Children are the utmost priority for every parent and are responsible for their upbringing. In order to provide a standard life for your children, every parent needs to do the appropriate planning and fix their future. You need to save your child’s future financially from the eventualities of the future. The foremost way to do so is to get a child insurance plan. One will be able to build a corpus for your child’s future by funding in child plans. A child insurance plan provides combined benefits of protection and savings. These plans also help in creating and generating wealth. The companies also offer child education plan that provides financial security so that your child’s education does not get hindered. Now the question arises which investment options are best for you and your child.
Here in this article, we have listed some of the best child education plan in India 2018-2019.
1. Aviva Young Scholar Advantage Plant – Aviva Young Scholar Advantage plan is a nonparticipating
ULIP plan. This plan helps in creating wealth for the future with the help of
market investments. The plan has a policy term of 10-25 years. This child education plan
provides you with the guarantee of both maturity and death benefits. At different stages of
the policy term, you are also provided with loyalty additions. Aviva Young Scholar Advantage
Plan is a child insurance plan that offers life coverage of the insured. The best thing about
this child education plan is that it provides fund liquidity along with an add-on benefit such
as inbuilt accidental death benefit to the rider.
2. Max Life Shiksha Plus Plan – Max Life Shiksha Plus Plan is a non-participating unit linked
child education plan. This plan comes along with a dual benefit of saving along with
investment. This plan comes along with an inbuilt waiver of premium rides in order to
provide the child with the best facility. The best thing about this plan is that its services are
provided even after the death of the policyholder. A lump sum amount is paid along with the
funding of the benefit of premium and family income benefit. This policy can be availed by
those who have children aged between 0-18 years. At the time of completion of the policy, a
guaranteed payment of loyalty addition is offered to the insured. One can also avail the
benefit of tax.
3. Metlife College Plan – Metlife College Plan is a deferred participating non-linked insurance
plan. This plan provides a dual benefit of saving along with protection. Apart from the
maturity and death benefit, the insured is also benefited by the guarantee of additional
bonuses. In case of death of the life insured, the beneficiary is paid the sum assured amount
as a death benefit. The best thing about this Metlife college plan is that it provides a
guaranteed additional bonus for the education of the child for three years before the
maturity of the policy. Under section 80C and 10D of the income tax act, the maturity
benefit and the premium paid are exempted from the tax deduction. This child education
plan provides flexibility from 12-24 years of saving option.
4. ICICI Prudential Smart Kid Premier Plan – ICICI Prudential Smart Kid Premier Plan is a
ULIP non-traditional child insurance plan that doesn’t provide any bonus facility. This plan
facilitates financial security for the future of the child in case something unexpected
happens to the parents. This plan provides the insured with 8 investment funds options such
as debt, equity and balanced. The plan provides both the maturity and death benefit to the
beneficiary of the policy along with rider benefit. The best thing about this plan is that you
have the flexibility to pay the premium either throughout the tenure or once of the policy
5. HDFC SL Young Start Super Premium – HDFC SL Young Start Super Premium is a Unitlinked
child insurance plan. This plan is best suited to take care of your kid’s needs and
requirement. This plan provides a regular premium payment mode and child’s life coverage
in case of any eventuality. The best thing about this plan is that you do not have to undergo
a medical test to avail this plan. You are also provided with the benefit of tax exemption. The
insured can exercise control over the investment by choosing from four fund options.
All the above-mentioned are some of the best child education plan in India 2018-2019. One can buy
any of the above plans by contacting Udta Paisa. Udta Paisa is one such financial advisor that offers
such plans at discounted prices.