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Comparing Child Insurance Plans with OneInsure

The cost of education is increasing every year and as a responsible parent, you need to plan and save enough to fulfil your child’s dream. A Child Insurance plan can help you achieve this goal but choosing the right child plan can be confusing considering the wide range of options available. At OneInsure, we strive to simply the cognitive process of buying insurance and help you to select the policy that best suits your needs.

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What is a Child Insurance Plan?

Child Insurance policy is generally taken to provide insurance to the parent and not the child. Under this policy, the child is the beneficiary and in the event of an unfortunate death of the insured parent, the child receives the death benefit. Also, the future premiums are waived off and the funds remain invested until the maturity. With the increasing cost of education and the type of lifestyle we live, it is a crucial decision for every parent to opt for a financial plan which ensures that their child’s dream are fulfilled, especially when the parent is not around. Child plans are designed to take care of their further education, marriage expenses, business needs, etc. There are two types of Child Plan Options available:-

  1. If you survive the policy period - Premiums need to be paid until the end of the term and the plan pays a fixed maturity at a fixed age of your child in tranches or lump sum as you decide. Fixed maturity at fixed age is very crucial as your child will need funds for higher education at a specific time period.
  2. In the event if you do not survive the Policy period – A Full Insurance cover is immediately paid to the family, future premiums are waived off and the plan pays a fixed maturity at a fixed age of your child in tranches or lump sum as you decide.

Smart Buying Tips for your Child Plan

Value Analysis
List down your child’s important milestones such higher education & marriage and determine the cost associated with it.
Compare Premiums
As always said, 'A Lower premium policy is not always the best fit'. It is wise to compare plans & include certain riders to enhance the cover.
Risk Profile
Picking the right insurance plan generally depends on the risk you have chosen. (E.g. Endowment for Low-Risk Profile or ULIP with Option to Switch the Portfolio for Higher Risk). 
Be an Early Bird
A Child Plan can give you better returns if opted at an early stage. Our experts would advise you to buy a plan within 1-2yrs of your child's birth. 

Key Factors to Consider before Buying a Child Insurance Plan

Cover for Parents
Remember the thumb Rule, "Parent should always be the Life Assured". In the event of an unfortunate demise of the parent, the benefits can be utilised by your child.
Beating Inflation
While Buying a Child Plan, inflation also needs to be considered as the rising cost will surely affect your investments. Eg: Current Cost of MBA is approx. Rs. 13Lacs.
Money at Critical Milestones
Plan for those Critical Milestones in your child's career path - Primary, College & Higher Education or Marriage, etc. and also plan for the exact time for returns.
Understand all Charges
Read the fine prints carefully. ULIP plans often come with certain charges like partial withdrawal or surrender charge. It is good to know these charges before hand.

How much Child Plan Maturity a person should get depends on

Multiplying your current annual income between 15-20times is a useful way to determine the coverage required.
Estimate Cost of Child's Tertiary Education
Your Current & Future Lifestyle
City in which you reside
Premium Paying Capacity
  • Save ₹3,900/month & get
    up to ₹50 Lakhs on Retirement
    or ₹30,000 Pension/month