Pandemic and financial crises have made us realise the importance of protection for our loved ones in life. Both have one thing in common, protection against our lives and health, and that too, not for yourselves, but for the most important person of your life, your child. Your child’s future is directly related to your health and life. If you are unhealthy and you unfortunately lapse all the savings in your healthcare, ultimately, your child has to sacrifice on their dreams due to lack of finances.
Along with health and life insurance, child insurance becomes necessary to fulfil your child’s dreams, as this type of insurance helps your child pursue their dreams uninterruptedly. Here we have listed out a few insurance plans which are a combination of protection, saving, and investment plans, which will help you in meeting your child’s future financial needs like marriage, starting up a business, but mainly education.
LIC children’s money back plan
It is a non-linked, participating money back plan containing survival benefits, which would be beneficial for the policyholders to meet their child’s significant expenses like marriage and education.
The eligibility age criteria for investing in this plan is maximum 12 years and maturity period will be 25 years. In this plan, sum assured will be paid at the unfortunate event of death of the policyholder.
HDFC SL youngstar super premium plan
It is a unit-linked plan with premium waiver benefits, in which your family can choose an option to not to pay further premiums in the case of your unfortunate death. You can choose a premium amount according to your affordability, however the minimum premium would be ₹15,000 yearly. It is an investment based plan, so you can choose your fund according to the risk appetite.
Max life future genius education plan
It is a non-linked, participating education plan, which is specifically designed to serve future financial needs of your child. It also includes various benefits like payment on the event of death, guaranteed money back, maturity benefits, premium waiver benefits and many more.
The primary intention of max life education plan is to cover higher education costs of your child, which might be your objective too.
Aviva young scholar advantage plan
It is a non-participating unit-linked plan, which will protect your child in any financial casualties that can affect your child’s life. Also, the plan allows you to avail premium waiver benefits in which your insurer will waive off your further premiums in the case of your demise during the tenure of the plan.
SBI life smart champ insurance
It is an individual, non-linked, participating plan in which you, as parents, will be able to secure your significant financial needs like the education of your child. In addition to the life insurance cover, you will be able to receive sum assured at the event of permanent disability of the policyholder.
It is not necessary that you have to take risk and invest in a particular product to secure your child, various financial institutions are doing this on your behalf. You must consider these beneficial plans before planning your child’s future financially.
Anushka Trivedi is a freelance financial content writer. She can be reached at anushkatrivedi.com