- Personal Finance»
Top 5 Child Insurance Plans In India 2013 | Best Child Education Insurance Plan
Best Child Education Insurance Plan
Almost everyone, who loves his family would’ve thought he’d been a little more rich at the time of their child’s education. Many bright students who turns out be very successful in their school studies are found living a mechanical life, holding a profession they never dreamt of. You can offer your child his freedom to pursue his own ambitions if you have sound financial support. A small saving at an early stage is enough to accumulate enough of wealth by the time he needs to choose his field of education. There are around 50 insurance policies and 24 life insurance companies in India that provide plans to cover educational expense a child will encounter in future.
Each of these policies are different in terms of premium and return. The top 5 child education plans are described here. You may choose to invest in the suitable one after evaluating the duration, risk affordable and premium.
1. Aviva Youngstar Secure
This is a guaranteed plan. The maturity benefit and death benefit will be mentioned explicitly at the beginning itself. Assured returns are provided yearly for the child when he is 13 up to 18 years. When he is 21 years an accumulated amount is also paid. In case of a parent’s death an amount equal to the sum assured is paid immediately. Also they payment of
premium can be stopped then onwards.
2. HDFC Child Gift Saving Plan
HDFC Child Gift Saving plan is a mutual fund based scheme. The amount invested is split and invested as 53% to bonds and 18.4 to share (the remaining is kept as cash). Majority of the bonds invested will be of AAA star rating. This fund have performed consistently well from the time it started. Previous year alone it’s return was 14.45%.
3. LIC Jeevan Anurag
In LIC Jeevan Anurag, the 20% maturity payment is done 3 years before the policy period ends. At the maturing year 40% + bonus is given. Last year the bonus was Rs. 44 for every Rs.1000.This policy is suitable for parent’s who have children of age less than 7 years.
4. ICICI Smart Kid Premier
This is a good ULIP policy that provides coverage to parents also. If any one of the parent pass away then it’s benefits are also provided to the child. This is a good policy for parent’s who are looking for insurance their self. To get good returns atlest 10 year investment is necessary.
5. Aegon Religer Rising Star
This policy provides triple life cover. In case of a parent’s death either a sum assured or 105% of the premium is paid immediately. From the year of death, child will be given an amount equal to the yearly premium until the policy period ends. The premium amount will be paid by the company itself to the fund. When the policy duration is over, child will get the fund value.
These are the best child insurance policy in India for 2013. Remember, a small saving today can protect your child's future in years to come. Regular small investment and patience is the key to long term returns.