Child insurance plans are the best tools to manage your child’s future financial needs. As it is a long-term investment you can slowly build the corpus with your current savings and ensure that you don’t hold back on your child’s future.
Though, we all agree on the importance of investing in a child plan, what confuses us, is the choice of plans that the market offers. So many child plans and each of them with an awesome benefit and a strong marketing pitch that it is often difficult to see through them clearly.
So, we did some background checks and market trend analysis to give you the best five child insurance plans to invest in 2015.
1. LIC New Children’s Money Back Policy
New Children’s Money BackPlanis a non-linked plan, with-profit regular premium payment policy particularly intended to meet educational, marriage and other needs of growing children through survival benefits. This plan also provides risk cover to the insured child. This plan has benefits of both saving as well as protection.
Eligibility Conditions:
Minimum Basic Sum Assured : Rs. 100,000
Maximum Basic Sum Assured : No Limit
The Basic Sum Assured shall be in multiples of Rs. 10,000/-
Entry Age for Life Assured : 0-12 years (last birthday)
Minimum/ Maximum Maturity Age for Life Assured: 25 years (last birthday)
Policy Term/Premium Paying Term : [25 – Age at entry] years
Benefits:
Death Benefit:
Death of life assured before the date of commencement of risk: Return of the premium excluding extra premium, taxes and rider premium, if any.
Death of life assured after the date of commencement of risk: Sum Assured + Revisionary Bonuses + Final Additional Bonus
Maturity Benefit: On the Life assured surviving the stipulated date of maturity, Sum Assured on Maturity (40% of the Basic Sum Assured) + Simple Reversionary Bonuses + Final Additional Bonus, if any, shall be payable.
Survival Benefit: On the Life Assured surviving the policy anniversary after the completion of ages 18 years, 20 years and 22 years, with 20% of the Basic Sum Assured on each occasion shall be payable. It should be noted that the policy should be in full force.
Why Choose LIC New Children’s Money Back Policy ?
Low premium rates
Participation in Profits: The policy shall participate in profits of the corporation and will offer simple reversionary.
Flexibility in Rebates- The policy holder has the choice to select either mode rebate or high sum assured rebate.
Loan Facility is available under LIC New Children’s money back Plan.
2. LIC Child Carrier Plan
LIC Child Career Plan is a Money Back Endowment Plan. It is particularly designed to meet the ever-increasing educational and other needs of growing children. In this plan the sum assured plus bonus is paid straight away to the nominee on death of the life insured after commencement of risk. It provides risk cover on the life of child not only during the policy term but also during the extended term (i.e. 7 years after the expiry of policy term). When the policy matures, the child would receive the remaining 15% of the sum assured along with final addition bonus, if any.
Eligibility Conditions:
Minimum Basic Sum Assured : Rs. 100,000
Maximum Basic Sum Assured : Rs. 1 Crore
Entry Age for Life Assured : 0-12 years (last birthday)
Minimum/ Maximum Maturity Age for Life Assured: 23-25 years (last birthday)
Policy Term/Premium Paying Term : 11-27 years
Payment Modes – Yearly, Half-yearly, Quaterly & SSS
Premium paying Term – 6 years or Term minus 5years.
Premium Waiver Benefit:
The proposer can go for this benefit if aged between 18 and 55 and is medically fit. Under this benefit waiver of premiums will be provided on death of the proposer.
Surrender Value:
The policy can be surrendered after paying premiums for at least three full years. The guaranteed surrender value will be as under:
Before commencement of risk: 90% of the total amount of premiums paid. The premiums for the first year will be excluded.
After commencement of risk: 90% of the total amount of premiums (excluding premium for the first year) paid before commencement of risk and after the commencement of risk 30% of premiums will be paid.
Death Benefit:
On death after the date of commencement of risk:
If death occurs within the period from date of commencement of risk to 5 years before the date of expiry of policy term: Sum Assured + Vested Simple Reversionary Bonuses + Final bonus (if any)
If death occurs within 5 years before the date of expiry of policy term: Sum Assured + Final bonus (if any)
On death during the extended term: Sum Assured is payable.
On death before the date of commencement of risk: All the premiums paid (excluding extra premium + premium for premium waiver benefit (if any) + interest of 3% p.a compounding yearly.
Why Choose LIC Child Career Plan ?
Periodic Payout
Bonus Additions
Waiver of premium rider available
Auto Cover
3. BSLI Vision Star Plan
BSLI Vision Star Plan is suitable for you, if your intention is to get regular assured payouts for financing your child’s education and securing child’s future even in your absence with all-inclusive financial protection.
Eligibility Conditions:
Minimum Basic Sum Assured : Rs. 100,000
Entry Age for Life Assured : 18-55 Years
Minimum/ Maximum Maturity Age for Life Assured: 75 Years
Policy Term/Premium Paying Term
Option A: 16-23 Years
Option B: 14-21 Years
Payment Modes – Yearly, Half-yearly, Quaterly & Monthly
Premium Paying Term – 5-12 Years
Death Benefit:
In case of death of the life insured during the policy term, the nominee will get:
Sum assured
Assured payouts on scheduled dates
No premiums are required to be paid in future
Bonuses accured till policy maturity date + Terminal Bonus (if any) will be paid on the maturity of the policy.
4. PNB Metlife Smart Child
Eligibility Conditions:
Minimum Annualised Premium: Rs. 18,000 p.a.
Maximum Annualised Premium:
Till 35 Years: 2 Lakh
36-45 Years: 1.25 Lakh
Above 46 Years: 1 Lakh
Entry Age for Life Assured : 18-55 Years
Entry Age for Beneficiary: 90 days- 17 days
Sum Assured: 10 times the chooosen Annualised Premium only
Minimum/ Maximum Maturity Age for Life Assured: 23-25 years (last birthday)
Policy Term/Premium Paying Term : 10, 15 & 20 Years
Payment Modes – Yearly, Half-yearly, Quarterly & PSP (Payroll Saving Program)
Premium paying Term – 6 years or Term minus 5years.
Maturity Benefit
At the end of the policy term, the beneficiary will get fund value along with loyalty additions (if any).
Death Benefit
In case of insured’s/Policyholder’s sudden demise, the nominee will get following benefits:
Higher of Sum Assured or 105% of the Total Regular Premium paid
Future Premiums payments under the Policy will close down. Additionally, the PNB MetLife will credit on a regular basis an amount equivalent to one annualized regular premium as a part of Premium Waiver Benefit (PWB) on a monthly basis into Policyholder’s Fund.
Why Choose PNB Metlife Smart Child?
Reasonably priced investments with annual premium starting from Rs.18,000 p.a.
PNB MetLife takes care of the premium in case of inopportune demise of the parent.
Liquidity with partial withdrawals and unlimited switches to manage your funds.
Systematic transfer options to assist you get the best of equity markets.
5. Kotak Headstart Child Assure
Eligibility Conditions:
Maximum Basic Sum Assured : No Limit
Entry Age for Life Assured : 28-70 years
Policy Term: 10-25 years
Premium Paying Term:
Policy term of 10 Years: 5 Years
Policy term of 15-25 Years: 10 Years
Payment Modes – Yearly and Half-yearly
Death Benefit: In event of death of the Life Insured, the beneficiary will get Triple Benefit as mentioned below:
Basic sum assured paid without any delay.
Premium Waiver - Premium payment obligation closes down and all future premiums will be added to the fund value.
The policy will continue and the fund value will be paid at maturity.
Maturity Benefit
At maturity you can take the full fund value to meet the financial needs of your child. Moreover, you can also select to collect the maturity proceeds partly in cash and the balance by way of installments, for up to 5 years after maturity, by choosing our settlement option.
Why Choose Kotak Headstart Child Assure ?
Guarantee financial security of your child through Triple Benefit
Create affluence for your child's future financial needs
Invest in an extensive range of funds
Here’s our list of top 5 child insurance plans to watch out for in 2015. Do let us know your thoughts on this.
Though, we all agree on the importance of investing in a child plan, what confuses us, is the choice of plans that the market offers. So many child plans and each of them with an awesome benefit and a strong marketing pitch that it is often difficult to see through them clearly.
So, we did some background checks and market trend analysis to give you the best five child insurance plans to invest in 2015.
1. LIC New Children’s Money Back Policy
New Children’s Money BackPlanis a non-linked plan, with-profit regular premium payment policy particularly intended to meet educational, marriage and other needs of growing children through survival benefits. This plan also provides risk cover to the insured child. This plan has benefits of both saving as well as protection.
Eligibility Conditions:
Minimum Basic Sum Assured : Rs. 100,000
Maximum Basic Sum Assured : No Limit
The Basic Sum Assured shall be in multiples of Rs. 10,000/-
Entry Age for Life Assured : 0-12 years (last birthday)
Minimum/ Maximum Maturity Age for Life Assured: 25 years (last birthday)
Policy Term/Premium Paying Term : [25 – Age at entry] years
Benefits:
Death Benefit:
Death of life assured before the date of commencement of risk: Return of the premium excluding extra premium, taxes and rider premium, if any.
Death of life assured after the date of commencement of risk: Sum Assured + Revisionary Bonuses + Final Additional Bonus
Maturity Benefit: On the Life assured surviving the stipulated date of maturity, Sum Assured on Maturity (40% of the Basic Sum Assured) + Simple Reversionary Bonuses + Final Additional Bonus, if any, shall be payable.
Survival Benefit: On the Life Assured surviving the policy anniversary after the completion of ages 18 years, 20 years and 22 years, with 20% of the Basic Sum Assured on each occasion shall be payable. It should be noted that the policy should be in full force.
Why Choose LIC New Children’s Money Back Policy ?
Low premium rates
Participation in Profits: The policy shall participate in profits of the corporation and will offer simple reversionary.
Flexibility in Rebates- The policy holder has the choice to select either mode rebate or high sum assured rebate.
Loan Facility is available under LIC New Children’s money back Plan.
2. LIC Child Carrier Plan
LIC Child Career Plan is a Money Back Endowment Plan. It is particularly designed to meet the ever-increasing educational and other needs of growing children. In this plan the sum assured plus bonus is paid straight away to the nominee on death of the life insured after commencement of risk. It provides risk cover on the life of child not only during the policy term but also during the extended term (i.e. 7 years after the expiry of policy term). When the policy matures, the child would receive the remaining 15% of the sum assured along with final addition bonus, if any.
Eligibility Conditions:
Minimum Basic Sum Assured : Rs. 100,000
Maximum Basic Sum Assured : Rs. 1 Crore
Entry Age for Life Assured : 0-12 years (last birthday)
Minimum/ Maximum Maturity Age for Life Assured: 23-25 years (last birthday)
Policy Term/Premium Paying Term : 11-27 years
Payment Modes – Yearly, Half-yearly, Quaterly & SSS
Premium paying Term – 6 years or Term minus 5years.
Premium Waiver Benefit:
The proposer can go for this benefit if aged between 18 and 55 and is medically fit. Under this benefit waiver of premiums will be provided on death of the proposer.
Surrender Value:
The policy can be surrendered after paying premiums for at least three full years. The guaranteed surrender value will be as under:
Before commencement of risk: 90% of the total amount of premiums paid. The premiums for the first year will be excluded.
After commencement of risk: 90% of the total amount of premiums (excluding premium for the first year) paid before commencement of risk and after the commencement of risk 30% of premiums will be paid.
Death Benefit:
On death after the date of commencement of risk:
If death occurs within the period from date of commencement of risk to 5 years before the date of expiry of policy term: Sum Assured + Vested Simple Reversionary Bonuses + Final bonus (if any)
If death occurs within 5 years before the date of expiry of policy term: Sum Assured + Final bonus (if any)
On death during the extended term: Sum Assured is payable.
On death before the date of commencement of risk: All the premiums paid (excluding extra premium + premium for premium waiver benefit (if any) + interest of 3% p.a compounding yearly.
Why Choose LIC Child Career Plan ?
Periodic Payout
Bonus Additions
Waiver of premium rider available
Auto Cover
3. BSLI Vision Star Plan
BSLI Vision Star Plan is suitable for you, if your intention is to get regular assured payouts for financing your child’s education and securing child’s future even in your absence with all-inclusive financial protection.
Eligibility Conditions:
Minimum Basic Sum Assured : Rs. 100,000
Entry Age for Life Assured : 18-55 Years
Minimum/ Maximum Maturity Age for Life Assured: 75 Years
Policy Term/Premium Paying Term
Option A: 16-23 Years
Option B: 14-21 Years
Payment Modes – Yearly, Half-yearly, Quaterly & Monthly
Premium Paying Term – 5-12 Years
Death Benefit:
In case of death of the life insured during the policy term, the nominee will get:
Sum assured
Assured payouts on scheduled dates
No premiums are required to be paid in future
Bonuses accured till policy maturity date + Terminal Bonus (if any) will be paid on the maturity of the policy.
4. PNB Metlife Smart Child
Eligibility Conditions:
Minimum Annualised Premium: Rs. 18,000 p.a.
Maximum Annualised Premium:
Till 35 Years: 2 Lakh
36-45 Years: 1.25 Lakh
Above 46 Years: 1 Lakh
Entry Age for Life Assured : 18-55 Years
Entry Age for Beneficiary: 90 days- 17 days
Sum Assured: 10 times the chooosen Annualised Premium only
Minimum/ Maximum Maturity Age for Life Assured: 23-25 years (last birthday)
Policy Term/Premium Paying Term : 10, 15 & 20 Years
Payment Modes – Yearly, Half-yearly, Quarterly & PSP (Payroll Saving Program)
Premium paying Term – 6 years or Term minus 5years.
Maturity Benefit
At the end of the policy term, the beneficiary will get fund value along with loyalty additions (if any).
Death Benefit
In case of insured’s/Policyholder’s sudden demise, the nominee will get following benefits:
Higher of Sum Assured or 105% of the Total Regular Premium paid
Future Premiums payments under the Policy will close down. Additionally, the PNB MetLife will credit on a regular basis an amount equivalent to one annualized regular premium as a part of Premium Waiver Benefit (PWB) on a monthly basis into Policyholder’s Fund.
Why Choose PNB Metlife Smart Child?
Reasonably priced investments with annual premium starting from Rs.18,000 p.a.
PNB MetLife takes care of the premium in case of inopportune demise of the parent.
Liquidity with partial withdrawals and unlimited switches to manage your funds.
Systematic transfer options to assist you get the best of equity markets.
5. Kotak Headstart Child Assure
Eligibility Conditions:
Maximum Basic Sum Assured : No Limit
Entry Age for Life Assured : 28-70 years
Policy Term: 10-25 years
Premium Paying Term:
Policy term of 10 Years: 5 Years
Policy term of 15-25 Years: 10 Years
Payment Modes – Yearly and Half-yearly
Death Benefit: In event of death of the Life Insured, the beneficiary will get Triple Benefit as mentioned below:
Basic sum assured paid without any delay.
Premium Waiver - Premium payment obligation closes down and all future premiums will be added to the fund value.
The policy will continue and the fund value will be paid at maturity.
Maturity Benefit
At maturity you can take the full fund value to meet the financial needs of your child. Moreover, you can also select to collect the maturity proceeds partly in cash and the balance by way of installments, for up to 5 years after maturity, by choosing our settlement option.
Why Choose Kotak Headstart Child Assure ?
Guarantee financial security of your child through Triple Benefit
Create affluence for your child's future financial needs
Invest in an extensive range of funds
Here’s our list of top 5 child insurance plans to watch out for in 2015. Do let us know your thoughts on this.
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