, it may seem quite unconvinced. Above mentioned children insurance plans are some leading-extracted plans and have great highlights and bonuses. As per the requirement, budget, and interests they present, you can fancy one to invest in for an excellent prospect for your precious kids.
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