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Child Endowment Policy

Every parent dreams of giving their child a bright future. From education to marriage, every stage of a child's life needs planning. A child endowment policy can help make that dream come true. This plan gives you peace of mind Read More

and financial support when your child needs it most. It combines the benefits of savings and life cover in one simple plan. A child endowment policy is a special type of endowment insurance plan that helps parents save money over time for their child. It also gives a lump sum or regular payments when the child turns 18 or 21. Even if something happens to the parent, the child still gets the benefits. Let’s learn more about what makes this plan helpful for families. Read Less

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What is Child Endowment Policy?

The life insurance product known as a child endowment policy functions to create financial support for youngsters. As an endowment insurance plan, it helps customers build savings over time.. The insurance policy enables your child to obtain funds that they can use toward education expenses or wedding expenses and starting their career.

Here’s how it works:

  • You choose a policy term (for example, 15 or 20 years).
  • You pay a fixed premium every month/quarter/bi annually/yearly.
  • The insurance company builds a savings fund over time.
  • At the end of the policy, your child receives the money.
  • If the parent dies during the term, the child still gets full benefits.

This kind of policy is not just about life cover. It also helps in creating a habit of saving money regularly.

Features of Child Endowment Policy

A child endowment plan offers many useful features. It is designed to make sure your child has the financial support they need at the right time.

Here are the main features:

  1. Future Financial Support

    • Provides a lump sum amount or regular payouts when the child turns 18 or 21.
    • Helps with school, college, or marriage expenses.

  2. Life Cover

    • Offers life insurance cover to the parent or the child depending on the plan.
    • If the parent dies, the policy continues without paying future premiums (in some plans).

  3. Early Start, Better Savings

    • Starting the plan early allows your savings to grow over time.
    • Compounding helps in building a bigger amount for your child.

  4. Tax Benefits

    • Premiums paid qualify for tax deduction under Section 80C up to ₹1.5 lakh/year (under old tax regime).
    • Payouts are often tax-free under Section 10(10D), subject to conditions.
    • Deductions under Section 80D and 80DD also apply in special cases like health or disability coverage for the child.

  5. Flexible Premium Payment Options

    • Pay premiums monthly, quarterly, half-yearly, yearly, or one-time.
    • Choose a payment term that fits your budget.

  6. Bonuses and Additions

    • Some policies offer yearly bonuses, if declared by an insurance company.
    • Final bonuses may also be given at the time of maturity.

  7. Loan Facility

    • Some plans allow loans against the policy after a certain period.
    • Useful for urgent educational or health needs.

These features make a children's endowment policy a great option to secure a child’s future and bring peace of mind to parents.

When Is the Right Time to Invest in a Child Endowment Plan?

Buying a child endowment policy at the right time can give better benefits. The earlier you start, the better your savings grow.

Here are some ideal times to buy:

  1. Just After the Child's Birth

    • Starting early means more years to save and grow your money.
    • You can plan ahead for school and college expenses.

  2. When Planning Future Expenses

    • If you are setting financial goals like higher education or wedding.
    • These events need large funds that can be planned in advance.

  3. When You Have a Steady Income

    • Regular income makes it easier to pay premiums.
    • Helps in building a disciplined savings habit.

  4. When You Want Tax Benefits

    Buying a child endowment plan early allows you to take advantage of tax savings under Section 80C of the Income Tax Act under old tax regime. The premiums you pay for the policy are eligible for tax deductions up to ₹1.5 lakh per year. This means you can reduce your taxable income, leading to lower taxes every year. Starting early helps you maximize these savings over the long term.


  5. When You Want to Avoid Financial Stress Later

    • Planning early reduces last-minute borrowing or taking loans.

What Mistakes Should You Avoid When Choosing a Child Endowment Plan?

Any parent needs to make a substantial decision when they buy a child endowment policy. The purpose of child endowment policies helps parents construct a secure and prosperous financial future for their children. A selection error regarding the insurance plan during the purchase phase can develop into future complications. Selecting a policy incorrectly may deprive your child both essential plan benefits and inadequate coverage of their actual requirements.

Here are some of the most common mistakes parents make—and how to avoid them:

  1. Delaying the Decision

    Waiting too long to buy a plan can reduce your benefits.

    • The earlier you start, the more your money grows with time.
    • Early plans come with lower premiums and more savings.
    • Delaying means you pay more but get less in return.
      So, it’s always better to buy a children life endowment policy as soon as your child is born or in their early years.

  2. Choosing the Wrong Policy Term

    The policy term means the number of years you plan to save.

    • If the term ends too early, you may not have enough money when your child needs it most—like for college or marriage.
    • If it ends too late, you may not be able to use the money when needed.
      The policy term means the number of years you plan to save.

       

      Always plan the term based on your child’s current age. For example, if your child is 5 years old and you want funds by age 18, a 13-year term works best.


  3. Ignoring Bonuses and Extra Benefits

    Some policies offer yearly bonuses, if declared, that add extra money to your savings.

    • These bonuses depend on how the insurance company performs.
    • They help grow your final payout.
      If you ignore this feature, you may miss out on better returns. Always check if the plan gives regular and final bonuses.

  4. Not Checking for Waiver of Premium Option

    • This is an important feature in case the parent dies during the policy term.
    •  Not all plans have this. So, make sure to look for it while choosing your endowment insurance plan.


  5. Believing in Common Myths

    Many people think endowment policies only pay for education. That’s not true.

    • These policies can help with marriage, buying a house, or starting a business too.
    • Another myth is that the plan stops if the parent dies. Most good plans continue and give full benefits to the child.
      So, don’t let these myths stop you from buying the right policy.

     


  6. Not Comparing Different Plans

    There are many policies in the market.

    • Don’t buy the first plan you see.
    • Compare sum assured, maturity benefits, and premium amounts. This helps you choose a plan that gives you more value for your money.

  7. Choosing a Plan Without Flexibility

    Life can bring unexpected needs.

    • A good ULIP based endowment plan should allow partial withdrawals.
    • Some also offer loan options.
      This helps in case of emergency expenses like hospital bills or school fees.
      Pick a plan that gives you the freedom to use your money when needed.

Summary

A child endowment policy is a smart and simple way to support your child’s future. It offers financial help for education, marriage, and other important milestones. With features like life cover, savings, bonuses, and tax benefits, it offers both peace of mind and value for money.

Making an early choice of appropriate plan enables you to establish regular savings that build your child's financial foundation. Your child receives dream protection by insurance coverage that continues even if you pass away prematurely.           

You should avoid typical mistakes when selecting a policy by not postponing your purchase and by not understanding benefits or waiver options. Complete your review by reading all terms along with plan comparison until you pick a solution matching your objectives.

In short, a children's endowment policy is not just an insurance product. It is a gift of financial security for your child.

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Bajaj Allianz Life Assured Wealth Goal - A Non linked, Non Participating, Individual, Life Insurance Savings Plan (UIN: 116N170V12)

* Conditions Apply – The Guaranteed benefits are dependent on policy term, premium payment term availed along with other variable factors. For more details please refer to sales brochure.

2 Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

^ Product feature/ benefit mentioned above are dependent on variant chosen.

Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04)

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116


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^Subject to Section 10 (10D) conditions i.e. aggregate annual premium for ULIP policies issued on or after 1st February 2021 does not exceed Rs. 2.5 Lakhs.

1Minimum premium mentioned is applicable for Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01) and is subject to policy terms and conditions.

#Source: https://economictimes.indiatimes.com/investments-marts/eight-crucial-numbers-to-ensure-financial-success/10-times-the-annual-income-is-your-life-insurance/slideshow/16699748.cms . Subject to availability in Bajaj Allianz Life ULIP Plans. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com ) carefully before concluding a sale.

*Benchmark: Nifty 500 Multicap Momentum Quality 50 Index past 5 CAGR Returns, as on 31st December 2024. Past returns of a fund are not necessarily indicative of the future performance of the fund. | Please consult the financial advisor before investing.

The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year.

ULIPs are different from the traditional insurance products and are subject to the risk factors. The premium paid in ULIPs are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Bajaj Allianz Life Insurance Company Limited is only the name of the Life Insurance Company and Bajaj Allianz Life Future Wealth Gain IV - A Unit- linked Non- Participating Individual Life Savings Insurance Plan (UIN:116L202V01), Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01), Bajaj Allianz Life LongLife Goal III is A Unit-linked Non-Participating Whole Life Insurance Plan (UIN:116L203V01), Bajaj Allianz Life Invest Protect Goal III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L205V01), Bajaj Allianz Life Magnum Fortune Plus III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L207V01), Bajaj Allianz Life Goal Based Saving III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN:116L206V01) and Bajaj Allianz Life Smart Wealth Goal V - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V01) are only the name of the unit linked insurance contracts and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com ) carefully before concluding a sale.

Nifty 500 Multicap Momentum Quality 50 Index Fund is available Bajaj Allianz Life Future Wealth Gain IV - A Unit- linked Non- Participating Individual Life Savings Insurance Plan (UIN:116L202V01), Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01), Bajaj Allianz Life LongLife Goal III is A Unit-linked Non-Participating Whole Life Insurance Plan (UIN:116L203V01), Bajaj Allianz Life Invest Protect Goal III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L205V01), Bajaj Allianz Life Magnum Fortune Plus III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L207V01), Bajaj Allianz Life Goal Based Saving III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN:116L206V01) and Bajaj Allianz Life Smart Wealth Goal V - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V01)

In addition to the already existing funds, Nifty 500 Multicap Momentum Quality 50 Index Fund is now available with the above mentioned products. Customer has an option to choose from other available funds apart from Nifty 500 Multicap Momentum Quality 50 Index Fund.

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I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any Call made, including via Voice over Internet Protocol & WhatsApp, SMS or WhatsApp messages, in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

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Disclaimer

The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year.

ULIPs are different from the traditional insurance products and are subject to the risk factors. The premium paid in ULIPs are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Bajaj Allianz Life Insurance Company Limited is only the name of the Life Insurance Company and  Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01) is only the name of the unit linked insurance contracts and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. 

$Subject to Section 10 (10D) conditions i.e. aggregate annual premium for ULIP policies issued on or after 1st February 2021 does not exceed Rs. 2.5 Lakhs.

2Source: https://economictimes.indiatimes.com/investments-marts/eight-crucial-numbers-to-ensure-financial-success/10-times-the-annual-income-is-your-life-insurance/slideshow/16699748.cms. Subject to availability in Bajaj Allianz Life ULIP Plans. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com ) carefully before concluding a sale.

1Minimum premium mentioned is applicable for Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01) and is subject to policy terms and conditions.

Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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Disclaimer

For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. The terms and conditions of product/plan as contained in the Policy Document issued by the Company is available on the Web Site. The names of the Company, Products/Plans/funds do not indicate the quality and its future prospects or returns. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Unlike traditional products, Unit linked insurance products are subject to market risk, which affect the Net Asset Values & the customer shall be responsible for his/her decision. Tax benefits are as per the prevailing Income Tax Laws including the Income Tax Act, 1961 and are subject to change from time to time. Goods and Services Tax will have to be borne by the Policyholder as per applicable rates. All other charges shall be levied in accordance with the terms and conditions of the policy.

This calculation and results displayed are based on information provided and certain assumptions about the rates of return. It is for assistance only and does not constitute an offer or solicitation. It is not intended to be and must not alone be taken as the basis for an investment decision. Kindly note that the returns are only illustrative and they are not guaranteed. The returns do not indicate the upper or lower limits of the return that you may get with your policy and the value is dependent on a number of factors including future performance. Bajaj Allianz Life Insurance Company Limited shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information reported by the calculator.

1©2021 Morningstar. All Rights Reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. The information, data, analyses and opinions ("Information") contained herein: (1) include the proprietary information of Morningstar and its content providers; (2) may not be copied or redistributed except as specifically authorized; (3) do not constitute investment advice; (4) are provided solely for informational purposes; (5) are not warranted to be complete, accurate or timely; and (6) may be drawn from fund data published on various dates and procured from various sources. Morningstar, its affiliates, and its officers, directors and employees shall not be liable for any trading decision, damage or any other loss arising from using the Information. Please verify all of the Information before using it and do not make any investment decision, except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up

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