Best One Time Investment Plans For Children In India For 2022

Planning ahead never goes wasted especially when it comes to parenting and raising a child. You need adequate finances for every stage of your child’s growth. Securing your child’s future should be your priority. We suggest you plan early and invest in insurance for children. Consider investing your vacant money in a one-time investment plan for your child.

Let us talk about insurance for children and the benefits of one-time investment plans for children in detail.

Benefits of One-Time Investment Policy

There are various benefits of investing in life insurance for children’s one-time investment plan. Some of them are listed below:

• It provides adequate coverage till the time your child reaches the age of higher education.
• The premium for such a plan is always less as compared to other regular investment plans, so there are fewer chances of poking a hole in your pocket.
• You get tax benefits in the first year by investing in a one-time investment child policy under Section 80C of the Income Tax Act.

Tips to Choose the Best Child Plan One-Time Investment

Before throwing light on the best one-time investment plans for children in India for 2022, we think it is essential to acquaint you with how to choose the right childhood life insurance policy for your child.

So, here are some essential factors to consider when choosing the best life insurance for children:

1. Plan Early: Let’s be very honest saying that planning early helps a lot when it comes to buying a child plan. You must study and compare features of different one-time investment plans for child in LIC and similar ones to pick the best one for your child. Remember, a timely decision to buy such a policy helps acquire adequate coverage till the time your child reaches the age to receive higher education.

2. Consider the Inflation: Make sure to choose an ample amount of sum assured with guaranteed protection when buying a childhood life insurance policy. If you fail to get an adequate sum assured, then your plan will not fulfill your child’s monetary needs during high inflation days. So, decide for the sum assured keeping in view the growing inflation rates.

3. Partial Withdrawal Option: Be sure to pick the child plan that has a partial withdrawal feature to give you a helping hand in the form of an emergency fund if needed. If this option is available, you can freely contact your insurer for partial withdrawal from the policy to meet the need of the hour.

4. Premium Waiver Option: These days many, insurers are offering a waiver of premium options. So, ensure your selected insurance for children has this feature and if it doesn’t have it, ask the insurer to add it as a rider benefit. It will help the child or nominee to receive the benefit of waiver of premium in case of the unfortunate death of the policyholder.

Best One-Time Investment Plan for Child

Here is a list of the best insurance for child on a one-time investment basis:

1. Aditya Birla Sun Life Child’s Future Assured Plan 

• The minimum entry age is 18 years and the maximum entry age is 65 years
• The minimum sum assured is Rs. 4,00,000
• The maximum maturity age of this plan is 75 years

2. Aegon Life Rising Star Insurance Plan

• The minimum entry age is 18 years and the maximum entry age is 48 years
• The maximum cover for a person age < 45 years = 18 x Annual Premium; the age of the person > 45 years = 10 x Annual Premium
• The maximum maturity age of this plan is 65 years

3. Aviva Young Scholar Secure Plan

• The minimum entry age to purchase this best insurance for a child is 21 years and the maximum age is 50 years
• The maximum maturity age is 71 years

4. Bajaj Allianz Lifelong Assure Plan

• The minimum entry age is 10 years and the maximum age is 55 years
• The minimum sum assured is Rs. 1,00,000

5. Bharati AXA Life Child Advantage Plan

• The entry age bracket for a Regular Pay Option is between 18 years to 50 years, while the entry age bracket for a Limited Pay Option is between 18 years to 55 years
• The minimum sum assured is Rs. 25,000
• The maximum maturity age for Regular Pay Option is 71 years, while the maximum maturity age for a Limited Pay Option is 76 years

6. Exide Life New Creating Life Insurance Plan

• The minimum entry age is 18 years and the maximum age is 45 years
• The maximum maturity age is 60 years

7. HDFC Life Young Star Udaan Plan

• The minimum age for Classic Aspiration Plan is 30 days to 60 years; Academia and Career Plan is 8 years to 60 years; Classic Waiver Plan is 18 years to 55 years and all the above-mentioned options
• The maximum maturity age for Classic Aspiration Plan is 18 years to 75 years; Academia and Career Plan is 23 years to 75 years; Classic Waiver Plan is 33 years to 75 years and all the above-mentioned options

8. ICICI Prudential Smart Kid Solution

• The minimum entry age is 20 years and the maximum entry age is 54 years
• The minimum sum assured is 7 x Annual Premium
• The maximum maturity age is 64 years

9. LIC – New Children’s Money Back Plan

• The minimum entry age is 0 years and the maximum entry age is 12 years
• The minimum sum assured is Rs. 1,00,000
• The maximum maturity age is 25 years

10. SBI Life- Smart Scholar Plan

• The minimum entry age is 18 years and the maximum entry age is 57 years
• The minimum sum assured for Single Premium Option = 1.25 x Premium; Limited Premium Option = 10 x Annual Premium
• The maximum maturity age is 65 years

The Conclusion

Every parent looks to give the best to the child. Parenthood has never been an easy journey, but by buying the best insurance for a child, you can ensure your child’s future. Plan as early as you become a parent and invest in a one-time investment plan like for instance a one-time investment plan for the child in LIC.