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What are the Best Educational Insurance Plans for Your Student's Higher Education?
Introduction
In today's competitive and uncertain world, investing in a solid educational insurance plan for your child's higher education is crucial.
These plans not only secure your child's academic future but also offer peace of mind, knowing that their education will be funded regardless of unforeseen circumstances.
This article delves into the top ten educational insurance plans available, analyzing1 their benefits, coverage, and unique features to help you make an informed decision.
1. LIC Jeevan Anurag Plan
Overview:
The LIC Jeevan Anurag Plan is a non-linked, participating endowment plan designed to provide financial assistance for your child's higher education.
Key Benefits:
Death Benefit:
In case of the policyholder's demise, the sum assured is paid immediately, and the policy continues until maturity.
Maturity Benefit:
On survival till the end of the policy term, the sum assured along with bonuses is paid.
Flexible Premium Payment:
Options to pay premiums annually, semi-annually, quarterly, or monthly.
Unique Features:
Automatic cover for two years even if the premium is not paid after three years of regular premium payment.
Policy loan available after paying premiums for at least three years.
2. HDFC Life YoungStar Udaan
Overview:
HDFC Life YoungStar Udaan is a traditional participating insurance plan that ensures your child's education needs are met even if something happens to you.
Key Benefits:
Maturity Benefit:
Various payout options to suit different stages of education.
Death Benefit:
Immediate payment of the sum assured to ensure your child's education is not disrupted.
Add-ons:
Additional riders like critical illness and accidental death benefit.
Unique Features:
Three maturity benefit options: Aspiration, Academia, and Career.
Waiver of premium benefit in case of the policyholder's death or disability.
3. SBI Life – Smart Scholar
Overview:
SBI Life – Smart Scholar is a unit-linked insurance plan (ULIP) that provides market-linked returns and ensures your child's education needs are met.
Key Benefits:
Death Benefit:
Higher of fund value or sum assured plus accident benefit.
Maturity Benefit:
Fund value is paid at maturity.
Partial Withdrawals:
Available after five years, useful for meeting education expenses.
Unique Features:
Premium waiver benefit in case of death or disability of the policyholder.
Choice of nine different fund options to suit risk appetite.
4. Bajaj Allianz Young Assure
Overview:
Bajaj Allianz Young Assure is a traditional participating plan designed to ensure your child’s higher education expenses are met without any financial stress.
Key Benefits:
Guaranteed Additions:
Guaranteed maturity benefit plus bonus.
Death Benefit:
Immediate payout of sum assured plus bonuses.
Policy Term:
Flexible policy terms from 10 to 25 years.
Unique Features:
Enhanced sum assured for accidental death.
Option to choose premium payment terms of 5, 7, or 12 years.
5. ICICI Pru Smart Kid Assure Plan
Overview:
ICICI Pru Smart Kid Assure Plan is a unit-linked insurance plan providing dual benefits of investment and insurance for securing your child's education.
Key Benefits:
Maturity Benefit:
Fund value is paid at the end of the policy term.
Death Benefit:
Sum assured or fund value, whichever is higher, is paid on death.
Partial Withdrawals:
Allowed after five policy years.
Unique Features:
Wide range of fund options to choose from based on risk appetite.
Loyalty additions to enhance fund value.
6. Max Life Shiksha Plus Super
Overview:
Max Life Shiksha Plus Super is a ULIP that provides financial protection and investment opportunities to build a corpus for your child's education.
Key Benefits:
Death Benefit:
Higher of sum assured plus fund value or 105% of premiums paid.
Maturity Benefit:
Fund value is paid at maturity.
Partial Withdrawals:
Available after five years.
Unique Features:
Family income benefit in case of the policyholder’s death.
Six different fund options to suit individual risk profiles.
7. Aviva Young Scholar Secure
Overview:
Aviva Young Scholar Secure is a non-linked, non-participating traditional plan that guarantees payouts for your child's education milestones.
Key Benefits:
Guaranteed Benefits:
Pre-defined benefits paid at key educational milestones.
Death Benefit:
Immediate payout of sum assured plus additional benefits.
Flexible Premium Payment:
Options to pay premiums regularly or for a limited period.
Unique Features:
Premium waiver benefit on death or disability of the policyholder.
Three payout options tailored to different stages of education.
8. Birla Sun Life Vision Star Plan
Overview:
Birla Sun Life Vision Star Plan is a participating endowment plan that offers financial security for your child's higher education.
Key Benefits:
Death Benefit:
Sum assured plus bonuses paid on death.
Maturity Benefit:
Sum assured plus bonuses paid at maturity.
Survival Benefits:
Periodic payouts during the policy term for education expenses.
Unique Features:
Flexible premium payment terms.
Loan facility available against the policy.
9. Kotak Headstart Child Assure
Overview:
Kotak Headstart Child Assure is a ULIP designed to provide financial protection and growth opportunities for your child's education.
Key Benefits:
Death Benefit:
Higher of sum assured or fund value.
Maturity Benefit:
Fund value at the end of the policy term.
Partial Withdrawals:
Allowed after five policy years.
Unique Features:
Loyalty additions to enhance fund value.
Choice of multiple fund options to match investment objectives.
10. Edelweiss Tokio Life EduSave Plan
Overview:
Edelweiss Tokio Life EduSave Plan is a non-linked, non-participating life insurance plan that guarantees financial support for your child's education.
Key Benefits:
Maturity Benefit:
Guaranteed lump sum payout at the end of the policy term.
Death Benefit:
Sum assured paid immediately on death.
Flexible Payout Options:
Options to receive maturity benefit in lump sum or staggered payouts.
Unique Features:
Premium waiver benefit in case of death or disability of the policyholder.
Option to choose premium payment terms of 5, 7, or 12 years.
Conclusion
Selecting the right educational insurance plan is a crucial step in securing your child's academic future.
Each of these plans offers unique benefits and features tailored to meet different financial goals and risk appetites.
When choosing an educational insurance plan, consider factors such as the policy's flexibility, the sum assured, premium payment options, and additional riders or benefits.
By making an informed decision, you can ensure that your child's education is financially secured, providing them with the best opportunities for a bright future.
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