Which are the Best ULIP Plans in India for Children?
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Which are the Best ULIP Plans in India for Children?

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  • 15th Apr 2022
  • 3,769

Which are the Best ULIP Plans in India for Children?

Securing your child’s future is the main concern you face as a parent. Given the exponential increase in the cost of living and financial requirements with time, you are deeply vested in finding the right solution for securing your children’s financial needs.

ULIP child plan is a financial tool that can help you eliminate this woe. When you opt for a ULIP for child plan, you ensure that they benefit from both life insurance and the financial market. This will help you keep up with market inflation and, at the same time, will support them in fulfilling their dreams of education or other important requirements in the future.

Also, since so many financial tools are available in the market, choosing the right one for your child’s future is quite tricky. Moreover, as you are not aware of the future and the kind of financial requirements that might occur to fulfil their needs, it is important to make the right choice that can serve your child’s future goals in their most crucial time.

This article will highlight how to identify the best ULIP plan for children? And we will also highlight the benefits of the ULIP child plan and why you should opt for the child ULIP plans.

Why do we need a ULIP for child?

ULIP child plan is a financial tool that can support your child in case of any unfortunate event and ensure that their basic needs are served before they are old enough to take responsibility. By investing in an ULIP plan for your child’s future, you can provide for their cost of living, including education and some other basic needs.

  • Helps in providing basic facilities to your child in case of your absence
  • Pays for your child’s education
  • Secures your child’s future
  • Adds the facility of life insurance to the benefit of investment
  • Allows partial withdrawal of funds as per the policy terms

Your child is entitled to receive either a lump sum or regular payments based on the ULIP policy terms and guidelines. This is a major reason why a parent should do their research before choosing the best ULIP child plan in India.

How to identify the best ULIP plan for children?

Choosing the best ULIP plan for your child can be tricky. So you must decide very wisely after considering all the factors that might impact the future and thus invest accordingly. Various types of ULIP plans are available in the market that have some major to minor differences in their policy guidelines and offerings. More or less, most of them give you a vivid portfolio of funds to choose from. Still, you also have to check their performance in the past and consider other factors like additional charges and the cost of switching the funds, among many other factors.

Top features of the best ULIP child plans in India

As stated above, picking the best ULIP plan for a child in India from a pack of multiple ULIP plans for children can be tough for parents. However, some of the top features you must look for while picking up a ULIP for child are:

  • Joint life cover
  • Death and maturity benefit to the beneficiary
  • Tax exemption on premium payment and maturity benefits
  • Diverse fund options (portfolio) to choose from
  • Multiple free fund switching and minimal switching cost post utilization of free ones
  • Auto rebalancing
  • Loyalty bonus and other bonuses, etc.

As a parent, you should go through deep research and read the ULIP policy guidelines carefully before opting for a policy from an insurer and check all the costs and benefits involved. The features mentioned earlier are the must-haves in child ULIP plans to be considered the best ULIP child plan in India.

- A Consumer Education Initiative series by Kotak Life

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