Investment Plans 139 views June 19, 2021

Best Investment Plans for Children

As a parent, one of the biggest concerns that people have is to secure their children’s future. Every parent wants that his or her child does not face any kind of financial obligation during their crucial milestones. People choose investment plans to ensure the same as it provides coverage in case something unfortunate happens to you during the policy term along with the flexible payout at important milestones of your child’s life.

If you are looking to choose an investment plan for your child, this page could be a good read for you. Here, we will talk about some of the best investment plans for children so that you can make a better decision. Keep reading to know more!

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Features and Benefits of Top Investment Plans for Children

Insurance companies provide a wide range of investment plans specifically for the needs of children. Some of the popular ones among customers are LIC Jeevan Ankur Plan, Aviva Life Young Scholar Plan, Bharti AXA Life Child Advantage Plan, HDFC Life YoungStar Udaan and Bajaj Allianz Young Assure Plan.

Want to know about the features and benefits of these plans in detail? We will be discussing the same below. Please check!

LIC Jeevan Ankur Plan

LIC Jeevan Ankur Plan could be a perfect plan for individuals whose children are aged below 17 years. It helps them stay free from any future responsibilities related to their children. Let’s check out its key features mentioned below.

  1. Flexible sum insured starting from INR 1,00,000 with no maximum limit
  2. Minimum policy term can be higher of (18 – child’s age) or 8 years
  3. Guaranteed payouts upon the death of the life assured
  4. Basic sum assured along with an income benefit (10% of the basic sum assured on each policy year)
  5. Loyalty additions on maturity
  6. Accidental benefit rider ranging from INR 25,000-50 lakh
  7. Critical Illness Rider benefit of INR 50,000 – 5 lakh
  8. Discounts on premiums for choosing the higher sum insured. The maximum discount offered is 6% of the sum insured

Aviva Life Young Scholar Plan

This plan from Aviva Life is a secured education plan that helps your child finish his or her studies even when you are not around. Aviva Life Young Scholar Plan provides two Lump Sum amounts at important milestones – College Education and Higher Education.

Have a look at the important features mentioned below.

  1. Flexible sum insured options
  2. Option to choose from multiple plans – Silver, Gold, Diamond and Platinum
  3. Death benefits
  4. Survival benefits – Tuition Fee Support (TFS) and College Admission Fee (CAF) ranging from INR 15,000 to 4,00,000 and INR 40,000 to 30,00,000 respectively
  5. Higher Education Reserve at the time of maturity
  6. Term Plus Rider to protect against accidental or natural death
  7. Tax Benefits under Section 80C and 10(10D) of the Income Tax Act, 1961

Bharti AXA Life Child Advantage Plan

Bharti AXA Life Child Advantage Plan could be the right way to brighten your child’s future in your absence. This non-linked non-participating individual life insurance savings plan helps your child achieve a crucial milestone in his or her life. We are showing its highlights below that you should check.

  1. Option to choose between two maturity benefits – Money Back and Endowment option
  2. Get Guaranteed payouts in the last five years before the maturity of your policy with the Money Back Option
  3. The endowment option provides a guaranteed lump sum amount at maturity
  4. Minimum sum assured of INR 25,000
  5. Option to continue policy and waiver of all future premium in case of your death
  6. Death benefits to the nominee
  7. Policy term ranging from 11 to 21 years
  8. Flexible-Premium payment options – Regular and Limited
  9. Rider options – Hospi Cash and Accidental Death Benefit
  10. Tax Benefits under Income Tax Act, 1961

HDFC Life YoungStar Udaan

This plan can help individuals wanting to achieve their children’s dreams. HDFC Life YoungStar Udaan Plan is a non-linked participating life insurance plan made especially for children. Do check the important features mentioned below.

  1. Participating endowment and moneyback plan with multiple options
  2. Guaranteed Additions to boost your payouts
  3. Maturity Benefit Options – Aspiration, Academia and Career
  4. Flexible death benefit options – Classic and Classic Waiver
  5. Premium amount starting from INR 2,000 per month
  6. Policy term ranging from 15 to 25 years
  7. Multiple Premium payment term options – 7, 10 or policy term minus 5 years
  8. Loan Against Policy up to 80% of the surrender value
  9. Tax Benefits

Bajaj Allianz Young Assure Plan

Bajaj Allianz Young Assure Plan is a traditional savings cum insurance plan that ensures your child achieves his or her life goals in a secured manner. With this policy, you can plan for the financial milestones of your child’s growing years. Want to know more about this plan? Have a look at its key features shown below.

  1. Guaranteed Maturity Benefit (GMB), Guaranteed Additions (GA) and bonuses
  2. Accidental Permanent Total Disability Benefit
  3. Flexible policy term options of 10, 15 or 20 years
  4. A payout of 105% of all the premiums paid up to death
  5. Multiple Rider Options – Accidental Death Benefit Rider, Accidental Permanent Total/ Partial Disability Benefit Rider, Critical Illness Benefit Rider, Family Income Benefit Rider and Waiver of Premium Benefit Rider
  6. Loan Against Policy facility
  7. Option to change the Premium Payment Frequency
  8. Option to take Maturity Benefit in a lump sum

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