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Investment Plans June 21, 2021
Are you planning for your girl child’s future and looking for a strong financial cushion? We have the list of best investment plans for your girl child. A life insurance plan ensures your child’s financial protection even if you are not around. In a child investment plan, you’ll receive regular payouts to manage the financial needs of your children such as marriage, education, etc. So, read this page further and know more about the best investment plans for a girl child in India.
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You need a plan that has a low premium rate, beats the inflation rate, covers the cost of education and medical expenses. Check out the plans below and see which one meets all these.
You can purchase Sukanya Samriddhi Yojana Plan for your girl child before she reaches the age of 10 years. Under this scheme, a savings account is opened for girls up to the age of 10 years (as per the childbirth certificate). The Sukanya Samriddhi account interest rate is 8.1% per annum, which is compounded yearly. A maximum contribution to the Sukanya Samriddhi account is limited to INR 1.50 lakh in a financial year.
You can make a partial withdrawal under this account when the girl child reaches the age of 18. You can use the fund to pay for education or marriage expenses. The maximum withdrawal limit is up to 50% of the balance standing at the end of the preceding financial year. Sukanya Samriddhi’s account will mature on completion of 21 years from the date of its opening.
Note: A minimum amount of INR 750 is required for opening a Sukanya Samriddhi account.
LIC Kanyadan Policy provides financial protection to your girl child in case of an unfortunate event of your death. Check out the list of benefits available under this investment plan for girl child:
Note: LIC Kanyadan Policy maturity age for the girl child is 13 to 25 years
The above two plans are dedicated to girls, the ones mentioned below are for both girl and boy. But they are good too. So, you should consider the same.
You can purchase Aegon Life Rising Star Insurance Plan if your age is 18-48 years. The maximum age allowed till maturity is 65 years and the premium payment frequency is monthly, half-yearly, and yearly. The minimum annualized premium for the annual mode is INR 20,000 per annum and INR 30,000 per annum for other modes. Under this policy, you’ll get the following benefits:
This is a traditional savings plan by Bajaj Allianz to secure your girl child from any unfortunate event. You can receive the policy maturity benefit in cash installments as chosen by you at inception. The first installment will commence at the end of the policy term. In case of unfortunate death of the life assured, a death benefit of 105% of the total paid premiums shall be payable to the nominee and the policy will attain the paid-up status. At the end of the policy term, the maturity benefit will be payable to the nominee
This policy has an inbuilt Accidental Permanent total disability benefit, so you’ll get all-around protection. The entry age for Bajaj Allianz Young Assurance plan is from 18-50 years and the maximum age of the policyholder allowed till maturity is 60 years.
Note: The sum assured amount is 10X the yearly premium.
Bharti AXA Life Child Advantage Plan is a traditional child investment plan that offers two options to avail the maturity benefits:
In money back benefit, a guaranteed payout shall be made in the last five policy years before the maturity to meet your girl child’s education needs. The payout shall be made in the following format:
At maturity, this plan offers a guaranteed maturity payout of 40% of the Sum Assured
If you choose the endowment option, you will receive a lump sum amount of 125% of the sum assured at maturity, provided the policy is in force.
In case of an unfortunate event of death of the life insured, the nominee will receive a higher of
This plan has an inbuilt waiver of premium benefit option in case of death of the life insured, so the child can get the policy benefits.
Canara HSBC offers you this investment plan for your girl child, where you will receive several benefits such as
Aditya Birla Sun Life Vision Star Plan offers periodic payments during the policy term, 5 years after the premium paying term. You can choose your payout option from the following:
The minimum entry age for parents is 18-55 years and the maximum maturity age is 75 years. In case of the life insured’s death during the policy term, a predetermined death benefit will be payable to the nominee. Whereas if the life insured survives till the end of the policy term, the insurer will pay the accrued bonus plus terminal bonus, if any.
Note: The policy shall be terminated once the maturity or death benefit is paid.
HDFC SL Youngstar Super Premium is a united-linked insurance plan that secures the financial interest of your girl child with two flexible benefit options
If you choose Save Benefit, in case of unfortunate death of the parent or a critical illness diagnosis, a sum assured is paid to the beneficiary (child) plus the future premiums get waived off. And on maturity, the fund value is paid to the beneficiary. Whereas, in Save-n-Gain Benefit, on the death of the parent or a critical illness diagnosis, the sum assured is paid to the beneficiary and the insurer will pay 50% of the future premiums towards the policy and 50% of the premiums to the beneficiary on the premium due date. On maturity, the fund value is paid to the beneficiary.
Kotak Headstart Child Assure Plan is a unit-linked child investment plan that comes in both limited and regular premium payment options. In case the life assured dies, the insurer will provide the following benefits:
This plan helps you build a corpus for your girl child for her overseas studies, marriage, etc.
On survival till the maturity date, you will receive the full Fund Value. You have the option to receive the maturity benefit in cash and the balance amount in installments for up to 9 to 5 years after the maturity date.
As you know the financial requirements of your child change from time to time, so Kotak Headstart Child Assure Plan provides you access to investments after completion of the 5th policy year through partial withdrawals.
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