Child Insurance Plan
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Child Insurance Plan

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Reliance Child Plans

Reliance Nippon Life Insurance Company

Reliance Nippon Life Insurance (Reliance Nippon Life) is one of the leading life insurance companies in the private sector in India. A joint venture between the renowned Reliance Capital and Japan’s Nippon Life Insurance Company, this life insurer has been serving 10 million customers, with the help of a powerful distribution network of over 800 branches and over 1,00,000 advisors. With more than 20 best-in-class products in its portfolio, it caters to the varied financial goals and protection requirements of its policyholders, and helps them to build a worry-free future for their entire family.

Reliance Nippon Life Child Plans

The rising costs of education have always been a worry for Indian parents. To add to that, is the risk of unforeseen critical situations. To cater to these prime issues of parents, Reliance Nippon Life brings two child plans, both of which ensure that your offspring has a financially secure future, in your presence as well as in your absence. They offer guaranteed benefits at the end of the policy term, which helps you in meeting the education expenses of your kid. Again, if something unfortunate occurs, the policy continues, with the premiums being waived off, so that your child’s future remains secured.

Child Plans:

The main objective of a child plan is to create a financially sound future for the child, whether or not the parents are alive. As a parent, you would always want your kid to take up his/her desired education path and career, and for that, you would want to render all the required financial support. Child plans are designed with the aim to help parents offer such financial aid to their children so that they can fulfil their dreams, and simultaneously take care of the child’s expenses, if ever something untoward happens to the parent.

  • Guaranteed benefits at Policy Maturity
  • In the event of the demise of the parent, the future premiums are waived off, but the policy continues with all its benefits
  • Income tax benefits

List of Different Child Plans Offered By Reliance Nippon Life Insurance Company, With Features, Benefits And Eligibility

Reliance Nippon Life Education Plan

Features:

  • A Non-Linked, Child Insurance Plan
  • In case of death of parent during the policy term, the policy continues, with future premiums being waived off, and all benefits payable as and when due
  • Liberty to select between 2 options for receiving Death Benefit
  • Choose the best-suited benefit payout options from a range of 4, so that your child’s precise education & career needs can be taken care of at the right time
  • Decide for yourself how long you wish to pay premiums - 5, 7, 10 years or the full policy term
  • Base Sum Assured, Guaranteed Additions, & Guaranteed Maturity Additions receivable at the end of the policy term, irrespective of whether the insured outlives the policy term or not
  • Loan facility available to help you meet emergency situations
  • Attach Riders to your policy by paying an extra nominal cost, and increase your coverage manifold
  • Avail Income tax benefits, as per the applicable rules.

Benefits:

  • 4 Benefit Payout Options: To ensure that your child receives the financial support just when he/she is ready to take on the world and fulfil his/her dreams & ambitions, this plan offers four options for availing the maturity benefits at different stages of your child’s life. Depending upon when you want to receive the maturity proceeds, you can select any of the following options at the time of taking the policy:
    1. Self Starter: A single lump sum amount at the time of maturity
    2. Post Graduation : Annual payouts for 2 years for your child’s post graduate degree
    3. Professional Degree: Annual payouts for 4 years for your child’s professional degree
    4. Career Starter: Annual payouts for 5 years for your child’s higher education and enabling him/her to take the first steps towards a career
  • Guaranteed Additions: These are calculated as 2% of the Base Sum Assured, and are credited to the Policy, at the end of each Policy Year, till the policy maturity, provided the Policy is active.
  • Guaranteed Maturity Additions: These are calculated as 2% x Base Sum Assured x Policy Term and are payable at the time of policy maturity.
  • Maturity Benefit: When the policy matures, irrespective of the survival of the insured, the company pays out a Guaranteed Maturity Benefit, which is a sum of Base Sum Assured, Sum of Guaranteed Additions, and Guaranteed Maturity Additions.
  • Death Benefit: In the event of your unfortunate death during the policy term, the amount of the Death Benefit receivable by your nominee would be higher of the Sum Assured on Death or 105% of the premiums paid (excluding the underwriting premiums as on date of death). Here, the Sum Assured on Death is calculated as per the following table:
  • Policy Term/Age at Entry

    Less Than 45 years

    45 years & above

    Less Than 10 Years

    Highest Of:

    • 5 Times the Annualized Premium
    • Base Sum Assured
    • Guaranteed Maturity Benefit

    Highest Of:

    • 5 Times the Annualized Premium
    • Base Sum Assured
    • Guaranteed Maturity Benefit

    Greater Than or Equal to 10 Years

    Highest Of:

    • 10 Times the Annualized Premium
    • Base Sum Assured
    • Guaranteed Maturity Benefit

    Highest Of:

    • 7 Times the Annualized Premium
    • Base Sum Assured
    • Guaranteed Maturity Benefit
  • Death Benefit Payout Options: At the time of taking the policy, you have the flexibility to choose any of the following two Death Benefit Options, which you know would perfectly cater to your family’s requirements in your absence:
    1. Option I – 100% of Death Benefit amount
    2. Option II – 50% of the total Death Benefit amount paid as a lump sum and the balance paid as equal annual instalments over the period of the next 10 years starting from the date of death. Each instalment is equivalent to 12.94% of the 50% of the total Death Benefit amount. The factor of 12.94% is calculated at interest rate of 6.25% p.a.

Eligibility

Entry Age of the parent Minimum – 20 years | Maximum - 50 years
Entry Age of the child Minimum – 0 years | Maximum - 18 years
Maturity Age of the parent Minimum – 29 years | Maximum – 65 years
Maturity Age of the child Minimum – 9 years | Maximum – 30 years
  Premium Payment Term (PPT): Limited Pay: 5/7/10 | Regular Pay: Equal to Policy Term
  Minimum Policy Term : For PPT 5 & 7 years : 9 years | For PPT 10 years: 12 years | For Regular Premium: 9 years
Maximum Policy Term 20 years
Minimum Premium Amount For PPT 5 & 7 years : 35,000 | For PPT 9 & 10 years: 30,000 | For PPT over 11 years: 20,000
Maximum Premium Amount No Limit
Base Sum Assured Minimum: 50,000 | Maximum: No Limit
Premium Payment Frequency Annual, Semi - Annual, Quarterly and Monthly

Riders:

  • Reliance Nippon Life Term Life Insurance Benefit Rider (UIN: 121B009V02)
  • Reliance Nippon Life Major Surgical Benefit Rider (UIN: 121B014V02)
  • Reliance Nippon Life Critical Conditions (25) Rider (UIN: 121B012V02)
  • Reliance Nippon Life Family Income Benefit Rider (UIN: 121B015V02)
  • Reliance Nippon Life Accidental Death Benefit and Total and Permanent Disablement Rider (Regular Premium) (UIN: 121B002V02)
  • Reliance Nippon Life Accidental Death Benefit and Total and Permanent Disablement Rider (Limited Premium) (UIN: 121B001V02)

Reliance Nippon Life Child Plan

Features:

  • A Non-Linked, Child Insurance Plan
  • Avail protection against uncertainties throughout the policy term
  • Receive Guaranteed Sum Assured and Guaranteed Periodic Benefit at Maturity, irrespective of your survival till the end of the policy term
  • Enjoy vested bonuses that get credited to your policy every year and are receivable at the time of maturity
  • Avail Non-Negative Capital Guarantee & High Sum Assured Addition Benefit
  • Flexibility to choose your policy term ranging from 10 to 20 years, as per your convenience & financial commitments
  • In the unfortunate event of the demise of the parent, the policy continues and the benefits are paid when due, without the need of paying any future premiums
  • Enjoy Tax benefits on premiums invested and returns received

Benefits:

  • Guaranteed Periodic Benefits: Just before the policy term is about to end, you are entitled to receive a guaranteed benefit amounting to 25% of Sum Assured on each of the last three policy anniversaries before maturity. Here, Sum assured is equivalent to base Sum Assured plus High Sum Assured Addition Benefit.
  • Maturity Benefit: When the policy matures, the insured/beneficiary is entitled to receive a Guaranteed Sum Assured, which is equivalent to:
    25% of Sum Assured + Vested Bonuses + Non-Negative Capital Guarantee (if any)
    Here, Sum assured is equivalent to the Base Sum Assured plus High Sum Assured Addition Benefit.
  • Death Benefit: In case the parent does not survive till the policy term, then a lump sum amount along with vested bonuses is payable as the Death Benefit to the nominee.

Eligibility

Policy Term Minimum: 10 years | Reliance Maximum: 20 years
Premium Payment Modes Annual, Semi - Annual, Quarterly, or Monthly

Riders:

There are no riders available in this plan.