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Child Plan

Child Plan is insurance cum investment plan that serves two purposes - Financially secure your child's future & finance the turning points in his/her life such as higher education and marriage. So, like a double-edged sword, the best child plan is designed to protect the future of your child in case of your unfortunate demise and at the same time, builds a corpus over a term to be utilized to finance prime moments in his/her life.
A wise mom once said, "Your child will keep building castles in the air; you better start buying bricks for the castle today." Loving your child is what comes naturally but as a responsible parent, you have certain obligations towards your child. Getting a child plan is one such obligation; in fact, the most important one. If you are reading this, you've already proved that you are a concerned parent finding ways to secure your child's future. Let us help you out in understanding what exactly a child plan is and the need to go for the best one.

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Child Education Plan

Child education plan gives you various benefits such as life cover, building a corpus for the child's future needs and the option of adding specific riders. Go ahead and invest in an education plan, but always compare quotes before you finally sign on the dotted line.

What is Child Education Plan?
A Child Education plan offers the combined benefits of savings and protection. There are some unit linked products that provides the opportunity to create wealth as well. Child education plans are designed to provide financial security to your child so that his or her education never gets hindered due to any unfortunate event in the future.

These days there are a number of life insurance companies in India that offer child education plans. If you are thinking of investing in a child education plan for the future of your child, the below details you must go through well.

Do you Really Need a Child Education Plan?
Yes, you do! Here's why - at the present rate of inflation, the ever soaring costs of education worry us all. Today, a typical MBA course from a top business school can cost anything between Rs 5 to Rs 8 lakh. Taking into account the present inflation rate, the education cost will only rise in the future.

So, 10 years from now if your child wishes to pursue MBA, you will need at least Rs 25 lakh to start with. Apparently, the cost will be unbearable until you start planning for your child's education today. That's where a child plan acts as a savior and helps you out.

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Best Child Education Plans in 2016

1. Aviva Young Scholar Advantage Plan

This is a non-participating unit-linked child education plan. This plan allows you to create wealth for future through market investments. Based on your market strategy, you can choose from seven varied funds with different risk profiles. Both death benefits and maturity benefits are guaranteed under this child education plan. Loyalty additions are also paid out at different stages of the policy term.

2. Max Life Shiksha Plus Plan

This is a unit-linked non-participating child education plan offered by Max Life Insurance. Death benefits, maturity benefits, and loyalty additions are the obvious benefits guaranteed by this child education plan. 6 fund options are available for diversified asset allocation based on your risk appetite. Almost all child education plans in India offers the inbuilt waiver of premium rider and this plan is no exception to this.

3. MetLife College Plan

This child education plan is a type of non-linked deferred participating endowment plan. It offers the dual benefit of savings and protection. Along with maturity benefits and survival benefits, guaranteed additional bonuses are paid out. In case of the death of the life insured, the sum assured is immediately paid out as the death benefit.

4. SBI Life Smart Scholar

SBI Life offers this unit-linked non-participating child education plan which provides the twin benefit of investment and insurance. Seven fund options are available to match your investment strategy. Apart from the premium waiver benefit, accidental death benefit and accidental total and permanent disability benefit riders are the integral parts of this child education plan.

5. Aegon Life EduCare Advantage

This is a traditional child education plan with money back facility. It is a participating plan with limited premium payment mode. Simple reversionary bonus and terminal bonuses (if any) are paid out along with maturity benefit as well as death benefit. Like the four child education plans, mentioned above, this plan also allows you to enjoy income tax benefits.

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Features of a Child Plan

Plan your primary needs that you need to get fulfilled without failure. Following are some key features that a child plan should offer:

Premium Amount- It is subject to the sum assured and the amount of maturity benefit you opt for.

Premium Payment Mode Sum Assured ->The sum assured must not be less than at least 10 times your current income, says the thumb rule.

Regular premium- Under this mode of premium payment, you need to pay the premium on a regular basis, viz. annually, semi-annually, or quarterly.
Single premium - Under this mode of premium payment, the premium is paid only once.
Policy Term - When you realize that your child should get on his/her feet is the best time for the policy to mature. Choose the policy term to meet the exact period. E.g. If one of your children’s age is 10 years, then choose the policy term of 8 years.

Maturity Amount -Consult a financial advisor and remember the inflation rate and all other factors, plan the maturity amount that you would need at policy maturity. You can receive the maturity amount as a lump-sum payout or over a period of 5 years.

Waiver of Premium -This rider comes inbuilt into child plans. In case this is not part of the plan, it is advisable to include it without failure. If the insured dies, the nominee is entitled to receive the entire benefits of such a plan while no additional premium payment is required.

Partial Withdrawals - It is often seen that parents instead of holding back themselves for the policy to mature like to withdraw the sum assured in multiple fragments whenever they need it. This is often selected to fulfil the financial needs of the child at certain key moments.

Riders and Benefits - They add-on to the coverage offered by the plan and make it more valuable both qualitatively and financially


  • Premium Waiver Benefit

  • Accidental Death and Disability Benefit

  • Critical Illness Rider Benefit

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Excellent service Deal4Insurance.com, compared and purchased health insurance for my parents in about 5 minutes. Nice layout and very simple. Cheers! "

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