A life insurance child plan is aimed at securing the financial future of child. A life insurance child plan like other life insurance plans is a combination of insurance and investment. Usually, child plans are available in both forms- traditional endowment child plan and unit linked child plan. There are guaranteed payout in traditional endowment child plan while returns are market dependent in case of unit linked child plan. A child plan helps you in two ways-
(a) saving and accumulating amount over many years so that the amount can be used for child’s education or marriage
(b) in case of death of insured, there is substantial amount payout which can be used to ensure child’s future and it is not affected due to financial constraints.
While buying a child plan, one needs to take care that the returns are in tandem with the rising costs. Additionally, the risk coverage is comprehensive. In the same regard, most child plans have inbuilt waiver of premium feature which ensures that on death of insured, the plan continues and payout is made as prescribed schedule. For increasing financial security of child, you can go for riders like Accidental death, critical illness etc which can be added with the base plan by paying a bit more premium.
LIC Child Plans:
- Jeevan Anurag
- CDA Endowment Vesting At 21
- CDA Endowment Vesting at 18
- Jeevan Kishore
- Child Career Plan
- Jeevan Ankur
- Komal Jeevan
- Marriage Endowment or Educational Annuity Plan
- Jeevan Chhaya
- Child Future Plan
Compare life insurance child plans premium quotes with child plans of other life insurance companies. Find out the returns and buy the best child plan.