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pension plan Child Plan

It is very important for every parent to plan for their children's future in time. They want their dreams to be nurtured fruitfully even if we're not around. A Child plan:

1. Financially secure your child's future – no matter what!
2. Finance the turning points in his/her life - Higher Education or Marriage.
3. Secures both parents’ as well child’s life.
4. Also provides with a life cover: Make sure to insure your life also. It is beneficial to buy a plan which has a built in clause premium waiver for future. This would guarantee that the plan continues if you are not there to take care of it and your child would be able to receive assured sum amount at maturity.
5. Cover is obtained irrespective of the state of child’s health on the deferred date
6. Offers flexibility to invest in multiple instrument types depending on your risk profile and requirements.


1. Premium: Depends on the sum assured and maturity amount. It can be Regular premium: Yearly, half yearly or even quarterly or Single premium.

2. Sum Assured: Ideally sum assured should be around 10 times your present income.

3. Policy Term: age at which you think your child needs to get on his feet - present age of the child.

4. Maturity Amount: Lump sum that you would require at the end of the policy term taking the inflation rate into account.

5. Premium Waiver: This rider that comes inbuilt in child plans. This rider enables the policy to continue by passing off the financial burden to pay the rest of the premium to the insurer, in case of death of the insured.

6. Partial Withdrawals: This feature helps to meet the financial needs of a child at key moments in his/her life.

7. Riders: Accidental Death and Disability Benefit, critical Illness Rider Benefit etc.

Types of Child Plans

1. ULIP: Debt + Equity. The decision of switching between funds remains in hands of the insured. Since it is a market linked plan, the return is decided by the net value of the assets at the maturity period.

2. Endowment Plan: Debt only – as per the insurance company. Return is decided by bonus payable on maturity.

Tax benefits

Child Plan provides Tax benefit that can be availed on maturity/death claim profits under Section 10 (10D) and assumption from income for the expenses of premium under Sec. 80(C).

Child Plans and Riders

1. Customer Benefit: Those, which guarantees that the policy will continue in the case where the policyholder dies during the policy period.

2. Premium Riders: Here the child will not have to pay the premium amounts, in case of death of the insured.

3. Critical Diseases: The insurer will pay a lump sum amount for the treatment of your child in case of dreaded diseases that may hamper his future growth.

4. Accidental Benefits: In this case the insurer will provide a lump sum amount for the treatment of your ward.

Documents Required To Buy Pension Plan

Age Proof

Birth Certificate, 10th or 12th mark sheet, Driving License, Passport, Voter ID, etc.(Any one)

Identity Proof

Driving License, Passport, Voter ID, PAN Card, Aadhar Card, which proves ones citizenship

Address Proof

Electricity Bill, Telephone Bill, Ration Card, Driving License, Passport, should clearly mention the permanent address

Income Proof

income proof specifying the income of the person buying the insurance

Proposal Form

duly filled in proposal form is required


Please note that the information provided is collected from sources publicly available & we believe to be reliable. The website doesn't warrant the accuracy, reliability & absolute information available on the website. Participation by site visitors or registered customers is on a voluntary basis. The policies are offered by various life Insurance & non-life insurance offering companies and Click2cover.in does not seek to, either directly or indirectly, advise, offer, solicit or recommend that any person who is or proposes to become its member should purchase the Policy.

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