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- Child Insurance Plans
- What are Child Education Plans?
- HDFC Life Child Plans
- Why Child Eduction Plan is must?
- Why Invest in Child Plans?
- Features of Child Plans
- Benefits of Child Education Plans
- Types of Child Plans
- How do Child Plans works?
- How much to Invest in Child Plans?
- Claiming Process
- Documents
- Tips for Buying Child Education Plans
- Early Planning for Child's future
- Child Insurance Plan FAQ's
- Disclaimer
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What Are Child Education Plans?
A child education plan is a special type of child policy plan which is designed for parents to secure their child's future financially in a structured way. The parents have to pay a certain amount of premium and they will receive a certain maturity benefit for the child's higher education. Moreover, the child plan also provides life cover from the insurance element of the policy.
The premium can be monthly, semi-annually, annually or a one-time payment. In the unfortunate death of one of the parents, a child plan can offer triple benefits to beneficiaries. This includes a life insurance cover, payout of the maturity benefit and the payment of insurance premiums by the insurer. This payout can be received as a single lump sum upon maturity or periodically at different ages of the child.
Why Do You Need a Child Education Plan?
A Child Education Plan keeps you financially equipped for your child's educational expenses. Selecting the best child education plan can help you save effectively for their future needs and provide returns that support your child's goals.
Quick assistance during financial emergencies
Safeguarding the child’s future
Addressing increasing education costs
Assured investment returns
Providing security for obtaining education loans
Why Invest in Child Plans?
Investing in child policy can allow to enjoy triple benefits in case of untimely demise of a policyholder, which are as follows:
A life cover is provided to the nominees of the policyholder, i.e., the family members. To determine the right amount of life cover needed to secure your family’s financial future, you can use a life insurance calculator. This tool helps you assess how much life insurance coverage is required based on your family's needs and your current financial situation.
All the remaining premiums are borne by the insurance company. On maturity, the sum assured is paid out to the child.
Also, during the present scenario, the child beneficiary gets his or her monthly expense cover. It includes education-related costs such as books, copies, tuition fees, etc.
Features of Child Insurance Plans
Here are some of the features of child plans:
Life Cover
If something happens to you, the policy will give a lump sum of money to the people you choose. This ensures that your children's education fund remains secure and they can continue their studies without financial worries.
Premium Waiver
If the policyholder dies unexpectedly during the policy term, the insurance company will pay all the remaining premiums. This ensures that the policy stays active, and the child's future, especially their education, remains secure without any interruptions in premium payments.
Partial withdrawals
The policy allows partial withdrawals starting from the 6th year (after 5 years). This flexibility helps cover important educational expenses like admission fees, tuition costs, and educational trips.
Sum assured
After partial withdrawals, you will get the remaining balance of the sum assured when the policy matures, in addition to life cover
Tax benefits
You can also be eligible for tax benefits under section 10(D)# and deductions under 80C# of the Income Tax Act. The amount of premium paid toward the policy will be eligible for a tax deduction, hence reducing your overall tax liability.
Benefits of Investing in a Child Education Plan
Listed below are some of the benefits of child insurance plan
Security for the Future
Investing in a best child education plan ensures that your child’s education is taken care of, so you don't have to worry about their future, even if you're not there. It gives you peace of mind knowing they'll be taken care of no matter what.
Financial Safeguard
If you pass away, the insurance company pays out the life cover to your nominees, giving your family immediate financial support. Future premium payments are also canceled, so the policy continues without putting a financial strain on your child.
Flexible cover
Child education plans give flexible payment options, so you can get money at important stages like when your child starts college.
Tax Advantages
Investing in child education plans can help you save on taxes while securing your child's education.
Protection Against Inflation
With educational costs rising due to inflation, a child education plan helps you stay ready, ensuring that your child can pursue top-tier courses without any financial hindrance.
High Returns
A Best Child Education Plan offers insurance coverage and potential investment advantages. Opting for the appropriate plan increases your opportunity to yield greater returns than conventional savings methods.
Regular Saving
The best child education plan will motivate you to save regularly in a structured manner, guaranteeing a steady allocation of funds for your child's education. Saving schemes like child plans are a powerful tool to invest for the long term and build a corpus for your child.
Types of Child Plans
Primarily child plans are of two types, which are as follows:
Child ULIPs
A Child ULIP serves as both an insurance policy and an investment. Similar to a typical child education plan, a portion of your funds are allocated to safeguarding your child, while the remaining portion is invested in a combination of equity and debt.
...Read More
Child Savings Plan
A child savings plan allows you to invest without taking market risks. This comprehensive plan offers maturity perks, life coverage, along tax benefits all within a single policy.
...Read More
How Do Child Plans Work?
Let us take an example to understand how a child plan works:
Mr Mukherjee, a parent of a 5-year-old, plans to start investing in his son's higher education abroad. He is paying a monthly premium of Rs. 8,000 for 15 years.
Note: ROI is 21%
Let’s consider two different scenarios to understand how the payout would work.
Situation 1: Mr Mukherjee out-lives the policy term
In such a scenario, Mr Mukherjee will receive a sum assured of Rs. 1.1 crore (approx.) at the end of the policy tenure and now it can be used for higher education of his son.
Situation 2: Mr Mukherjee dies on the 8th year of the policy term
In this situation, Mr Mukherjee's child and other nominees will receive a lump sum amount as life cover and the remaining premiums will be waived off. The nominees can also make partial withdrawals for the child's educational purpose based on the type of policy chosen.
How Much Should You Invest in a Child Plan?
The cost of education is increasing at a rapid pace. According to a recent study, it was identified that the average cost of education from primary classes to post-graduation was Rs. 8,331 per year for a student. However, this study was conducted considering all the types of schools and colleges available across the country. We know that the cost of private schools and colleges is way more than government-owned institutions.
Moreover, the cost of professional courses such as engineering can be more expensive and the cost of some business school courses can become even more expensive, hence based on the desires and interests of the child you will have to plan for a sufficient sum assured.
What is the Claiming Process for Children Insurance Plans?
Listed below is the step-by-step guide to claim for a child insurance policy.
Step 1: First, you will have to inform your insurer that you are willing to file a claim. You can convey this by phone, email or by physically visiting your nearest branch office.
Step 2: Fill out the claim form by entering details such as name, insured child details, policy number etc. You can either download the form from the insurer’s website or obtain it from their branch office.
Step 3: Next, you will have to submit some of the essential documents such as a death certificate, medical reports, identity proofs etc., with the claim form.
Step 4: The insurer will then conduct a verification and investigation of the incident and might appoint a surveyor for claim processing.
Step 5: Post investigation and approval, the beneficiaries of the policy will receive the claim amount in their bank account.
List of Documents Required for Buying Children's Insurance Plans
Listed below is the list of documents required to avail a children's insurance plan:
Proposal form
Identity proof (passport, voter ID card, Aadhaar, driving licence)
Age proof
Income proof
Tips to Consider While Buying the Best Child Education Plan:
Here are the following things to consider while buying the perfect child education plan:
Starting Early
Investing early in a child education plan helps you grow your money over the long term leveraging the compounding effect. This results in a larger sum that can be beneficial to fulfill your child's aspirations.
...Read More
Avail an Investment Based on Your Requirements
There are some investment plans available in the market which allow you to choose various asset mixes such as either equity, debt or a mix of both.
...Read More
Check for Premium Waiver
While finalizing a child plan, always check whether the premium waiver benefit is included or not. As in case of the policyholder's demise, all future premiums for the policy will be borne by the insurer.
...Read More
Check for the Partial Withdrawal and Feature
When buying an education savings plans consider plans that offer the flexibility to withdraw a designated sum from the Child Education Plan throughout its duration. This provision enables you to remain financially equipped for your child's significant milestones, like college admissions or weddings, while also serving as a buffer for unexpected financial emergencies.
...Read More
How Early Planning Can Benefit Your Child's Education in Future?
Listed below are some of the benefits of early planning for your child’s future:
More Savings over Time
Starting early gives you more time for your invested funds to grow and compounding requires time to demonstrate exponential growth in return.
...Read More
More Time to Find Better Options
Investing early in a child education plan can help you with more time researching various educational options and choosing the one which best suits your child.
...Read More
Secures Your Child’s Future and Reduces Your Stress
The overall cost of education is increasing at a rapid pace. Considering the effects of inflation these days, your children's education may require a lot more money than you initially planned for. Here opting for a child education plan as early as possible can be the wisest move to make
...Read More
Inculcate Financial Responsibility
By starting early you start saving for your child's education, it can teach them the importance of saving money from a very early age in life.
...Read More
Tax Advantages of a Child Education Plan
Under Section 80C of the Income Tax Act 1961#, premiums paid for a child education insurance plan are eligible for tax benefits. Under this act, the premium paid for a life insurance policy under a Child Investment Plan is tax deductible up to a maximum of Rs. 1, 50,000.
According to Section 10 (10D) of the Income Tax Act, 1961#, you can get tax-free maturity benefits if the annual premiums of a child plan are up to a maximum of Rs. 2, 50,000 (ULIPs) or Rs 5,00,000 (Other than ULIPs) subject to conditions mentioned . These benefits remain tax-free in the event of the parent's demise or upon the child savings plans policy's completion.
Sections of the Income Tax Act, 1961# |
Tax Benefits under the Child Education Plan |
Section 80C |
- Premiums paid under this plan are eligible for tax deduction upto Rs. 1,50,000 subject to conditions specified. |
Section 10 (10D) |
- Enjoy tax-free maturity with your child plan, with an annual premium of up to Rs. 2,50,000 for ULIPs or Rs 5,00,000 for other than ULIPs subject to conditions mentioned.
- Tax-free benefits are received on death . |
Discover more about the deduction under 80C for the best child education plan.
What is Life Cover and Why It's Important in Child Plans?
Life cover within a child education plan serves as financial security for children, should you pass away. It provides a lump sum to the beneficiary, usually the child, assisting with needs like education, marriage, and other expenses.
Secure your child's financial future
Your unfortunate demise won’t leave your child stranded. With the benefits of a Life Insurance Policy in your child education plan, your children will still have the financial backup needed to safeguard their needs, empowering them to pursue their higher education or life goals even without your financial support.
...Read More
Peace of mind for you
Being assured of your child's financial security with the best child plan can grant you peace of mind. This helps you to concentrate on other areas of your life, such as your career and family, knowing your child’s future education expenses are taken care of.
...Read More
Cost-Effectiveness
Life cover provided by a child education plan presents a cost-effective option, ensuring accessibility to long-term advantages. Within this framework, you can tailor the life cover amount per your financial constraints while adequately meeting your child's needs and aspirations.
...Read More
Why Choose HDFC Life’s Top-Selling HDFC SL Youngstar Super Premium Plan?
In this policy, the investment risks in the investment portfolio is borne by the policyholder.
HDFC Life's Top-Selling HDFC SL Youngstar Super Premium Plan can be your child insurance plan of choice for several reasons. These reasons range from your individual financial goals to your risk appetite and preferences. Here are some potential reasons why you could consider this child education plan:
Comprehensive Protection
This plan offers comprehensive Life Insurance coverage. Such child education insurance plans also offer riders for extra protection, such as critical illness and accidental death benefit. These riders ensure financial security for the policyholder and their family in case of an unfortunate event.
...Read More
Wealth Accumulation
The plan provides for wealth accumulation through systematic investment in various HDFC Life funds. The choice of investment funds varies based on individual risk appetite and goals. This allows policyholders to grow their wealth with significant returns on investment in the long-term.
...Read More
Flexibility
HDFC SL Youngstar Super Premium Plan policyholders experience flexibility in terms of premium payment options and choice of funds. They are also flexible when it comes to switching between funds based on market fluctuations or investment goals. This flexibility allows policyholders to tailor their investment strategy based on their growing and changing financial needs.
...Read More
Child Education and Marriage Expenses
This plan is customised to help policyholders’ parents save money and accumulate funds for their child’s education or marriage. It ensures that parents have the right amount of funds to support key expenses in their children’s lives.
...Read More
Tax Benefits
The HDFC SL Youngstar Super Premium Plan is one among many insurance plans to offer tax benefits under Section 80C of the Income Tax Act, 1961#, on premiums paid. Also, the maturity proceeds can be considered tax-free under Section 10(10D) of the Income Tax Act, subject to satisfying the conditions. This feature makes it the best child plan which is also a highly effective tax-oriented investment option.
...Read More
FAQ's on Child Education Plan
1 How can I buy a child insurance plan online?
Purchasing a child insurance plan online is quite easy and simple. Simply visit the HDFC Life home page. From the navigation bar, go to "Investment Plan" and click on 'Child Plan’. Then from the interface choose the plan as per your requirement and click on ‘Buy Now’ to initiate your purchase.
2 What is the eligibility to buy a child insurance plan?
The eligibility criteria to buy a child plan are- the child must be an Indian citizen, the parents or the legal guardian must be an Indian citizen and there are age criteria which vary from plan to plan and insurer to insurer.
3 What are the tax benefits of children's education plans in India?
There are two types of tax benefits you can enjoy- firstly you will be eligible for tax deductions on the amount of premium paid of up to Rs. 1.5 lakh under Section 80C of Income Tax Act 1961#. Moreover, up to Rs. 2.5 lakh per year is exempted from tax on the life cover or sum assured amount received from the insurer u/s 10(10D).
4 What are the government plans for child education in India?
Some of the top government policies for child education in India are the Sukanya Samriddhi Yojana, CBSE Udaan Scheme, Dhanlaxmi Yojana, Balika Samriddhi Yojana etc.
5 Can I customize a child plan as per my specific requirements?
Yes, you can customise a child plan based on your own requirements which can be factors like pay-out structure, policy term, premium amount and other perks aligning with your child’s requirements.
6 What is the importance of investing in a child plan?
There are several important reasons for investing in a child plan which are- funding higher education, using this policy as collateral during financial constraints, partial withdrawal for medical treatment of the child and tax benefits.
7 When can one withdraw money from child plan?
One can withdraw money from a child education insurance plan only when it matures. Otherwise, only partial withdrawals are possible. The amount of these varies based on the selected plan. Usually, after five years since policy inception, policyholders can withdraw a maximum of 20% of the fund value without paying any fee or penalty. Also a Lump sum partial withdrawal from the fund is allowed after completion of five policy years, provided the life assured is at least 18 years of age. Partial withdrawal before completion of policy years would result in termination of the policy.
8 Is child plan tax free?
Child plans are subject to tax benefits on death or maturity claim profits under Sec 10(10D) of Income Tax Act, 1961#. The premiums paid towards insurance plan are also eligible for tax deduction under Section 80C. Benefits are applicable as per prevailing tax laws
9 When to buy a child plan?
There is no right time to buy a child plan. You should buy it when you are ready and the earlier the better. According to experts, it is ideal to begin a child plan within 90 days of the child's birth as you don’t want to miss out on the compounding effect. The sooner parents start a plan for their child, lower is the risk and they stand to make better returns.
10 How will child plan secure your child's future?
Child plans are investment cum insurance plans that help to plan your child's future financial requirements by accumulating money over a period of time. On maturity, a lump sum amount is paid to the child to cover their education or marriage expenses.
Child plans come with Waiver of Premium (WoP) feature which is applicable if the parent dies in a stipulated period. In case of an unfortunate demise, the sum assured is paid to the nominated beneficiary, while the insurance company continues to pay the due premium for the remaining policy term. Upon maturity of the policy, the child stands to receive the maturity amount as mentioned.
You can withdraw money from the child plan during the tenure of the investment. This money can be used for any medical emergency that might arise for the child and reduce the finanaical burden on the family.
Parents can take the right step in fulfilling their responsibility in securing their child’s future by investing in a child plan.
11 What is child life coverage?
Child life coverage refers to the decided upon amount that the nominee receives in case anything happens to the policyholder during the policy term.
12 Can I purchase a child insurance plan for my 15-year-old child?
Yes, you can purchase a child plan for your 15-year-old child. However, when it comes to investments, the earlier you start the better.
13 What is the difference between a nominee and a beneficiary?
In a child plan, the nominee refers to the person who will help look after the child and the policyholder’s financials if anything happens to them during the policy term. The nominee is responsible for ensuring that the money goes to the intended individual. The beneficiary is the child or the individual who should receive the payout from the policy. In certain situations, the nominee and beneficiary can be the same.
14 Why is beneficiary or nominee important in a child plan?
The beneficiary is the individual who receives the payout from the policyholder or parent. Parents must ensure that their beneficiary is somebody who can handle the responsibility of receiving the child plan benefits. If not, they should appoint a responsible nominee.
15 What are the Documents Required to Buy a Child Insurance Plan?
The documents required to buy a Child Insurance Plan include - proof of age, proof of identity, proof of income, proof of address, and the proposal form.
16 How to calculate child education allowance?
A child education planner will be very useful for determining how much a parent needs for his child’s education allowance. It takes inflation, changing lifestyles, and the child’s growing needs into account to arrive at a correct figure.
17 How to select a child education plan?
A child education insurance plan is generally chosen based on the child’s age and the number of investment years. You can also decide whether you want child ULIPs (unit-linked life insurance plans) or guaranteed plans. Factor in the payout method, associated costs, past performance of the plan, and the claim settlement ratio before you select a plan.
Here's all you should know about Child Investments.
We help you to make informed insurance decisions for a lifetime.
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1. Provided all due premiums have been paid and the policy is in force.
#As per Income Tax, 1961. Tax benefits are subject to changes in tax laws. Tax benefits & exemptions are subject to conditions of the Income Tax Act, 1961 and its provisions. Tax Laws are subject to change from time to time. Customer is requested to seek tax advice from his Chartered Accountant or personal tax advisor with respect to his personal tax liabilities under the Income-tax law.
The Unit Linked Insurance products do not offer any liquidity during the first five years of the contract. The policyholders will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of fifth year.
Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. HDFC Life Insurance Company Limited is only the name of the Insurance Company, the name of the company, name of the contract does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.
^. Save 46,800 on taxes if the insurance premium amount is Rs.1.5 lakh per annum and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime.
ARN: ED/05/24/11734
