What are Child Plans?

Child plan or child insurance plan are any Guaranteed Returns Plans (endowment or money-back plans) or Unit Linked Insurance Plans that help you save a corpus for your child. The savings aspect makes sure that you build a corpus over the long term and get good returns. Read More

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Child Insurance Plans


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What is a child education plan? 


Child education plans are insurance-cum-investment plans (ULIPs) or guaranteed returns plans (money-back plans or endowment plans) that help to create a corpus for the child’s future, over a defined period. At the time of maturity, these plans pay out a lump sum to the child, which can be used to pay for education fees or marriage expenses.

Child Plan Offer

What does a child plan offer?

Explore Edelweiss Life Child Insurance products 


Edelweiss Life Insurance does not offer a separate child insurance plan segment. We offer unique ULIPs and Guaranteed Returns Plans that offer specific features for securing the future of your child.  

How does a child plan work? 


A child plan can be an Endowment Policy, a ULIP, or a money-back plan. In a money-back plan, the child gets a lump sum survival benefit at regular intervals. These plans are helpful for people who need a lump sum amount at a time in the future. However, these plans do not offer significant returns. Hence, they might not be able to offset the impact of inflation, especially if you need the money for education expenses.


Secondly, a ULIP plan is an investment and insurance plan, where a part of your premiums is used to provide a secure life cover and the remaining portion of the premiums is invested in different market securities. The investment made is as per your life stage, risk appetite and financial objectives. In case of the demise of the parent, the child gets a lump sum amount. Moreover, all future premiums of the policy will be waived.


Thirdly, an endowment policy is a plan where you receive a lump sum along with bonuses. These plans are useful as they help create a corpus for higher education expenses, etc. However, these policies are different from ULIP plans as they offer a guaranteed return.


How child plan is different from a term plan? 


Child plans denote Savings plans or ULIP plans, whereas a term policy is a pure life insurance plan that guarantees a death benefit if the policyholder dies within the plan tenure. Post this, the plan ceases to exist. There is no maturity value offered by term plans in case the policyholder survives the term.


Alternatively, in insurance policies for children, the death benefit is paid upon the demise of the policyholder but the policy continues to exist. Moreover, the plan pays out a maturity benefit in case the policyholder survives the tenure.


Benefits Of A Child Insurance For Your Child’s Education


Getting a degree from the best educational institute requires a strong financial plan. An IIM Ahmedabad course fee has risen by 4 times in the last decade crossing the Rs 20-25 lakh mark. The tuition fee for an undergraduate engineering student at IIT today (in 2020) is Rs 2-3 lakh per annum.  An MBBS degree from a private college which now costs about Rs 25-30 lakh. So, if you want your child to graduate from a premium institution then not only should be your child bright enough to qualify, but you need to be rich or save systematically to pay for the classes.


A child education plan is a combination of investment and insurance. It will help them focus on their career without worrying about finances even in your absence. The returns would be sufficient to help your child meet his future needs even when you are not around.


When it comes to your child’s education, it is a must to start saving as early as possible; to be financially prepared to support your Child’s dream. You could save up little by little every month, build up a fund over the long-term or you could start saving with a child insurance plan. You can choose to get returns at important stages of your Child’s life.

Why choose Edelweiss Life Insurance for your Child Plan?


You can trust Edelweiss Life Insurance to be your partner in securing your child against financial uncertainties. Here are some reasons that make us a reliable partner:

Child Plan Why choose Edelweiss Tokio Life Insurance for your Child Plan?

Child Plans Customer reviews on our child insurance plans

Customer reviews on our child insurance plans

Why you need a child insurance plan? 


Child insurance plans, i.e. ULIPs for children or savings plans for children, help you safeguard the future of your child. Given the rising education costs in the country, it is wiser to plan for your child’s education well in time. As per the “Household Social Consumption of Education in India” report, education expenses create a huge financial burden on households. This creates a situation where education beyond the secondary level nearly becomes unaffordable for most working-class people.

By investing in an insurance plan for your child, you secure your child against future uncertainties as well as build a corpus to fulfil expenses like sponsoring your kid’s education. In case of an unfortunate event leading to your demise during the tenure, the insurance plan will pay a lump sum death benefit to help your child cover the immediate needs as well as continue investing on the behalf of the insured. Moreover, the plan also waives all premiums in such cases.


Let us understand this through an example:

Getting a degree from the best educational institute requires a strong financial plan. An IIM Ahmedabad course fee has risen by 4 times in the last decade crossing the ₹20 lakhs mark. If it keeps on growing at the current rate of 20% per annum, it will easily cross ₹1 crore ten years later.

The tuition fee for an under-graduate engineering student at IIT today is ₹2 lakhs per annum. It is hundred times more than what it was thirty years ago, and is expected to touch ₹10 lakhs per annum figure in the next five years.

As per another 2018 report, an MBBS degree from a private college which now costs about ₹25-30 lakhs will go up to ₹50 lakhs over the next 10 years.

So, if you want your child to graduate from a premium institution then not only should be your child bright enough to qualify, but you need to be rich or save systematically to pay for the classes.

When it comes to your Child’s education, it is a must to start saving as early as possible; to be financially prepared to support your Child’s dream. You could save up little by little every month, build up a fund over the long-term or you could start saving with a ULIP or a Guaranteed Returns Plan for your child’s education planning. These plans not only give guaranteed returns on your savings but also offer you a life cover. You can choose to get returns at important stages of your Child’s life. And you can make sure that your child gets the benefits of the Child Insurance Plan even when you’re not around, with the life cover it offers.

So, yes. You do need a Child Education Plan.

Benefits of child insurance plans


The future of your child is your prime responsibility and also a big reason for your worries. You want to provide the best education for your child. But given the steeply rising cost of education in the country, you will need a substantial amount of savings to cover your child’s higher education expenses. Hence, regular investments in the right plan can help you build a large sum over time. That said, apart from creating a financial corpus for your child’s education, you also need to ensure they are financially secure in case of your absence. 


With insurance plans tailored to provide specific benefits of your children, you get dual benefits. These plans combine financial protection for the child along with savings/wealth building that allows you to build a significant sum for the future. 


Here are some benefits of child insurance plans: 

  • Covers immediate needs: Savings and insurance plans for children aim to support the regular needs of your child by offering money to help the family cover regular expenses like school fees, tuition costs, etc. 

  • Reliable asset for the future: An insurance plan that covers your child financially secures your child by offering a lump sum benefit in case of your demise during the plan tenure. Further, the policy continues to exist while all future premiums are waived off. The premiums are paid by the insurance company and the money remains invested till the end of the policy term. At maturity, the money is paid to the child, which can be used to cover the education costs. 

  • Disciplined investment for a child’s higher education: In a Guaranteed Returns Plan or ULIP, you invest regularly throughout the term of the plan as per your preferred premium frequency. If you choose a ULIP plan, you get a high return, owing to equity-linked market investments. As you approach maturity, you can change your investment into more secure ones like bonds. 

  • Tax benefits: Besides offering the above-mentioned benefits, these plans also provide significant tax benefits. The premiums are exempt from taxes up to Rs 1.5 lakhs under Section 80C of the Income Tax Act, 1961. The maturity sum and the death benefit are tax-exempt at the hands of the nominee as per Section 10(10D)


3 reasons why a child insurance plan is essential 


 A savings and insurance plan for your child is the foundation of their future. Here are three reasons why these plans are essential:

  • Sponsor the education and development of your child: Education is a basic and critical need for your child. When it comes to education, you should not make any compromise. The better education you provide your child, the more equipped they become for prospects. But given the soaring cost of education in India, it is useful to invest in a child insurance plan. These plans allow you to create a fund that can be used to pay for your child’s education, higher studies, extra-curricular activities, and more.
  • Creating a corpus for the future: As a parent, you would want to sponsor the marriage of your child, either fully or partly. On such a joyous occasion, you would not wish to compromise on the wedding functions and ensure everything is adequately done. You do not wish to be in a situation where you are unable to fund the marriage expenses. Moreover, you might want to gift a car or a bike to your child in the future or help them set up a business or leave behind a legacy for their future. With an insurance plan moulded for your child’s protection, you can cover these objectives more optimally. 
  • Lead by example: As parents, you are the role model for your child. Your child learns from you and looks up to you to get a direction in life. The decisions you make as parents have a large influence on your kid. Hence, you must be financially disciplined and make prudent investments. A child insurance plan is one such investment that speaks of good judgement. When you set such examples for your children, you are helping them become smart individuals of tomorrow.

Tax Benefits³ With A Child Education Plan


Apart from the other benefits of a child education plan, tax benefits¹ are sure an added perk.

Tax Benefits³ on child plan premiums paid :

Premiums paid towards child plans are eligible for deduction under section 80C of the Income Tax Act, 1961. You can claim a deduction from your taxable income for this. This deduction is up to Rs.1.5 lakh a year.


Tax Benefits³ on income from child plan :

The amount received at maturity of the child education plan, will be completely tax free³ under section 10(10D)

If you have opted for a ULIP investment, the maturity payouts are tax-free if the total annual premiums paid are below ₹2.5 lakhs. If the annual premiums exceed ₹2.5 lakhs, then the maturity payouts will be taxed as Long Term Capital Gains.

Types of Child Insurance Plans


Endowment Plans for Children

In Endowment Plans, your funds are allocated into multiple debt products. While the returns on such an investment are not big, there is guaranteed security for your money due to low risk.


  • Less Risk : While savings for your child’s education, certain short-term investments may give better maturity benefits, however, a child endowment plan is comparatively less risky than them. While other investments are subject to market risks, a child endowment plan is subject to no such conditions. Hence, this is a much safer investment for a family. 
  • Tax Benefits³ : Along with saving for the future of your children, choosing a child endowment plan also lets you avail tax benefits³. While planning for your taxes, it is advisable to choose instruments that serve two purposes: not only would they help you save tax³ but would also provide the long-term benefits in terms of savings or protection, in line with your financial plans.


Guaranteed¹ Returns Plans

As the name suggests, a guaranteed¹ returns child plan gives you an assured amount back on completion of the maturity period. A guaranteed¹ return plan is a safe and assured way to save for your child’s future and does not involve high investment risks.



  • Flexible premiums : A guaranteed returns child plan makes provisions for flexible premiums. Based on your income and liquidity levels, choose the amount and mode of premium payments.
  • Flexible time period: You can choose the maturity period of a guaranteed returns child plan based on your child’s age and the purpose for which are saving. This allows every parent to buy a plan which is most convenient for them and falls within their future plans, making it the child plan best suited for their need.


Market Linked Plans

A Market Linked Child Plan such as a ULIP (Unit Linked Insurance Plan) is a life insurance plan with an additional feature of investing your money in the market for future financial goals such as your child’s education. This means that you get the dual benefit of protecting your family as well as saving for their future.



  • Flexibility: ULIPs let you choose the premium amount, as per your requirements. They also give you the option of selecting funds as per your choice. Many ULIPs also offer the possibility of increasing your premiums during your premium paying term depending upon your family’s needs.
  • Liquidity: No matter what your premium paying term or policy term is, after the lock-in period of 5 years, you can fully or partially withdraw funds from your account when you are in need of urgent funds.
  • Tax Benefit³ u/s 80c: Premiums paid is deductible from taxable income under Section 80C. The interest earned and maturity amount ³ received is also exempt subject to conditions under Section 10(10D) of the Income Tax Act, 1961.
  • Systematic Savings: ULIPs give you the benefit of putting aside a chunk of your income to save it for your child’s education and dreams in a systematic way.
  • Wealth Accumulation: ULIPs not only let you save your earnings, but also help in growing wealth by allocating it to market-linked funds.


Life Insurance Plans


Apart from savings and investment plans, it is very important that every parent has an adequate life cover to protect their child’s future.



  • Single Premium Child Insurance Plans: With single premium life insurance plans, you pay a lump sum annual premium instead of monthly or quarterly payments.
  • Regular Premium Life Insurance Plans: Regular premium life insurance plans refer to investment cum life insurance plans that have a monthly or quarterly premium paying system.

How to select the right child insurance plan?


Selecting the right insurance plan for your child’ protection is a critical investment for the future of your child. You can use these steps to find the ideal plan for your child:

  • Identify your needs and goals, and the amount you require. You can do this by ascertaining the money required to sponsor the education or marriage of your child.
  • Based on your needs, choose the policy term and the premium amount that will help you determine the optimum sum assured.
  • Browse through various insurance plans such as ULIPs, endowment plans, savings plans, etc. Understand their pros and cons, and select one that best suits your needs.
  • Compare the different plans and companies available in the market, and ultimately select make an informed decision as per features, flexibility, returns, tenure, tax benefits, liquidity, reliability, etc.

Child Plan Good Child Plans

Why ULIPs are Good Child Plans?

Flexible Fund Withdrawal

No matter what your premium paying term or policy term is, after the lock-in period of 5 years, you can fully or partially withdraw funds from your account whenever you need it for your child’s education.


Systematic Savings For Your Child’s Education


ULIPs give you the benefit of putting aside a chunk of your income to save it for your child’s education and dreams in a systematic way.


Wealth Accumulation


ULIPs not only let you save your earnings, but also help in growing wealth by allocating it to market-linked funds.

Why ULIPs are Good Child Plans?

Flexible Fund Withdrawal

No matter what your premium paying term or policy term is, after the lock-in period of 5 years, you can fully or partially withdraw funds from your account whenever you need it for your child’s education.

Understanding the cost structure of education in India 


The cost of education in India is highly burdening. Given the current rate of inflation, it is prudent for parents to choose a wise investment plan to provide for their child’s education needs in the future.

For instance, if your child desires to become an engineer in the future, you would want them to get the best possible education in the field. A good engineering institute presently costs around Rs 1 lakh. But in the coming 15 years, this would go up to ₹40 lakhs to ₹50 lakhs, assuming the average rate of inflation will be about 10% in the future.

And if your child wants to choose a private college, you can expect to shelve around ₹25 lakhs in the present. This would jump up to a crore in another 15 years.

These numbers depict an urgent need to make a smart investment for your child. With a strong corpus, you will be able to fund the education expenses of your child, which primarily include:

  • Accommodation within the campus or outside, which is highly costly.
  • Tuition fees of the institute, which is steeply rising since the past decade and is expected to shoot further up.
  • Transportation – public and private, which can be extremely burdening.
  • Food, which is highly expensive.
  • Miscellaneous expenses like leisure activities, travelling, etc.

Moreover, these expenses differ and consistently grow as your child advances in age and further their aim. Primary education costs are lesser than secondary higher education. Boarding school expenses are much higher than normal schools. Moreover, the sharply rising inflation is another concerning factor.

The expenses of higher education in India

  • Government college: ₹5 lakhs to ₹6 lakhs
  • Private colleges: ₹8 lakhs to ₹10 lakhs
  • International colleges: ₹1 crore

The expenses of medical education in India

  • Government college: ₹5 lakhs to ₹10 lakhs
  • Private colleges: ₹18 lakhs to ₹20 lakhs
  • International colleges: ₹1 crore

The expenses of commerce, arts and humanities education in India

  • Government college: ₹2,000 to ₹15,000
  • Private colleges: ₹2.5 lakhs to ₹5 lakhs
  • International colleges: ₹50 lakhs

The expenses of engineering education in India

Engineering in India is renowned worldwide, even in the developed nations like the U.S. A typical four-year engineering course will cost anywhere between ₹1.25 lakhs and ₹5 lakhs. But when it comes to top engineering colleges of the country like IIT, BITS Pilani, etc., the cost goes up to ₹10 lakh- ₹15 lakhs. When you speak of post-graduation in engineering, the expenses shoot further up. Very few colleges, including government ones, have a fee structure of less than ₹10 lakhs. In private colleges, the fee shoots further up to ₹50 lakhs. Besides, many other expenses will add-on and the food and lodging are separate too.

Given such dramatically strong figures, there is an urgent need for parents to choose a child plan that helps pay for such rising education expenses so that their child’s dreams do not suffer.

Child Education Plans – Myth v/s Reality


Myth 1 : Child Education Insurance Plans covers a child’s life. It is inauspicious to buy insurance in the name of a child.


Reality : Most child plans insure the life of the earning parent, and not the child. The benefit associated with child plan’s is that the child’s future dreams of pursuing higher education are fulfilled, in case of an untimely death of the parent.


Myth 2 : Child Plan ends if / when the parent dies.


Reality :  The beauty of child education plans is that usually they come with a Waiver of Premium Option, which means upon an untimely demise of the parent, the future payable premiums are waived off, and the policy continues. There is no impact on the benefits due to be received at maturity of the child plan.


Myth 3 :The child insurance plan is suitable only for meeting the education costs for the child.


Reality : Child Education plans are designed to take care of the rising cost of education for your child. However, there is no restriction on the usage of the amounts received at regular intervals during the policy term and at maturity. Example – If you invested in a child education plan for higher studies, however, your child chooses not to pursue further studies and use the funds instead for other commitments, he / she may do so irrespective of the original goal it was intended for.


Myth 4 : The Child Insurance Policy locks in the investment for a long period.


Reality :  Most online child insurance plans are flexible when it comes to policy term. The policy term of most market linked child plans usually range between 5 to 25 years. This means the earning parent can withdraw money, either partially or fully, if required earlier than planned.

How much should you invest in a child plan? 

To precisely know the amount, you should invest in a child plan, it is critical that you first understand the importance of good education and the corresponding cost. A good education from a renowned institute will help your child create a strong foundation for their future. With a good education, your child can earn better and also live a happy life, and more importantly become financially independent.


The average cost of education in India in 2020 is ₹15 lakhs. In 2040, it is expected to rise to ₹45 lakhs. Hence, your investment should be at least ₹10,000 per month for the next five years. This will help you ensure your child gets the best education possible.


Documents required for child insurance plans   

Buying an insurance plan in India is very easy, you only need to submit the following documents:

  • Proof of age such as Birth Certificate, Market Sheet, Passport, etc.
  • Proof of identity such as Aadhar card, Passport, PAN Card, Voter ID, etc.
  • Proof of income such as Financial Statements, ITR, etc.
  • Proof of address such as Telephone Bill, Electricity Bill, Ration Card, Passport, Driver’s Licence, etc.
  • Proposal form duly and truthfully filled.


Child insurance plan claim process


When you buy an insurance plan that offers specific child-based features, make sure to check the claim settlement ratio of the provider. An insurance company with a high claim settlement ratio is more reliable as it increases the chances of claim settlement.

Here is a typical claim settlement process in the case of child insurance plans:

  • In case of an event, notify the insurance company immediately or ASAP. You can do this via email or by calling the insurance company directly on the toll-free number. You can also choose to visit the nearby branch.
  • After intimidating, you would need to duly fill the claim form where you would be required to list all details regarding the incident and more.
  • You would need to give the required proofs, documents along with reports.
  • Once you submit the form and necessary documents, the insurer will register the claim.
  • The insurance company will appoint a surveyor to verify your claim and the documents.
  • Upon approval, the insurance provider will settle the claim benefit within a stipulated time, which is generally 30 days from the document submission.

Documents required for child insurance claim process   

To register a claim, you will need the following documents:

  • Duly filled claim form
  • Policy documents
  • Medical certificate
  • Death certificate
  • Medical reports and bills
  • Port-mortem report, in case of an unnatural demise
  • FIR copy
  • Account details
  • KYC of the nominee or the insured

Tips for Buying Child Insurance Plan


Here are some tips to start investing early in a child education plan


Invest Cash Received as Gifts

A new-born child received many blessing from relatives in the form of cash. This is the best source to kick-start the habit of investing regularly for your child.


Planning for Short-Term Goals

While saving for your child’s higher education or marriage should be the ultimate goal, there are many short term needs such as playschool and primary school admission, birthday parties, etc. that also need a considerable amount of funds. It is important to ensure that parents takes these expenses into consideration too.


Consider Inflation and Future Demands While Saving

When you start saving for your child’s education or wedding while he or she is a toddler, you may not consider the rate of inflation or the ever-growing needs of society. What would be the cost a decent university degree today will not be even close to sufficient once your child grows up. 

8 tips to buy the best Child Education Plan

Child Plan 8 tips to buy the best Child Education Plan

01 : Start Early

Even though we have Education Loans to our rescue, self – funding your little one’s aspirations is always a better idea and surely makes you a proud parent.

02 : Factor Inflation

Monthly premiums for child plan’s start with as low as Rs.1000 per month. But before you decide how much to invest in your child education plan, take into account the changing economic factors. Hence, while investing in a child plan, it is important to calculate the fund you wish to accumulate keeping inflation in mind.

03 : Waiver of Premium Benefit

Most online child education plan’s offer either an in-built or an optional Waiver of Premium Benefit. This rider is important to be opted for while buying a child education plan. This is because in case of an untimely death of an earning parent, the future / remaining premiums payable to keep the policy going, are waived off without any changes in the benefits of the child plan taken during maturity.

04 : Joint Life Cover

Choose a child plan that provides a joint life cover to you and your spouse. This ensures that even in the case of an unfortunate demise of one parent, the child’s future is still secure as the other parent will still be insured. Edelweiss Life – Wealth Secure Plus is one such ULIP child plan that gives the option of choosing a joint life and joint life + child plan option.

05 : Systematic / Partial Withdrawals

It is a good idea to invest in a child education plan which has an option of either systematic or partial withdrawals during the policy term. This will give you the flexibility of meeting any unplanned expenses or medical emergencies where you may be forced to seek financial help.

06 : Choice of Funds

Basis your appetite for risk and a considerable time for investment, (at least 10 years), you should consider investing in more of equity or market linked funds v/s secured funds. It is suggested to stay invested in equity when the markets are bearish and move to a debt / secured fund, when the markets are volatile. This is in case of a self-managed portfolio. You also have an option to buy a child plan where the units are managed by the company’s fund managers, to bring you the best returns.

07 : Switching & Premium Redirection

This option allows you to switch between funds or redirect remaining premiums to other funds basis the stock market condition.

08 : No or Low Charges

While choosing for a child plan, you should consider the various charges such as policy administration charge, premium allocation charge, mortality charge etc. that are associated with various life insurance plan.

Child plan vs Sukanya Samriddhi Yojna (SSY) vs Public Provident Fund (PPF)   

  An insurance plan that offers coverage to children is often compared with a PPF policy or a government-sponsored scheme such as Sukanya Samriddhi Yojna.


 Parameter Child plan SSY PPF
Monthly income support to fund education in case of death of the parent Yes No No
Waiver of future premiums in case of death of the insured parent Yes No No
Lump sum death benefit payment in case of death of the insured parent Yes No No
Average returns 11-14% 7-8% 6-7%
Entry age 18 years 10 years No limit
Permission for withdrawal of funds After 5 years After 21 years After 15 years
Premature closure and penalty Permitted penalty-free closure after 5 years Allowed in case of compassionate reason. But rate of returns reduced to office savings rate Allowed in case of serious ailment or for education, post deduction of 1% interest rate
Maximum annual deposits No limit Up to Rs 1.5 lakhs Up to Rs. 1.5 lakhs
Documentation process for withdrawal Low High Low
Tax benefits Yes Yes Yes

How does waiver of premium benefit work in Child Plan? 

One of the most coveted benefits of an insurance plan for children is the waiver of the premium feature. As per this feature, if the parent of the child dies in the tenure of the child plan, the insurance company waives all the pending premiums of the policy. Further, the insurance company pays out a defined death benefit as a lump sum to the nominee, while the due premiums of the policy are paid for by the insurer on behalf of the nominee. At the maturity of the policy, the child receives the maturity amount as per the policy document.

Exclusions of Child Insurance Plan 

If the policyholder dies due to the following circumstances, the insurance plan does not offer any benefit:

          1. Drug or alcohol use
          2. Self-harm or suicide
          3. Adventurous or risky sports
          4. Criminal activities

Child Plan Reasons Why You’re Bound to Love Us Back

Reasons Why You’re Bound to Love Us Back

Child Plan Fire Away Queries

Fire Away Queries

Like teachers say, there are no silly questions

Does Child Plan Provide Tax Benefits?

Child plan provides dual tax benefits. Premiums paid under child plan is deductible from taxable income under Section 80C. The interest earned and maturity amount received is also exempt subject to conditions under Section 10(10D) of the Income Tax Act, 1961.

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What are benefits of child plan?

Some of the most prominent benefits of a child plan are as follows-

  •  Financial support for your child’s future
  • Pre-planned payouts
  • Flexibility to choose the investment mix
  • Benefit of waiver of premium in the worst-case scenario of premature death of a parent
  • Collateral option for a higher education loan
  • Child plans also act as an income protector tool for children who start earning at a younger age

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Selecting the best child education plan is critical for the long-term development of the child’s future. This is not simply as a protection mechanism in case of any untoward incident but can also be looked at as an investment opportunity for the child’s benefit.
Here are a few tips in mind that can help you bring closer to choosing the right one

  • Plan the Stages - Make sure the insurance plan you pick up has the premiums and period panned out to a specific milestone of your child’s growth.
  • Paying Capabilities and Frequencies - Once a plan is in motion, the premiums need to be paid on time. These amounts also depend on the final maturity amount of the insurance cover.
  •  Waiver of Premium - The repetitive nature of premiums is what gets most parents worried if they could pay them on time and if their child would still be protected after their death. A waiver rider is an option to choose for. Also, going for a single premium plan could also be beneficial.
  • Estimate the Inflation - Make sure you take inflation cost into account when specifying a maturity amount for the insurance plan.
  • Start Early – Create insurance plans for children in such a way that their benefits start paying out after a child becomes an adult legally. The later you begin, the higher the premium amount starts to get. Therefore, start young and start soon.

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Child Life Coverage under child plan is a predetermined lump-sum amount that the nominee receives in case of the untimely death of policyholder within the policy term.

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0 - Provided the premium paying term is more than or equal to 10 years.

1 - This is applicable only if all due premiums are paid and the policy is inforce.

2 - Policy loan are subject to terms & conditions of the product. Refer product brochure for more details.

3 - As per provisions of Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.


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