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Financial Planning for Your Child’s Education

If you are a parent, you’d know how having your first child is the joy of all joys. Right from the early days of nurturing to good quality education to shape up her future, there are several key milestones in a child’s life that even parents go through in moulding their child into a responsible adult.

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Child Insurance Plans

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Effective child rearing is no mean achievement. A colossal supporter of this achievement is monetary getting ready for your kid's future needs at the correct age! There is actually no better blessing you can give your kid, than the guarantee of a safe future with YoungStar Child Plans that incorporate youngster protection plans and kid instruction plans from Safebima. This Birthday, present your kid a protected future and profession to watch her take off high to satisfy her fantasies with youngster speculation designs by Safebima.com.

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Child Insurance Plans

Know more about Safebima Children Insurance Plans
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Child Education Calculator

Calculate the total education expenses and give your child the best education.
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Benefits of Child Plans

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Waiver of premium

A children insurance plan, like other life insurance policies provide life insurance coverage to dependents. In this case, the protection is meant for the child.

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Addressing future needs

A children future plan also provides money for higher education. In case of the untimely demise of the insured parent, many child plans have what is a called premium waiver feature that ensures that the child plan remains in force for the remaining part of the policy term.

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Child’s higher education

A children’s plan works equally well if the unfortunate event doesn’t take place. You invest regularly throughout the term thanks to your premium payments.

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Tax benefits

This is the icing on the cake. Besides the protection benefits and helping you save substantial amounts, a children education plan helps you save tax.

Features of Child Plans

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Single premium

Depends on the sum assured and maturity amount. It can be Regular premium: Yearly, half yearly or even quarterly or Single premium.

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Sum Assured

Ideally sum assured should be around 10 times your present income.

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Policy Term

Age at which you think your child needs to get on his feet - present age of the child.

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Maturity Amount

Lump sum that you would require at the end of the policy term taking the inflation rate into account.

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Premium Waiver

This rider that comes inbuilt in child plans. This rider enables the policy to continue by passing off the financial burden to pay the rest of the premium to the insurer, in case of death of the insured.

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Partial Withdrawals

This feature helps to meet the financial needs of a child at key moments in his/her life.

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Riders Benefit

Accidental Death and Disability Benefit, critical Illness Rider Benefit etc.

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Additional Covers

Additional benefits come with additional cost.

Documents Required To Buy Child Plans

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Age Proof --> Birth Certificate, 10th or 12th mark sheet, Driving License, Passport, Voter ID, etc.(Any one)

Identity Proof --> Driving License, Passport, Voter ID, PAN Card, Aadhar Card, which proves ones citizenship

Address Proof --> Electricity Bill, Telephone Bill, Ration Card, Driving License, Passport, should clearly mention the permanent address

Income Proof --> income proof specifying the income of the person buying the insurance

Proposal Form --> duly filled in proposal form is required

Medical Tests --> Some companies may require medical check-up in order to make sure that the insured does not suffer from any chronic illness.

Concepts & FAQ's Child Plans

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What is the minimum installment amount for Child Education Plan?
The minimum installment amount for Child Education Plan is Rs. 500 and thereafter in multiples of Rs. 100.
When should I buy a child plan?
Ideal time to buy a child plan is when the child is still young and not reached teens. This allows enough time to build the corpus you have planned for, with considerably lower premiums. If the child is already in teens, you hardly get 3 to 5 years to build the same corpus so the premiums are quite high.
What is a traditional child insurance policy?
The traditional child insurance policy has guaranteed returns. It has a fixed maturity amount that is given to the insured at a specific age. It can be of two types: i. Child endowment policy: In this case the child receives a fixed maturity amount in lump sum at the maturity of the plan.
What is guaranteed addition?
Guaranteed addition is a percentage of sum assured which the insurance companies guarantee. It is added to the basic sum assured or the maturity amount and is payable at the time of policy maturity.
Who can buy child life policies?
The child's parent or legal guardian or grandparent can buy the child life insurance.
Is the maturity amount tax free?
Yes, the proceeds from a life insurance policy are tax-free on maturity

All Insurance Company List

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  • 1. Edelweiss Tokio Life Insurance Company Limited
  • 2. HDFC Life Insurance Co. Ltd
  • 3. Max Life Insurance Co. Ltd.
  • 4. ICICI Prudential Life Insurance Co. Ltd
  • 5. Kotak Mahindra Life Insurance Co. Ltd
  • 6. TATA AIA Life Insurance Co. Ltd.
  • 7. Aditya Birla SunLife Insurance Co. Ltd.
  • 8. SBI Life Insurance Co. Ltd.
  • 9. Exide Life Insurance Co. Ltd.
  • 10. Bajaj Allianz Life Insurance Co. Ltd.
  • 11. PNB MetLife India Insurance Co. Ltd,
  • 12. Reliance Nippon Life Insurance Company Limited,
  • 13. Aviva Life Insurance Company India Ltd.
  • 14. Sahara India Life Insurance Co. Ltd.
  • 15. Bharti AXA Life Insurance Company Ltd
  • 16. Future Generali India Life Insurance Company Ltd.
  • 17. IDBI Federal Life Insurance Company Limited
  • 18. Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited,
  • 19. Aegon Life Insurance Company Limited,
  • 20. DHFL Pramerica Life Insurance Co. Ltd.
  • 21. Star Union Dai-Ichi Life Insurance Co. Ltd.
  • 22. IndiaFirst Life Insurance Company Ltd.

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