Insurance Policies for children

Every parent wants to fulfill the dreams and aspirations of their child. They want to provide the best for him be it education, life style or marriage. Insurance policies for children are really gaining momentum due to the rise in prices of every possible thing. Parents foresee a future need to supply the needs of their children especially in the field of education. They want him to have a secured future so that even if they are not there tomorrow the child is at least protected financially.

Popular Insurance Policy Schemes for kids

Here are some of the popular insurance policies for children :

Young Star Super: This policy, introduced by HDFC Standard Life Insurance is a unit based policy and is meant for the future planning of children. The minimum premium required to be paid for this policy is ` 15,000. Young Star Super policy holders have a choice in the matter of the sum assured it can range from 5-40 times of the premium paid along with 7 fund options. The policy holder can also choose a double or triple benefit which means that in case of a double benefit if the insured dies the sum assured would be paid to the nominee while the company directs 100% of the premium that is to be paid towards the policy. In the case of the latter 50% of the premium is paid to the nominee every year to maintain a regular inflow of cash. The policy holder is also entitled to a sum of ` 12,500 as buffer addition in case of no withdrawals. Those who go in for a 10 year term policy will be eligible for 50% of the first years premium at maturity and 100% of this amount for staying invested for longer term policies.

Komal Jeewan Plan: Komal Jeewan is LIC's latest plan for children. This plan is specially formulated to take care of all the needs of a child. This plan can be availed from the immediate birth of a child till he attains the age of 26 however a child ceases to enter this plan after the age of 10.The mode of premium is Single Yearly, Half-yearly, Quarterly and salary savings scheme. The sum that is assured would be a minimum of ` 1,00,000 and maximum of ` 25,00,000. Kotak Child Advantage Plan: This plan formulated by Kotak Life Insurance is specially designed to meet the financial needs of your child. Kotak Child Advantage Plan provides your child with the freedom to realize all his dreams. This is a participating plan. For a child to be eligible for this plan he has to be less than 17 years of age. The key advantages of this plan are as follows: On maturity you would receive the basic of the higher sum assured or the Accumulation Account. The money accumulated the accumulation account is invested in various financial instruments, The Automatic Cover Maintenance facility ensures that the policy remains in force in case you miss out on premium payment but this benefit can be got only after three years of the cover .

Starkid : Tata AIG Life's Starkid is an endowment plan for children specifically designed to meet all their future requirements. The key features of this plan are that the Superkid policy offers cash benefit to the child right from the age of 18 till he is 22 which would be 20% of the assured sum, premiums could be paid on a yearly quarterly, half-yearly and monthly basis, in the rare case that the insured is unsatisfied with the policy he can return it to Tata AIG after 15 days of receipt.

Child Gain: Child Gain by Bajaj Allianz is a way to help you enjoy parenthood with responsibility. The special features of this plan are, there is a limited period of premium payment that means as soon as a child attains the age of 18 premium payment stops. The contributions made by you grow by the way of the compounded annual bonuses which is paid to you along with the first guaranteed payout which would be on attaining the age of 18, in addition to this a terminal bonus is also paid, along with insuring the child the parent is also insured in this plan and premiums are to be paid on a yearly, half yearly or quarterly basis.

Summarized Child Insurance Policy Plans :

INSURANCE POLICY	COMPANY	BENEFITS	PREMIUM
Young Star Super	HDFC Standard Life Insurance	Sum assured can range from 5-40 times of the premium paid along with 7 fund options. The policy holder can also choose a double or triple benefit .	The minimum premium required to be paid for this policy is ` 15,000.
Komal Jeewan	LIC	plan can be availed from the immediate birth of a child till he attains the age of 26 however a child ceases to enter this plan after the age of 10	The mode of premium is Single Yearly, Half-yearly, Quarterly and salary savings scheme.
Kotak Child Advantage Plan	Kotak Life Insurance	On maturity you would receive the basic of the higher sum assured or the Accumulation Account. The money accumulated is invested in various financial instruments,	The Automatic Cover Maintenance facility ensures that the policy remains in force in case you miss out on premium payment but this benefit can be availed only after three years of the cover
Starkid	Tata AIG Life Insurance	offers cash benefit to the child right from the age of 18 till he is 22 which would be 20% of the assured sum	Premiums could be paid on a yearly quarterly, half-yearly and monthly basis
Childgain	Bajaj Allianz	as soon as a child attains the age of 18 premium payment stops a terminal bonus is also paid along with insuring the child the parent is also insured in this plan	Premiums are to be paid on a yearly, half yearly or quarterly basis.

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