Before buying health or education insurance for your child you should consider some aspects such as the rate of premium, inflation rate, and the cost of medical and education.
A child plan with a one-time investment provides you the dual benefit of savings and insurance can be the best thing for you and your child in case you happen to crack a good enough deal.
Here I am giving some best child plan one-time investment. Check this below to gather knowledge about it.
What Is A Child Plan One-Time Investment?
The topmost priority is of every parent is their child. The upbringing of a child requires financial planning. A one-time investment child plan is one of them.
This is the most suitable policy for your child as it ensures continued education and a secure future. Below I am describing some best child plan one-time investments.
Why Is A Child Plan Important?
A child insurance plan is an insurance-cum-child savings plan that allows you to build a corpus for the future needs of your child. Depending on the child savings plan you choose, you get a lump sum amount on maturity or periodic endowments during the child plan policy.
A lump sum amount can be used to meet major milestones such as higher education or matrimonial expenses. Periodic pay-outs provide financial support at different stages of your child’s life.
There is usually a benefit of life for the child/children – an important insurance life cover sum assured. In case of the untimely death of the policyholder, the child gets this amount as a death benefit. Most child life insurance plans cover an amount of at least 10 times the annual premium.
Along with these benefits of child insurance, you also ensure that your child’s child’s policy will not stop suddenly in your absence.
Such an investment plan has a tax deduction, financial future security for your kid, child education expenses get secured, meets your financial goals, and so many more.
As a child insurance benefit, you get the assurance that after the death of the policyholder, the insurance company will continue to pay the premiums, and pay the maturity benefit to the child/nominee at the end of the child plan term.
Some children’s insurance policies offer a lump sum death benefit as well as the option of a monthly pay-out. This monthly income from the child policy helps in meeting the expenses of daily living.
Considering all these child insurance benefits, a child insurance investment plan is a sensible diagnostic test that should be part of your financial planning for your child.
Eligibility Criteria For Best Child Plan One Time Investment:
If you are a parent legally or biologically, you are eligible to buy child plans. But there are different entry ages, maturity age, minimum age, minimum annual premium, and minimum sum assured criteria taken into consideration by different life insurance company providers, offering child plans.
Why Choose Child Plan With One Time Investment?
There are various reasons behind choosing a child insurance plan where you will have to invest only once. There are several benefits to it.
It has lesser risk factors than the equity and debt funds. Tax laws of such child plans are simple, no tension for future premium payment, one-time premium paid, tax savings, and of course, a bright future for your child.
There are some other reasons. The reasons are as follows…
The Power To Achieve Their Dreams
Such plans have multiple benefits, and they enable you to achieve goals that your child and you set together.
Safety of Your Child’s Future
Child plan ensures that with the help of an insurance cover, they are protected even in the event of any untoward incident.
No Impact On the Child’s Goal
We protect your child’s goals with the help of an inbuilt premium discount (in the event of death/disability of the Life Assured).
Reasonable Financial Aid With Handsome Sum Assured Value
We offer you multiple risk cover and payout options along with flexible policies and payment terms, which helps in providing you with perfect monetary support.
Get tax benefits on the premium you pay, and other benefits as per the current income tax rules.
What Are The Benefits Of Buying a Child Plan?
A child insurance plan offers life cover along with unique benefits to the policyholder and the child. A systematic investment plan will support you benefit from the rupee cost averaging in the unstable market.
Here are some of the benefits of child life insurance, which should be an important part of your financial portfolio to keep in mind:
Savings For The Child’s Education:
The cost of quality education is increasing continuously. Creating a wealth source in the form of an accumulation that may be available at any stage of your child’s life is important, and one that you should focus on.
With a child plan, you can pay premiums in flexible installments, and build up a lump sum amount, which can be used to complete your child’s schooling and higher education.
A Corpus For Your Child’s Medical Needs:
Depending on the endowment child plan you choose, one of the benefits of child insurance is that you get a periodic return in the form of a fixed percentage of the sum assured.
These assured payouts can be helpful in meeting your child’s needs at that time. This fundraiser is used to meet your child’s educational expenses as well as medical needs when needed.
Financial Protection For Your Child
Losing a parent is a psychological and financial trauma for children, which children do not know how to deal with. While no preparation is enough to bring the child’s mood back to normal in the event of such an eventuality, you can ensure that your child remains financially secure no matter what.
Choose the best child plan that offers you premium waiver benefit, so that in case of the untimely death of the policyholder, the insurance company will be responsible for paying the premium.
The child/nominee will not only get the lump sum amount but will also not have to worry about paying a premium in the future. On maturity, the child receives a maturity amount and bonus (if this facility is provided in the child policy) to ensure the financial security of your child in case of an adverse event.
Savings And Insurance With A Child Life Insurance Plan:
The best child plans offer a perfect blend of savings and insurance. Not only do you get regularly assured pay-outs to fulfill your children’s dreams, but you also secure your children’s future with comprehensive financial security even in your absence.
Best Selling Insurance Policies For Children With One Time Investment:
Here I am giving 7 top child plan one-time investments. See below…
1. Bajaj Allianz Fortune Gain Plan:
Bajaj Allianz Fortune Gain Plan is one of the best child plan one-time investments. It is a ULIP plan that can be opted to secure your child’s future at a minimum cost with the maximum advantage.
The plan offers 7 funds to choose from and also a partial withdrawal facility available. The entry age is 1 year to 63 years and the maturity age is 18 years to 70 years. The single premium amount is a minimum of Rs. 50,000 to the highest you can invest.
2. Max New York Smart Steps Single Premium:
Max New York Smart Steps Single Premium is one the best child plan one-time investment. Max New York Smart Steps Single Premium is an endowment plan is drawn particularly to provide for a child’s financial needs.
The entry age is 21-50 years and the child’s age should be 91 days to 15 years. The maximum maturity for the life insured is 60 years. The premium bands for this policy are Rs. 50,000 to Rs. 2,99,999, and Rs. 3 lakhs to above.
3. SBI Life Smart Champ Insurance:
This policy comes with a single premium payment option as well. In the case of a single premium policy under the plan, the benefit amount equals the sum assured value, wherein SA value is higher of basic SA or a multiple of Single Premium.
4. ICICI Pru-Smart Kid Assure Plan:
ICICI Pru-Smart Kid Assure Plan is among the best child plan one-time investment. ICICI Pru-Smart Kid Assure Plan comes with an entry age of 20-60 years and a maturity age of 75 years.
The minimum premium required is INR 15,000 and the minimum sum assured is 5 times the annual premium you decide to pay.
5. Max Life Shiksha Life Super Plan:
Max Life Shiksha Life Super Plan has an entry age of 21-50 years, maturity age of 65 years. You will have to pay a minimum premium of INR 25,000/- and your minimum sum assured will be INR 50,000.
6. HDFC SL YoungStar Super Premium:
HDFC SL YoungStar Super Premium can be bought between 30-60 years with a maturity age of 75 years. INR 24,000 is the minimum premium that you have to pay and your minimum sum assured is subject to underwriting.
7. Birla Sun Life Insurance Vision Star Plus:
Birla Sun Life Insurance Vision Star Plus is among the best child plan one-time investment. Birla Sun Life Insurance Vision Star Plus comes with an entry age of 18-55 years and a maturity age of 75 years.
This also has no stipulation of the minimum annual premium. There is a fixed value of minimum sum assured which is INR 1,00,000.
The excursion of parenthood isn’t simple rather is loaded with liabilities. Indeed, parenthood is surely the most excellent excursion as the world envelops the little beloved newborn. Nonetheless, it adds to your things of obligations to deal with and satisfy the necessities of the child.
Settle on the timely choice of proceeding with the best child plan one-time investment plan and be guaranteed that the brilliant fate of the child is monetarily gotten.
For what it’s worth about the fate of your little one, contribute your time and purchase the child plan that satisfies your necessities.
Somewhat saving is never an ill-conceived notion to purchase the best child protection plan on the web, think about the components and statements and, take the savvy choice for the productive fate of the child.
Q. Which is the best plan for child investment?
A. There could be no greater gift you can give your child, than the guarantee of a safe future. In the wake of turning into a parent, one should begin planning for the child’s future by putting resources into far-reaching wellbeing and schooling plans.
Before you plan to purchase a health care coverage or child training plan, it is significant that you consider perspectives like expense rate, expansion rate, the expense of instruction, and clinical.
Q. Which is the best one-time investment plan?
A. Some of the Best One-Time Investment Plans In India are as follows…
- Debt Funds
- Equity Fund
- Liquid Funds
- Liquid Mutual Fund to Equity Fund
- Liquid Mutual Funds to ULIPs
- Liquid Mutual Funds to Other Investments
Q. Which plan is best for child education?
A. Child education insurance policies are actually investment cum protection plans that assistance to plan children’s future monetary necessities by making assets throughout some stretch of time.
A child plan guarantees installment of a singular amount that adds up to a child’s development to cover the child’s school charges or marriage costs.
Q. Is there any one-time investment?
A. YES, of course, there are plenty of one-time investment plans available in the market. For more details read this article…
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