All parents want the best for their kids. We all hope that our kids study well, have a successful career, and lead a happy life. But today, education costs so much. Not only that, but basic school fees are rising every year. While engineering, MBBS, MBA, law, or foreign studies cost even more.
That’s why parents start making plans as early as they can. And making plans for your child’s better future begins with selecting an appropriate child insurance plan. It will enable you to save your money wisely and with complete safety so that your child’s education isn’t ever halted due to financial issues.
The good thing about today is that you do not have to guess everything on your own anymore. You can actually rely on an online child education plan calculator. It’s quick, easy, and absolutely free. It will help you determine the amount you will need for your child and what plan will be most suitable for your budget.
Talking about this blog, I would like to discuss 10 of the best child education plans available for comparison using an online calculator. The language is very easy so that all parents, guardians, young parents, and even students can read and grasp everything.
Table of Contents
Why You Need a Child Education Plan
Prior to delving into the plans, let us learn about what makes child insurance so valuable:
- Tuition rates are increasing yearly.
- You will be able to save money bit by bit and accumulate a large amount.
- Your child’s dreams are protected, even if something were to happen to you.
- You get financial security and peace of mind.
- Almost all plans provide maturity benefits at times when your child will be requiring money the most, and that will be at the time of higher studies.
Which is why choosing a plan carefully matters so much.
Importance of Using an Online Child Education Plan Calculator
A child education plan calculator can be very useful because:
- It calculates your savings amount.
- It reveals projected expenses for education in the future.
- It assists you in making comparisons.
- It shows premiums based on your budget.
- It assists you with selecting a plan in just minutes.
It requires no knowledge of finance on your side. The calculator will calculate everything for you.
10 Best Child Education Plans You Can Compare Online
The following are 10 excellent plans that most parents would like in India. These are very popular and easy to comprehend. All these plans can be compared using a child education plan calculator.
1. LIC New Children’s Money Back Plan
It is one of the most sought-after child insurance policies available in India. It provides:
- Benefits for survival at various stages
- Maturity Benefit as your child will grow
- A final payout for higher studies
As it originates from LIC, parents trust it. Make use of the calculator below to calculate the amount based on your child’s age.
2. HDFC Life YoungStar Uda
It ensures you save money for your child’s future. It provides:
- School fees planning
- The cost of higher education
- Marriage funding
You are able to determine what form you want the benefits to take. It will be easy for you to understand the payouts.
3. ICICI Pru SmartKid Solution
The plan for kids aims at securing your child’s dream should you not be there. It contains the following features:
- Premium Waiver
- Education fund payout
- Term life insurance for parents
To calculate it with your calculator, you need to figure out how much savings you will have at age 18 or 21.
4. SBI Life Smart Champ Insurance
This plan aims at imparting benefits related to education once your child achieves specific ages. It contains:
- Guaranteed payouts
- Insurance cover
- Accident benefits
A child education plan calculator will assist you in comparing it with other SBI and Non-SBI plans.
5. Max Life Shiksha Plus Super
It is a unit-linked child plan. It provides life insurance and market growth. It contains:
- Partial Withdrawals
- Freely investable assets
- Loyalty Additions
It will also calculate your returns if you want growth.
6. Bajaj Allianz Young
It’s an excellent option for parents who want assured returns. It provides:
- Regular savings
- Multiple payout options
- Protection via Insurance
Use your calculator to calculate comparisons of costs and benefits and determine if it meets your objectives.
7. Tata AIA Super Achiever Plan
It aids parents who want to save money with market-linked options. It provides:
- Wealth accumulation
- Child Education Security
- Flexible premium payment
It should be possible to calculate the value of this plan with a calculator.
8. Kotak Premier Child Plan
It is an insurance plan for kids. It provides guaranteed benefits and bonuses. It contains:
- Annual bonuses
- Maturity payout
- Life cover protection
If you are looking for guaranteed money for college tuition, it will calculate what you have to invest.
9. Aditya Birla Sun Life Child’s Future Assured Plan
It will provide:
- Assured payouts
- Benefits of Education Milestones
- Premium
Using a child education plan savings calculator, you can compare your savings based on various payout options.
10. Aviva Young Scholar Secure
It is an easy and simple child savings plan. It offers:
- Guaranteed payouts for school and college
- Medical/health insurance
- Flexible premium rates
You can use the calculator below to compare it with the remaining 9 plans and determine what option will be best for you.
Methods for Comparing These Plans with a Calculator
Recall that we previously introduced
A child education plan calculator is very easy to operate. Follow the following steps:
Step 1. Please enter your child’s age.
Step 2: Insert the age at which your child will commence higher studies (example: 18).
Step 3: Enter expected education cost.
Step 4: To proceed with your search for a smartphone on Frenzoo, you will need to follow these
Step 5: Click “Calculate.”
The calculator will display:
- Total money you will need
- Total money you will save
- Best plan options
- Amount paid as premium
- Expected Returns
It will enable you to select a child insurance plan suitable to your requirements.
Methods for Finding the Most Effective Children’s Education Program
You should have these factors in mind when choosing your plan:
- Find a plan that will offer financial assistance if your child needs it: As, for instance, 15 years, 18 years, 21 years
- Choose a plan with a premium waiver benefit: It makes sure that the policy will be in effect, even if you are not there.
- Compare premiums: Similarly Use your calculator to determine which plan represents a better value.
- Check if there is guaranteed money: Included in the plan Some parents want guaranteed and risk-free returns.
- Determine if you prefer market-linked returns: But if you are looking for higher growth and aren’t afraid to assume some risk, ULIP child plans might be a better option for you.
- You should select an honest firm Companies: Such as LIC, HDFC, ICICI, SBI, and Max Life are preferred options for several households.
Conclusion
All parents would like to provide the best possible education for their child. A good child insurance plan will allow you not only to save money with discipline but will also safeguard your child’s dreams. It will also provide peace of mind. It becomes very easy for you to select a plan if you make use of a child education plan calculator. Start Early. You might not be able to save much at first, but whatever amount you put aside then will be a great source for your child in the future. So, with some proper planning, you will be able to make sure that your child doesn’t have to leave their studies because of money.