The Best Child Life Insurance Plans To Invest In 2024
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Kid insurance plans are a type of life insurance that is meant to help you ensure that your child has a secure financial future. The plan provides you with an investment corpus even if you are not present at the time of plan maturity. As a consequence, you will be able to leave secure and guaranteed money for the future of your kid. A kid plan not only protects your child's future but also gives you a few extra perks. The Child Education Package is a two-part investment and insurance approach for children. The first is the creation of a financial foundation, particularly for the kid. Second, it strives to provide finances for the youngster's vital future achievements.
Top 5 Investment Plans for Children in 2024
Here are a few of the best child investing plans for 2024 that you should check out.
Bajaj Allianz Young Assurance
Young Assure is one of the child investment solutions offered by Bajaj Allianz. It's a conventional child insurance policy with the addition of accidental total disability payment. This plan is open to anyone as young as 18 years old and as old as 50 years old. The lowest maturity age is 28 years, while the greatest maturity age is 60 years. In addition, the covered amount is 10 times the annual payment. The insurance term options are ten, fifteen, and twenty years. Premium payments can be made on a monthly, quarterly, half-annual, or annual basis.
Bharti AXA Life's Child Advantage Plan
This is a basic Child investment plan with two maturity benefit options: money back or endowment. The plan allows you to opt-out of the premium benefit. The insurer continues to pay the payment in the case of your death so that your kid can benefit from the insurance. To apply, parents must be at least 18 years old, with a maximum age of 50 in the Regular Pay option and 55 in the Limited Pay option. The Regular Pay option matures at 71 years old, whereas the Limited Pay option matures at 76 years old. The policy duration might be anything from 11 to 21 years.
HDFC SL Youngstar Super Premium
This is an HDFC unified linked insurance package including life insurance. It's a fantastic financial safety net for your child, with two flexible benefit payment options: Save Benefit and Save-n-Gain Benefit. Depending on your needs, the SL Youngstar Super Premium Plan provides four funds to select from: Mutual funds including Income Fund, Balanced Fund, Blue Chip Fund, and Opportunities Fund, to name a few.
Regular Premium ICICI Pru Smart Child
The ICICI PruSmart Child's plan is a regular premium participation endowment plan that provides guaranteed educational benefits. The company makes a lump sum payment of Sum Assured and future premiums under this plan in the unfortunate event of a parent's death. There is accident and disability insurance, as well as a fund to cover a child's significant school fees. Two additional rider benefits are available with this insurance: the income benefit rider and the accident and disability benefit rider. Partial withdrawals are permitted, and at the end of the 15th policy year, your fund value is given 120 percent to 170 percent of the yearly premium.
New Children's Money Back Plan from LIC
The LIC New Children's Money Back Plan is a participating non-linked money back plan. Its goal is to offer youngsters survival advantages in order to meet their educational, marital, and other needs. This insurance provides death benefits as well as a range of survival and maturity benefits. The policyholder can claim the survivor benefit at any time throughout the policy's term, whether before or after the due date. Furthermore, for an additional premium, the LIC's Premium Waiver Benefit Rider is available for the life of a proposer aged 18 to 55 years old.
Conclusion
You would never endanger your children's future, especially their education, as a parent. Investing in a Child plan, on the other hand, lets you to prepare ahead of time and guarantee that your child is healthy at all times. Child plans are offered in a range of styles, including market-linked and traditional plans, as well as regular and lump-sum plans. After weighing the numerous premiums and incentives, you should make your decision depending on the exact requirement.
Also Read:
Which is better for me: an endowment, a money back policy, or a ULIP?
