Child Insurance Plan: Types, Coverage & Benefits Explained

What is a Child Insurance Plan?

Types of Child Insurance Plans

How Does a Child Insurance Plan Work?

Features and Benefits of Child Insurance Plan

Factors to Consider While Choosing a Child Insurance Plan?

Child Insurance Policy Riders

FAQs About Child Insurance Plans

What Happens to My Policy if I'm Unable to Pay the Premium Due to Financial Constraints? up-arrow

Child insurance plans offer a grace period in case you miss the premium payment. The duration of grace period is 30 days in case of policies that have annual, half yearly or quarterly premium payment and 15 days in case of monthly paid premium policies. 

However, if you miss paying the premium even within this period, your policy will lapse. It's essential to check the policy terms. 

Is There a Waiting Period Associated with Riders Attached to Child Insurance Plans? up-arrow

Yes, some riders, especially like critical illness rider, might have a waiting period before they become active. Which is why it’s necessary to go through your policy document to be prepared better. 

Can I Get a Loan Against a Child Insurance Plan? up-arrow

Yes, traditional child insurance plans provide the facility of loan against the policy wherein the surrender value serves as a collateral for the loan. 

Are Child Insurance Plans Eligible for Tax Benefits? up-arrow

Yes, premiums paid towards child insurance plans and the maturity amount, both are eligible for tax benefits under section 80C and Section 10 (10D) of the Income Tax Act as per the prevailing tax regime.