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Child Plan calculator

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Cost of  Meena's goal would be

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1 Lakh

10 Crore

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1 years

20 Years

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What's your expected rate of inflation rate

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3%

8%

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What’s your expected annual rate of return

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6%

15%

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Basis Your Investment Of ₹  Per Month

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What is a Child Plan calculator?

What is a Child Plan calculator?

A child plan calculator is a simple tool designed to provide parents with a fair idea of the amount that they would require to fulfil their children’s life goals. Every parents dream is to provide the best education to his/her child or to organize the biggest marriage party for their child. With the rising cost of essential items, it is critical to have substantial savings to fulfil children’s future requirements. A child plan calculator provides an estimate amount one needs to invest to accumulate enough wealth to take care of all the future needs of the child. Investing for the long term is the best way to generate sufficient wealth, but it is difficult to know if you are saving adequately or not. If the savings are not adequate, one may not be able to achieve long-cherished child goals. A child investment plan calculator solves the problem by calculating the estimated savings needed to fulfil children’s life goals. The child plan calculator takes into account the inflation before suggesting the monthly amount needed to accumulate the desired amount. Without considering the inflation, a child investment plan calculator will not be effective as savings lose value over time due to inflation and hence it becomes important to take into account the inflation rate. Hence, one can understate the estimated amount required to fulfil their children’s life goals by using a child plan calculator and plan accordingly.

Why do I need to use a child plan calculator?

Life goals like children’s education or marriage require a substantial amount, which is not possible for a common person to accumulate in a few months. It requires years of savings and investments to generate enough wealth to ensure quality education for children. A child insurance plan calculator can help one to get an idea of the monthly investments that would be required to achieve their children’s life goals. A child plan calculator has several other utilities.

Estimated projection

Estimated projection

Making an estimate of the amount required to fulfil a goal is not a complicated task.  Depending on the inclination of the child, one can get an idea of the amount that will be required to fund his/her higher education. Similarly, one can make a fair estimate of the amount required for the child’s marriage. However, deciding the amount is half the work. A child calculator helps you get an idea of the estimated amount you need to save to achieve the financial goal. It takes into account various factors like investment horizon, rate of return and inflation rate to generate the projection.

Helps fulfil specific goals

Helps fulfil specific goals

It is important to plan for your child’s future, as savings will exhaust eventually. Investment in the right plans can help you accumulate sufficient corpus to fund your child’s higher education. Child investment plans are designed to fulfil children-specific life goals.

Helps plan monthly finances

Helps plan monthly finances

Understanding one’s requirements and budgeting before opting for a children investment plan is important. A child insurance plan calculator is an efficient tool that helps you get an idea of the monthly outgo required to achieve a financial goal. With a child calculator, you can plan your monthly finances properly.

 
Provides protection against unforeseen circumstances

Provides protection against unforeseen circumstances

Life is unpredictable and having a plan in place for unforeseen circumstances is crucial for a stable future. In case of the sudden demise of the parent, the insurer generally waives the remaining premiums for the child’s education plan. Planning for the child’s future ensures that the child’s education remains immune to unforeseen circumstances.

 
Helps figure out the child’s education needs

Helps figure out the child’s education needs

Education and skilling have undergone a drastic change in the last few decades. Children require comprehensive education to succeed in a competitive globalised world. Investing in a child education plan ensures that one has financing flexibility while the child is studying. Child calculator helps in planning as per the budget and the needs of the child.

Types of child plans in India

Types of child plans in India

Children are believed to be a gift of God. The future of every society depends on its children. To become responsible and productive members of society, children need to be groomed properly. Parents have to plan responsibly to ensure that children receive the best of the available education. Due to the gradual rise in the cost of products and services, it is important to plan for the major milestones in the life of your child. Child plans in India can help you ensure that you do not have to compromise with the life goals of your child due to paucity of funds.

Child plans are investment-cum-insurance plans that help you save and invest for the future needs of the child. Child plans in India are designed to make periodic payments or lump sum payments after a certain point of time. It is advisable to invest in child plans within a few years of the birth of the child. Early investment will ensure that the plan matures when your child is ready to start his/her higher education. Child plans can also be used to save for the marriage of the child as getting a child married requires substantial funds. There are various types of child plans in India. One can choose a child plan as per his/her future needs and the investment horizon. There are two broad categories of child plans in India - child ULIP plans and child savings plans.

Child ULIP Plans

The unit-linked child plans are investment-insurance plans that provide dual benefits of insurance as well as opportunity for wealth creation. Child ULIP plans offer market-linked returns on savings along with insurance cover. Child ULIP plans are beneficial on two fronts. It offers insurance cover to the child and spouse in the event of the unfortunate death of the insured. Secondly, the investment generates market-linked returns, which is paid at the end of the maturity period.

Benefits of child ULIP plans

    Child ULIP plans provide a number of benefits -

  • Flexibility: Child ULIP plans allow you to invest as per your risk profile. If you are risk-averse, you can opt for debt funds. On the other hand, if you have a relatively higher risk tolerance level, you can invest in equity-oriented funds.
  • Tax-efficient: Child ULIP plans offer a number of tax benefits. The premiums paid for child ULIP plans up to Rs 1.5 lakh in a year are eligible for tax deduction under Section 80C of the Income Tax Act, 1961. Additionally, any amount received through a child plan is tax-free under Section 10(10D) of the income tax Act, 1961. The above-mentioned deductions and exemptions are subject to provisions of the Act, as amended from time to time.
  • Liquidity: Child ULIP plans have a lock-in period of five years. In the case of an emergency, the policyholder can choose to withdraw after the lock-in period. Though the lock-in period is of only five years, you should remain invested for the long-term for maximum gains.

Child savings plans

These plans are akin to traditional insurance or endowment plans that provide an insurance cover along with a savings component. Child savings plans park the investor’s money in safe debt securities like government bonds and fixed deposits, depending on the product terms and conditions to let it grow at a steady pace. At the time of maturity, the guaranteed, as well as non-guaranteed returns are paid to the policyholder.

Benefits of child savings plan

  • Stable returns: Child savings plans are non-linked products. Parents seeking stable returns that are not affected by market fluctuations prefer it.
  • Insurance cover: Child insurance plans are essentially insurance products with savings components. It ensures that the family members do not face any difficulties even in the event of the policyholder’s demise.
  • Tax benefits: The premiums paid for child savings plans are eligible for a tax deduction of up to Rs 1.5 lakh in a year under Section 80C of the Income Tax Act, 1961. The returns from a child savings plan are tax-free under Section 10 (10D) of the income tax Act, 1961. The above-mentioned deductions and exemptions are subject to provisions of the Act, as amended from time to time.

How to use Bajaj Allianz Life's Child Plan Calculator

Bajaj Allianz Life’s Child Plan Calculator is a simple and easy-to-use online tool. No charges have to be paid to use the calculator.

  • Step 1

    To use the child investment plan calculator, you will have to go to the ‘Child Plan Calculator’ page of bajajallianzlife.com and click on ‘start’.

  • Step 2

    On the next page, you will be required to enter your child’s name and the amount you want to save to achieve the child’s goal. The calculator will provide the estimated amount to be invested regularly based on the amount needed at the end of the policy term.

  • Step 3

    After you click on the ‘next’ button, the next page will ask for the time needed to accumulate the fund. The investment horizon is crucial as the longer one remains invested, the larger amount he/she can accumulate.

  • Step 4

    Child plan calculators take into account the expected inflation rate before projecting the investment required to achieve the financial goal. The child plan calculator asks for the expected rate of inflation in the next step. One can choose a value between 3% and 8%.

  • Step 5

    The last page asks for the expected rate of return. Choose the expected rate of return based on the type of plan. Child saving plans will offer a slightly lower rate than a child ULIP plan. One can choose a value between 6% and 15%. Clicking on the ‘next’ button will provide the monthly amount to be invested to accumulate the amount in a certain number of years.

Benefits of child plan calculator

Benefits of child plan calculator

A long-term financial goal cannot be achieved without proper planning. The higher the transparency of the investment, the easier it is to make a decision. The purpose of the child plan calculator is to make investing easier for parents. With the knowledge of the exact amount that needs to be invested, it is easier for parents to plan for the future along with taking care of the family’s current needs. There are multiple types of child calculators designed to serve different purposes. Many people require child investment plans to save for their child’s education. The universal child calculators are designed to provide the monthly outgo for a specific amount needed at a future date. Child education planner is a type of child calculator that takes into account the age of the child along with the current cost of education and inflation to provide the amount to be invested at regular intervals. The education planner also takes into consideration the rate of return for providing the investment projection.

Child insurance plans from Bajaj Allianz Life

Children have different goals, which require customised plans. Bajaj Allianz Life offers a number of child insurance plans to suit the needs of a wide variety of parents. Child insurance plans from Bajaj Allianz Life can be bought online as well as offline. The plans have been designed to provide differentiated investment solutions to fulfil the goals of every child. Here are the child investment plans from Bajaj Allianz Life.

Bajaj Allianz Young Assure  A Non-Linked, Participating, Life Insurance Plan

Bajaj Allianz Young Assure A Non-Linked, Participating, Life Insurance Plan

Education is critical for the all-round development of the child. However, with the rising cost of education, accumulating wealth for quality education has become tricky. The earlier one starts savings and investing, the better. Investments have to be provided adequate time to grow. With long-term investments, you will not have to worry about the financial aspects of your child’s education as he/she transitions from schooling to higher education. Bajaj Allianz Young Assure has been designed to help your child achieve all the educational milestones without any hassles. It is a traditional, participating, life, individual, regular and limited premium payment endowment plan that helps in saving for your child’s future.

Bajaj Allianz Young Assure plan offers guaranteed maturity benefits along with guaranteed additions. Education is a long-drawn process. A child has to pass through several levels. The Bajaj Allianz Young Assure plan allows you to receive the maturity amount over three, five or seven years to synchronise with the child’s milestones. The insurance-cum-savings child education plan also offers a variety of riders like accidental death rider and critical illness rider. With multiple payment terms and coverage tenures, the Bajaj Allianz Young Assure is one of the preferred investment plan for parents seeking flexibility.

Bajaj Allianz Lifelong Assure – A Non-Linked Participating Whole Life Insurance Plan

Bajaj Allianz Lifelong Assure – A Non-Linked Participating Whole Life Insurance Plan

The avenues of education have expanded rapidly in the contemporary world. From a few courses to a plethora of online and offline educational options, children are spoilt for career options. In an increasingly dynamic world, it is important to ensure that your child does not face any difficulties in pursuing his/her dreams. The Bajaj Allianz Lifelong Assure is a whole life insurance plan that offers income and life cover until the age of 100 years. Policyholders also become eligible to receive a cash bonus, if any, after the sixth policy year. This child investment plan also offers guaranteed cashback after the end of the premium payment term. With the Bajaj Allianz Lifelong Assure child plan, your child’s educational journey will not be hampered even in the event of an untoward incident as it offers a death benefit of up to 300% of the sum assured depending on the premium payment term. Moreover, the nominee has been provided with the option to receive the sum assured in monthly instalments.

Child Plan Calculator – Frequently Asked Questions

  • What are child plans?

    Child plans are insurance cum investment plans that help an individual accumulate a corpus for children’s future needs. Child plans provide a disciplined way to save for children’s marriage or education. The amount accumulated over the policy term is paid at maturity. Many child plans offer cash bonuses and other additional benefits. A child plan also secures the child’s future from unforeseen circumstances, as the insurance cover is considerably high. A distinctive feature of child plans is that the insurer in the event of the death of the policyholder pays all the future premiums and the child receives a lump sum amount at maturity.

  • What is a child plan calculator?

    A child plan calculator is an online tool designed to help parents efficiently plan investments in a child plan. The child plan calculator analyses the corpus needed, investment duration, inflation and expected rate of return to generate the amount that will have to be invested every month. With a child plan calculator, an individual can have a clear idea of his/her monthly outgo.

  • Why should I buy a child plan?

    In the information age, education has become a prerequisite for success. A child plan helps you save for the education and other needs of your child. A child plan doesn’t just help you build a corpus but also protects the child’s future in the event of unforeseen circumstances. A child plan can also be used as collateral if the policyholder intends to avail an education loan. In case of emergency, certain child plans also allows partial withdrawals, which can be used to tide over a sudden liquidity crunch.

  • What is the right time to buy a child plan?

    The cost of education has been on an upswing. Deft financial planning is required to accumulate a sufficient corpus for all the future needs of the child. The earlier one starts, the better. Investments require adequate time to multiply. When the investment is left to grow for a long time, one gains from the power of compounding, which multiples the investment at a faster pace. It is advisable to invest in a child plan at the earliest.

  • What information do I provide in the Bajaj Allianz Life Child Plan Calculator?

    The Bajaj Allianz Life Child Plan Calculator is a simple tool that requires just essential information. One has to provide the name of the child, the amount required to achieve future goals, investment period, inflation rate and the expected rate of return. The tool automatically generates the estimated monthly outgo needed to achieve the life goal.

  • What are things I should consider before investing in a child plan?

    Child plans play a crucial role in the future of your child. One should consider various factors before opting for a child plan. The most important factor to consider is the amount required to fulfil the child’s future needs. If you are investing for the child’s education, take into account all the related expenses like boarding fees, expenses for extracurricular activities, etc. as per your plan and expectation that you have set. Along with the corpus needed, decide the policy term before investing. Child plans have varying policy terms. Opt for a term you are comfortable with. The additional features offered by a child plan also play an important part. Features like partial withdrawal can come in handy in case of emergencies.

  • What are the different child plans offered by Bajaj Allianz Life?

    Bajaj Allianz Life offers a number of child plans to cater to varying needs of parents and children. One can choose between Bajaj Allianz Young Assure - A Non-Linked, Participating, Life Insurance Plan and Bajaj Allianz Lifelong Assure – A Non-Linked Participating Whole Life Insurance Plan.

  • Who should buy a child plan if both parents are working?

    A child has varied needs. Children’s education is a long-drawn process from primary to higher education. One will need to have a flexible investment plan to cater to the child’s needs. If both parents are working, the child’s need could be categorised into short term and long-term goals. To fulfil short-term needs like primary education, one of the parents could opt for child plans that offer a relatively higher rate of return. On the other hand, the other spouse can invest in child plans targeted at the child’s long-term needs. This could be one of the approaches however, the bottom line remains i.e. both parents can plan for their child’s life goals as per their needs.

  • Are there any tax benefits on investing in a child plan?

    Child plans offer a host of tax benefits. The premiums paid for a child plan are eligible for tax deduction under Section 80C of the Income Tax Act, 1961. Additionally, any amount received through a child plan is tax-free under Section 10(10D) of the Income Tax Act, 1961. The above-mentioned deductions and exemptions are subject to provisions of the Act, as amended from time to time.

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

    Child plans are flexible investment-cum-insurance products. A variety of premium paying terms are available. One should opt for a premium term after taking into account other financial commitments of the household.

    Reference

    https://www.maxlifeinsurance.com/insurance-calculators/child-education-cost-planning-calculator

The findings generated from the above calculator is completely and solely based on the information shared by you with respect to questions being asked this has no linkage with any offer/benefits/outcomes associated with our Products. Bajaj Allianz Life will not be responsible for any kind of repercussions on any decisions made by you basis the use of this calculator.

For calculator purposes, it is assumed that the payments are made in advance i.e beginning of the month