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Top Child Insurance Plans in Bangalore
Child Plans

A Child Plan is a unique blend of savings and insurance plans specifically created to assist parents in securing their children's financial future. This plan enables parents to establish a robust financial corpus that can be utilized to fulfill various requirements of their child's future, such as education, marriage, and more. By investing in a Child Plan, parents can ensure that they have the necessary funds to support their child's aspirations and provide a solid foundation for their future endeavors.

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What is a child education plan ?

A Child Education Plan in India is a form of insurance that safeguards your savings while simultaneously securing your child's future. This plan enables you to invest your savings and later utilize them for your child's education, either partially or in its entirety. It provides a structured approach to financially support your child's educational needs, ensuring that you can fulfill their aspirations and goals without any financial constraints. By opting for a Child Education Plan, you can confidently plan for your child's education and provide them with the best opportunities for a bright and successful future.

How Does a Child Plan Work ?

When you purchase a child plan, you make premium payments for a specified duration, known as the "policy term." At the end of this term, the insurance provider offers a lump sum amount as the maturity benefit of your plan. This amount can then be utilized to cover expenses related to your child's education or marriage. However, if an unfortunate event occurs during the policy term and you pass away, the entire life cover amount of the plan is provided to your chosen nominee. This ensures that your child's future is protected, as the nominee takes responsibility for their care. Additionally, the insurance provider waives off all future premium payments for the remaining policy term, guaranteeing the ongoing security of your children's future.

Child Plans Policy FAQ's
1. What should be the minimum age to buy a child insurance plan?
For any child insurance plan, there is no such strict entry age as it varies from insurer to insurer. However, the minimum age to avail of a child insurance plan is 18 years (for the parent).
2. Can I take a loan on the Child Education Plan?

Yes. A person gets a loan of 90% against the principal account balance of the Recurring Deposit during the investment tenure. During the Benefit Phase, a person can take a loan at 75% against the remaining FD balance.

3. What is the range of minimum premium under the child plan?
There is no such restriction over the sum assured amount. However, the minimum premium amount starts from Rs. 500 per month. It may vary from insurer to insurer.
4. Can a minor be a nominee for my plan?
Yes, it is possible. But you need an appointee, who gets the benefits of the insurance on behalf of the nominee.
5. How is the frequency of the payouts fixed?
This is decided by the insured while investing in a child plan. The frequency is mentioned in the policy document.
6. How can I check the policy status?
To check the policy status, you must first register at the e-portal of the chosen insurance company. After generating your password, you have to log in to your account and check all your policy details.
7. When can I withdraw money from a Child Plan?
You can easily withdraw the entire amount after the completion of 5 years (anytime) before the maturity date.
8. Are the proceeds from the child plan tax-free?
Yes. The money that you withdraw from the child plan during the policy tenure is tax-free. Even the death benefit and maturity benefit are also tax-free.
9. What is the right time to buy a child plan for my child?
You should invest in a child plan as soon as possible. Ideally, it should be as soon as your kid is born. However, companies allow you to insure your child within the set guidelines of the entry age that varies from insurer to insurer.
10. Why is the beneficiary or nominee important in a child plan?
Beneficiary or nominee plays a vital role in a child plan. If the parent dies, all the money and authorities will be handed over to the nominee/beneficiary only.
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