Popular Health Insurance Options For Children in India

While reading about articles on health insurance for children, Mr. Banerjee was confused because he wasn’t sure which was the best.

He decided to consult his financier. On his advice, Mr. Banerjee wrote down all the requirements he needed and all the benefits that he was expecting from the insurance company and then looked upon the internet to find what’s best for him but seeing so many options, and he got even more confused.

The blog contains some information about some insurance companies to help people like Mr. Banerjee, who find it challenging to choose what is best for them.

6 Popular Health Insurance Plans for Children in India for 2022

1. Aegon Life Rising Star Insurance Plan

Features:

• It is a single Unit Linked Insurance plan 
• The Fund Value in the insurance is always given as the maturity Benefit 
• The Fund Value + Sum Assured is given as Death Benefit 
• There is a choice of choosing two riders and four funding options.

Benefits:

• Policyholders enjoy the maturity benefit as they receive fund value.
• The nominee of the policyholder enjoys the three-fold benefit
• Income tax benefit up to 1.5 lakhs.

2. TATA AIA Life Insurance StarKid Plan

Features:

• Insurance is paid for ten years, and the child receives a 20% amount when he attains the age of 18-22 years.
• The money is paid even if there are instances of death.
• System of automatic loan payment when the premium is not paid within the scheduled period.

Benefits:

• This insurance provides 50% of immediate help from the sum in case the parent dies.
• The child receives 20% of the sum from the age of 18 to 22.
• Relief from tax. According to 80c and premium life insurance.

3. Bajaj Allianz Young Assure

Features:

• In this insurance or endowment plan, bonuses are announced.
• Guaranteed additions are provided to maximize the benefit.
• Women are given goals at low rates.

Benefits:

• The maturity amount is enormous and can either be taken at once or in three installments.
• The maturity value increases if there is death.
• Every year bonuses are paid.

4. SBI Life Smart Champ Life Insurance

Features:

• One-time payment for premium insurance.
• Death or disability due to an accident is covered in all plans
• Immediate assistance and waiver on premium in case of any demise.

Benefits:

• The premium can be paid at one’s convenience
• A free premium plan for children in case a parent dies.
• Provides a vast amount to meet immediate expenses in case of death.

5. Exide Life Mera Aashirwad

Features :

• This insurance plan is non-participating and has a limited term for premium payment.
• There are two options available to receive the maturity amount.
• Guaranteed 5% addition to the sum assured under the second option.

Benefits:

• 105% of the total amount can be received at maturity
• In case of death, the sum assured is ten times the annual premium or 105%, including all premiums.
• Tax redemption and income tax benefit are given.

6. Birla Sunlife Vision Star Plus Insurance

Features:

• Regular payouts, five years after paying the premium term.
• Various payouts to choose from
• Bonus accumulation for the growth of your savings.

Benefits:

• Maturity benefits with a bonus.
• Customizable gifts according to specified needs.
• Reduced paid-up advantages after the elapse of premium plans.

Conclusion

There are thousands of options to choose from while opting for health insurance but what must be kept in mind is that every policy has its benefits and fulfills specific needs. So it is important to select health insurance for our child which fulfills all the criteria you are looking for. Health insurance can be one of the most clever decisions you will make for your child as it will protect them in the future when they fall sick, and you will be tension free as it will cover mostly all the bills.