The 14 Plans on 13 Points

Consumer Voice - - For the child's benefit -

Based on the of­fer­ings by var­i­ous in­sur­ance com­pa­nies and rel­e­vant in­for­ma­tion avail­able in the public domain, we com­pared 14 child ben­e­fit in­sur­ance plans on 13 pa­ram­e­ters. Points were as­signed to each pa­ram­e­ter con­sid­er­ing their im­por­tance in the de­ci­sion-mak­ing ca­pa­bil­i­ties of users.

Stand­alone Fea­tures

We have un­der­lined some stand­alone fea­tures of each pol­icy in an ef­fort to help you know their unique sell­ing propo­si­tion.

Re­liance Child Plan

A guar­an­teed pe­ri­odic ben­e­fit of 25 per cent of ‘ba­sic sum as­sured’ plus ‘high sum as­sured’ ad­di­tional ben­e­fit (if any) is paid on each of the last three pol­icy an­niver­saries be­fore ma­tu­rity, ir­re­spec­tive of the sur­vival of the life as­sured.

HDFC Young Star Su­per Pre­mium

In case of di­ag­no­sis of any of the cov­ered crit­i­cal ill­nesses be­fore the end of the pol­icy term, the ben­e­fit payable will be determined based on the ‘ben­e­fit pay­ment pref­er­ence’ (save ben­e­fit or save-in-gain ben­e­fit) cho­sen by you.

LIC New En­dow­ment Plan

This plan of­fers an ac­ci­den­tal death and dis­abil­ity ben­e­fit rider (op­tional on pay­ment of ad­di­tional pre­mium). The ac­ci­dent ben­e­fit sum as­sured is payable as a lump-sum along with the ‘death ben­e­fit’ un­der the ba­sic plan. In case of ‘ac­ci­den­tal per­ma­nent dis­abil­ity’ aris­ing due to ac­ci­dent (within 180 days from the date of ac­ci­dent), an amount equal to the ‘ac­ci­dent ben­e­fit sum as­sured’ is paid in equal monthly in­stall­ments (EMI) spread over 10 years. Also, fu­ture pre­mi­ums payable for ‘ac­ci­dent ben­e­fit sum as­sured’ as well as ‘ba­sic sum as­sured’ are waived off.

PNB Met Life Smart Child

Un­der the ‘tick and take’ plan, you can buy a pol­icy with­out un­der­go­ing the has­sles of any med­i­cals and with min­i­mum pa­per­work.

Star Union Dai-ichi Bright Child

The plan has two of­fer­ings: Ca­reer En­dow­ment and Wed­ding En­dow­ment. Un­der both, the pol­icy pro­vides grad­u­a­tion ex­penses, tu­ition-fee sup­port (for grad­u­a­tion as well as post-grad­u­a­tion cour­ses be­tween the age of 18 and 21), and sup­port to start own busi­ness or pur­sue higher stud­ies or wed­ding at the age of 24.

Max Life Shik­sha Plus Su­per

Un­der this plan, a fam­ily in­come ben­e­fit (FIB) fol­low­ing or co­in­cid­ing with the death of the ‘life in­sured’ equalling to 10 per cent of the ‘sum as­sured’ is paid on each ‘pol­icy an­niver­sary’ till the end of the term, but not ex­ceed­ing 10 such in­stall­ments.

Aviva Life Young Scholar Ad­van­tage

The unique at­trac­tion of this pol­icy is the spe­cially de­signed death ben­e­fit that of­fers com­pre­hen­sive pro­tec­tion to the child in the un­for­tu­nate event of the pro­poser’s death, by pay­ing ‘sum as­sured’ af­ter pay­ing all fu­ture pre­mi­ums (as a lump-sum) into the fund and con­tin­u­ing the pol­icy with all the in­vest­ment benefits in­tact till ma­tu­rity of the pol­icy.

Ko­tak Life Head­start Child As­sure

This pol­icy of­fers seven unique fund op­tions to choose from, with vary­ing de­grees of eq­uity ex­po­sure. Th­ese in­clude funds com­bin­ing eq­uity, debt and money mar­ket in­stru­ments for get­ting a mean­ing­ful amount at ma­tu­rity.

SBI Life Smart Scholar

The pol­icy of­fers ‘ac­ci­dent ben­e­fit’ that in­cludes ‘ac­ci­den­tal death ben­e­fit’ and ‘ac­ci­den­tal to­tal and per­ma­nent dis­abil­ity (ac­ci­dent TPD) ben­e­fit’.

Ae­gon Reli­gare Ris­ing Star

This pol­icy of­fers top-up pre­mium that is to be paid over and above the con­trac­tual ba­sic pre­mium with a min­i­mum of Rs 5,000. Such top-up can be opted for till the last five years be­fore the pol­icy term ends. The top-up also en­hances the ‘sum as­sured’, thus en­hanc­ing the life cover.

Edel­weiss Tokio Wealth Builder

This pol­icy can give you med­i­cal-claim benefits un­der Sec­tion 80D if you opt for ‘rider ben­e­fit for crit­i­cal ill­ness’, in ad­di­tion to the usual Sec­tion 80C (on pre­mium paid) and Sec­tion 10-10D (pol­icy re­pay­ment on ma­tu­rity) of In­come Tax Act. The pol­icy fur­ther of­fers death ben­e­fit up to 115 per cent of the ba­sic ‘sum as­sured’ in case of death of pro­poser.

Birla Sun Life Vi­sion LifeIn­come Plan

This pol­icy pro­vides in­come for life – five per cent of the ‘sum as­sured’ is guar­an­teed, plus bonus ev­ery year af­ter the pre­mium pay­ing term (15 to 40 years). The pol­icy also en­sures safety for one’s fam­ily through com­pre­hen­sive fi­nan­cial pro­tec­tion till 100 years of age of pro­poser.

IDBI Fed­eral Child­surance

It of­fers an ad­di­tional pre­mium dis­count for women. The ba­sic pre­mium payable by a woman pro­poser will be equiv­a­lent to the pre­mium for a man younger by three years (for ex­am­ple, a healthy woman of 30 years will pay the pre­mium equiv­a­lent to that ap­pli­ca­ble to 27-year-old man).

Shri­ram Life New Shri Vidya

This pol­icy of­fers a pre­mium re­bate of three per cent for a ‘sum as­sured’ of Rs 5 lakh and four per cent for ‘sum as­sured’ above Rs 10 lakh.

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