Child Investment Plans
The price for making your child educated in India is rising to the top. Parents are concerned about their kid’s future. Different saving plans for the child are introduced by the vendors as the best investment plan for a child in the market to make each group of the community satisfied. In case you want your child to get educated and pursue a better career, these saving plans for child may work for you.
Schooling becomes expensive nowadays. And it’s updating regularly at a rate of 20% on an average from the previous year. It may easily cost about 90 to 95 lakhs by 2025. It can be a shocking figure for some, who do not have the correct amount of savings for their kids.
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Need of Saving plan for child’s education
Not only schooling, but even undergraduate courses also became more expensive than that. We have got a hand on experience of the tuition fee of The Indian Institute of Technology (IIT) went up to Rs.90,000 to 2.5 lakhs per annum just for engineering courses. Which can be unaffordable for some parents. The average fee for such professional courses may hike up to 10% from now in the coming decades i.e., Rs. 8 lakhs or more. And if we predict the current scenario then by 2030 it will become 30 lakhs. This is the solid reason for parents to ensure their child’s future before hands via the best saving plan for child to have enough money for their courses.
If we talk about the preparation cost for medical or engineering students, it is getting far extended. And then by the professional coaching centers, the costs get higher even from the higher secondary onwards. How can we forget the role of coaching centers for the preparation of even entrance examinations, which can easily cost from Rs.80,000 to 1 lakh per annum to have the best investment plan for child. Again, even some active parents did the planning to save kid’s future, these hike up prices made the red light on for them. This is the right time to move with appropriate saving plans for child as per their best investment plan for child budget.
Best Saving Plans for Child Education
Although you do not have to bother with the best investment plan for child or get into a shock for child’s education. You just need to go through the best saving plan for child available for your child as per your future planning for him/her. It’s always appreciated to start early. If your child is 4 to 5 years, then you still have at least 15 years in hand to invest in any of the result-oriented saving plans for child. By this, you will not only secure your child’s future but getting the free funds required for his future goals.
This article is based on those concerned parents, who have certain long and short-term goals related to the child’s education. You can think of any saving plans for child by keeping in mind the period you have in your hand for investment and result. We are going to show you some of these types of saving plans for child plans like SBI best saving plan for child as best investment plan for child.
A number of saving plans for child are available in the market to secure your child’s education as well as health insurance. It gives a very good return as the best investment plan for child future. The list may go on like:
- Single premium saving plans for child
- Regular premium saving plans for child
- Child ULIP saving plans for child and traditional child endowment plans.
These all offer you a good amount for future education for your child. There are some saving plans for child with the end return of funds on the maturity of the scheme after completion of a certain age of your child.
Now, you can go through the list of pieces of information on some of the best saving plans for child are given below.
Best Child Saving Plans in India 2023
Here we have listed some of the best child saving plans in India 2023. Choose any of these best investment plan for child according to your need and expectations.
1. Bajaj Life Future Gain
It is a unique endowment best saving plan for a child with maximum premium chances to reimburse that your child will be able to enjoy his future without tension or worries. This is one of the saving plans for the child, help you to choose the best investment plan for a child among others as an investment for children and also the option to convert the premium payment easily. In case you want the fund on an urgent note before the maturity period, it has an option for that also. Not only these several benefits are also there to cover the future of your child.
2. HDFC Life Click to Health Plan
It is a long term best saving plan for child of ULIP type. It provides the money after the policy gets mature. Where the least period will be 10 years and 40 years can be the maximum. The plans are in three different forms:
- Invest Plus for fund creation as an investment for children,
- The Premium Waiver option where the insurer person completes the installments for the future premium after the death of the proposer,
- The golden years’ advantage option is really a golden offer for you as life coverage till 99 years of age.
Not only that you can get benefitted from market returns as well as life insurance too. Although it provides options for 10 free switches among 10 funds. Now if the person died, the family will get paid 105% of the premium or the total amount except the deduction of withdrawal.
3. ICICI Pru Smart Kid Plan
This is one of the best saving plans for the child is to help your dream come true in the future via the best investment plan for child future. It has a number of facilities to opt for like
- Premium waiver option,
- Free switching options,
- The option to select from the premium payment frequency Regular: pay- monthly or annually or semi-annually or a single pay premium as an investment for children.
4. SBI Life Smart Champ Insurance
It is that same traditional best saving plan for child scheme to save your child’s future via this best investment plan for child future. It has premium waiver option along with the down payment of Rs.6000 onwards. The payouts depend on the age of the child. Some important advantages of the best investment plan for child future which comes along with that are:
- For some unexpected problems, the plan provides a coverage amount to cover financial issues.
- The kid will fetch the insured fund without the tension of paying the premium first.
- Its up to you whether to pay the complete whole sum amount or you can select to pay a one-time premium.
- The child will get a smart profit at the end of the year after the age of 18, 19, 20, and 21 years.
Here is the plotting for the benefits:
| Child’s age | Benefits |
| 18 years | 25 % of Basic SI + 25% of Vested Bonus |
| 19 years | |
| 20 years | |
| 21 years | 25 % of Basic SI + 25% of Vested Bonus + Terminal Bonus, if any |
5. SBI Life Smart Scholar
It might be the SBI ‘s one of the best saving plans for child as best investment plan for child future with market-linked returns along with the security benefits of life insurance for your child. In this SBI saving plans for child, you can select to pay a limited premium as investment for children till the age of 17 years of your child, and it continues till he/she will become an adult.
The promised amount is paid as investment for children after the maturity of policy terms. The amount can be utilized for better education of the child. It has 9 different money options and even you can withdraw fund after the 6th year for any unexpected situation.
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FAQs on Best Child Plan:
Q1) Should I opt for a child plan?
Ans– As a parent, it is your first duty to secure your child’s future education. So you must opt for the plan.
Q2) How to choose the best saving plan?
Ans– Choose the best saving plan as per your need and budget.
Q3) What are the common benefits of child saving plans?
Ans– You can get a lump sum amount after maturity of the policy, Health insurance, immature refund in the critical economic situation, low down payments, etc. It can differ from plan to plans.
Q4) Will the plan serves the need of my child’s education?
Ans– Yes, these plans are made by keeping the future education in mind of the child.
Q5) Can I withdraw money in between policy duration?
Ans– Yes, some of the policies are offered the same in some cases.
Q6) Can I invest in more than one policy?
Ans– You can find the options as per your need.
Q7) Are these plans working?
Ans– Yes, it’s structured to serve society with the best.
Q8) Is the premium high in plans?
Ans– There are some saving plans with a low premium range, you can go for it.
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Hello there, my name is Phulutu, and I am the Head Content Developer at Nivesh Karlo. I have 13 years of experience working in fintech companies. I have worked at Policybazaar, Paytm Money, Investopedia, and others. I love writing about personal finance, investments, mutual funds, and stocks. All the articles I write are based on thorough research and analysis. However, it is highly recommended to note that neither Nivesh Karlo nor I recommend any investment without proper research and read all the documents carefully.
