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Child Insurance Plan

Seeing your kid(s) grow into a smart and bright young individual(s) is one of the most satisfying experiences for any parent.There is nothing more joyous than to see your children taking the flight of success after you have taken countless measures to ensure that they get the best of everything. All this requires financial support.

Child Plans
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What are Child Plans?

Seeing your kid(s) grow into a smart and bright young individual(s) is one of the most satisfying experiences for any parent. There is nothing more joyous than to see your children taking the flight of success after you have taken countless measures to ensure that they get the best of everything. All this requires financial support.

 

Financial planning then becomes a crucial part of parenting. Child plan is an apt financial tool that provides a combination of protection and wealth creation to ensure a secure future for your child. A child plan provides payouts at milestones of your child’s life and are designed to meet the financial requirements of a growing child. Systematic and disciplined savings through insurance plan for your child means that you are able to plan for a big goal with small savings. The tax benefit is a proverbial cherry on top.

 

Education and marriage are two primary milestones of a child’s life. Depending on how early you start planning for your child’s future, the key milestones would include school admission, higher education, marriage and post-marriage requirements. Once you have defined the milestone, you know at what stage how much money you may require. You can then accordingly purchase a child plan or a combination of plans to ensure that you have enough money to fund milestones like higher education, marriage etc.

 

A child plan, by channeling your savings builds a steady corpus that can be used to finance your child’s life goals. The life cover attached to it ensures that the financial needs of your child are also taken care of, even if something happens to you.

 

Watch your child soar the heights of success with a little support from Bajaj Allianz Life Child Plans. 

Why Bajaj Allianz Life Child Plan?

 

Bajaj Allianz Life has a bouquet of well-thought out products that have evolved over the years.

 

The products ensure that you build a good corpus and have it disbursed in a planned manner as per your child’s requirement. We not only have different products, but also offer a complete solution for children’s savings by combining two different plans.

 

Benefits of Child Plans

BenefitsDescription
Support for Child’s Future PlansAll of us want the best education possible for our kids, whether in India or abroad. However, the cost of both school and higher education is increasing with every passing day. Child plans help you in meeting the education expenses of your children. Besides education, we also plan for their marriage and to support them beyond marriage, if required. You may want to go for a child plan that ensures cash flow to meet all such needs.
Financial SecurityChild plans provide financial security during the growing years of your child. Covering the earning parent’s life is a crucial part of savings for children as it ensures there is sufficient fund and cash flow for the education and other future expenses even if something untoward happens to the parent.
Systematic SavingsRegular and disciplined investment over a period of time helps you accumulate large amounts which is crucial to meet long-term goals. Typically, child plans leverage this and come with a timeframe which are aligned to the Life Goals of your child for better returns.
Tax BenefitChild plans provide tax benefits under Section 80C and Section 10(D) of Income Tax Act, 1961 subject to the provision sated therein. The premium paid is eligible for tax benefit under Section 80C, and Maturity or Death benefit and surrender value give you tax benefit under Section 10(10D) of the Income Tax Act, 1961.

Tips to purchase a child plan

Here are a few steps to help you choose the right plan:

Know the fund requirement

Know the fund requirement:

Correctly estimating the fund required is the most crucial aspect while buying a child plan. You must bear in mind that the returns from your plans are in line with cost of education and also the benefits should be received at the crucial stages of the child’s life. Best way to do so is to use child plan calculators child plan calculators to ascertain the right amount you may require when you reach a milestone.

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Know the time horizon

Know the time horizon:

Once you have established the amount you will require, you need to decide the time period in which you have to build the corpus.

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Choose a plan based on risk appetite

Choose a plan based on risk appetite:

Opt for a plan based on your risk appetite and funds required to build the corpus for your child’s future.

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Buy a plan that has an adequate insurance cover

Buy a plan that has an adequate insurance cover

You should opt for a plan with sufficient insurance cover so that if something happens to the parent, the child is still able to pursue his/her life goals without any financial impact.

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Frequently Asked Questions

What is the best time to buy a child plan?

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Preferably, you should purchase a child plan immediately after the birth of your child. The sooner you buy a child plan, the higher the investment period, so you get more time to benefit from power of compounding.

If both the parents are working, who should ideally buy a child plan?

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The primary earning parent should purchase the child plan. This means that the parent whose untimely death is likely to cause more financial distress and derail the child’s future plans should buy a child plan.

What is the ideal policy term/premium paying term for a child plan?

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The policy term or premium paying terms depends on the age of the child and in the time frame in which he/she would require the funds to realize his/her dreams.

What are the tax benefits of a child plan?

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The premium paid towards the child plan is eligible for income tax deductions of up to ₹ 1.5 lakh under Section 80C of the Income Tax Act, 1961. The maturity or death benefits are also exempted from income tax under Section 10D of the Income Tax Act, 1961.

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Bajaj Allianz Life Insurance Security
Bajaj Allianz Life is a trusted insurance partner Reviewed by Life Insurance Experts
Bajaj Allianz Life is a trusted insurance partner

At Bajaj Allianz Life, we are here to support you in building a secure and worry-free financial future. With over 24 years of experience, we provide a variety of life insurance plans, including protection, retirement, savings, investment and health, to meet your unique needs.

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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, SMS or WhatsApp sent 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

 

Please refer to BALIC Privacy Policy

Disclaimers:
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~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

**Past performance is not indicative of future performance.

*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.

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Disclaimer

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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Terms & Conditions

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, SMS or WhatsApp sent 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

 

Please refer to BALIC Privacy Policy

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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 2024-2025

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


Bajaj Allianz Life Goal Assure IV with 10X Life Cover2

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IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER.


Bajaj Allianz Life Goal Assure IV with 10X Life Cover2
Starting from ₹ 3000/ Month1
Zero LTCG Tax$
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Returns upto 26.7%*

Starting from ₹3000/ Month1

Zero LTCG Tax^ + 10x Life Cover#

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Disclaimer

^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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Terms & Conditions

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

X
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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