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Child Insurance Policy

A Child insurance can serve the dual purpose of securing your child’s future as well as financing important events in a child’s life such as marriage, education, extra-curricular activities, etc. Child insurance policy is the biggest security blanket that you can give to your children. A Child plan provides lump sum payment in the event of death of policyholder and waives off any future premiums payable.

At Value Money, find the best child plan to protect your children’s future. Choose among the best child investment plans to bless your children with a financially stable future.

Types of child insurance plans in India

Every Insurance company offers a different type of child insurance plan. Let us look at the two main types of child insurance plans.

Child ULIPs

This is an investment cum insurance plan where premium paid is used for investing in both equity and debt instruments as per your discretion. This is a risky investment plan but can fetch you high returns as well.

Child Endowment Plans

A child insurance policy in which your premium is invested in debt instruments at the sole discretion of the insurance company.

Features and benefits

Below are the features and benefits of Child Insurance Plan

  • Child plan takes care of future needs of the child such as education, marriage, etc along with life cover in case of parent’s demise.
  • Premium can be paid either in one lumpsum while buying the policy or monthly, quarterly, half-yearly and yearly.
  • The sum assured in child policy must not be less than 10 times your current gross income.
  • The maturity amount should be decided based on your child’s need so that when you receive the child policy amount it will suffice to meet his career or education goals.
  • Policy term of child insurance plan can be decided depending on when you think your child would need the money, i.e. 18-21 yrs.
  • The insured can decide whether the maturity amount should be paid in one lumpsum to the child or in regular instalments.
  • The insured can opt for a premium waiver in child insurance policy wherein the premium will be waived off or balance will be paid by the insurer in the event of his demise.
  • You can also take additional riders on your child policy that can give you extra benefits in the event of critical illness, accidental death, disability, etc
Eligibility & Documentation

The minimum eligible age for getting a child insurance plan is 21 years for the child’s parent who is the insured, whereas the maximum age is around 60 years. The nominee of Child Plan should be aged above 1 month and below 18 years.

Claim Process

Most of the insurance companies have an easy and transparent approach to settling child insurance claims which is initiated when the insured informs the company. After intimating the company, a required set of documents have to be submitted following which the claim will be settled.

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