There are many insurance companies offering child insurance plans in India. The most popular ones among them are:

LIC Child Career Plan

- This plan is designed to meet your child’s educational and other needs

- Risk cover is provided on the life of your child during the policy term and this can be extended for another seven years

- Survival benefits is paid if the life assured survives the term

- You can choose the sum assured, maturity age, policy term, mode of premium payment and the premium waiver benefit

- Premiums can be paid yearly, half-yearly, quarterly, or through salary deductions

- Premiums can be paid for up to six or five years

HDFC Life YoungStar Udaan- Child Plan

- Provision to meet academic expenses of your child

- Provision for miscellaneous and extracurricular expenses that occur during college or school

- Lump sum amount is paid on maturity

- Moneyback benefit can be availed

- There are two death options that a policyholder can choose from 1. Classic option: When the death benefit is paid and after which the policy will terminate 2. Classic Waiver option: When the death benefit is paid but the policy continues and the future premiums are waived off

- The policy premium payment term is seven, 10 years or policy term minus five years

- You can choose the policy term as per your child’s future needs

- Guaranteed additions are paid during first five years of the policy years

- Accrued bonuses are payable at maturity

- Tax benefits are available under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

LIC Jeevan Ankur

- Death benefits are paid on the death of the assured during the policy term, on death of child when the assured is alive, on death of child or nominee after life assured’s death.

- Maturity benefit is paid along with loyalty additions irrespective of the survival of the life assured

- Loyalty additions are payable on the date of maturity irrespective of the survival of the life assured

- You can choose accident benefit rider and critical illness rider

- Premiums can be paid on a yearly, half yearly, quarterly or on a monthly basis.

- The policy can be revived within five years from the date of the first unpaid premium

- You can surrender the policy and a guaranteed surrender value is payable on single premium and regular premium policies. Single premium policies will get up to 90% of the premium paid. Regular policies will get up to 30% of the premiums paid.

Reliance Child Plan

- Protect your child’s future

- Fund your child’s education

- Support your child to set up his/her own business

- Guaranteed periodic benefits are available

- Maturity benefits includes 25% of the sum assured, bonus and non-negative capital guarantee

- Life cover is offered for the entire policy term.

- Tax benefits are available as per the prevailing tax laws in India.

Max Life Shiksha Plus Super

- The coverage includes Family Income benefit and funding for future premiums if the life insured dies

- You can choose the policy term, premium payment term keeping in mind your milestone

- You get a choice of five funds with different levels of risk

- You can make partial withdrawals to meet expenses that are not planned

- You have systematic transfer plan (STP) and dynamic fund allocation to protect your investment against market fluctuations

- In the event the life insured dies, you get a lump sum pay-out, family income benefit and funding of premium benefit

- On maturity, you will receive a settlement equal to the fund value

- Guaranteed loyalty additions are payable

- Tax benefits are available as per the prevailing tax laws in India

As you can see, there are numerous good child insurance plans available in the market. The list above is only an indicative one. However, whichever plan you select, ensure you read all the terms and conditions carefully so that you know exactly what you are getting into. This is, after all, a long-term financial commitment.