Best Child Education Plan In India
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Investment into Child education Plans takes care of the finances that they might need in order to achieve their dreams but also secures the majority of their dreams even if you the parent isn’t available for completing their dreams due to any misfortune ranging from accidental paralysis to death.
A child life insurance policy can contribute to the cost of their education and their post graduation as well. As a result, child life insurance policies are designed to safeguard and preserve the child’s life throughout his or her lifetime.
Here we list a few of the Child education plans that are available in India.
The Best Child Education Plans In India
Following are the best Child- Education Plans offered in India:
1. Child Advantage Plan By Bharti Axa Life Insurance
It is a non-linked participating life insurance plan that is accompanied with a cash payment or an endowment option. This plan has a premium waiver benefit. The minimum age to enroll in the insurance is 18 years, while the maximum is 55. It has a maximum maturity age of 76 years. This policy allows for a range of policy tenures. You can pick a policy duration of 11 to 21 years depending on the child’s age.
2. HDFC Life's Young Star Super Premium Plan
HDFC provides two different types of death benefits. If the parent dies during that period, only half of the premium will be paid. There are four investment funds to be picked from.
Half of the premiums will be taxed as yearly income if the parent dies during the term and chooses the 'Save-n-Gain' payment option.
3. Smart Child Assure Plan From ICICI Prudential Bank
It is a Unit Linked Insurance Plan that helps in saving money while simultaneously providing insurance coverage for the child’s future.Two premium payment options are offered by the plan: regular pay and single pay. This insurance has a maximum maturity age of 64 years.
The plan also includes a number of different investment fund possibilities. The coverage lasts from 10 to twenty-five years.
4. New Children's Money-Back Plan From LIC
This program is for children of ages 0 to 12. One lakh rupees minimum in the guaranteed sum is required. The cover will only be charged 20% of the original amount once the child reaches the ages of 18, 20, or 22.
Conclusion
Investing in a child plan helps you to prepare ahead of time and guarantee that your child is healthy in any case. There are a number of child plans available, which can be market-linked and traditional plans, as well as basic and lump-sum plans.
After weighing the different premiums and incentives, choosing the best one is the next step that needs to be taken up.
Also Read: 5 Best Monthly Savings Schemes In India
