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Child Insurance Plan

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Tata AIA Child Plans

Tata AIA Life Insurance Company

Tata AIA Life Insurance Company Limited (Tata AIA) is a joint venture between India’s eminent business conglomerate Tata Sons Ltd. and the largest independent publicly listed pan-Asian life insurance provider across the world, the AIA Group Ltd. The company has an extensive product portfolio on offer, which consists of a variety of life insurance solutions for wealth creation, savings, protection, and retirement. Since its inception in the year 2001, the company has been providing world-class insurance products & solutions to a huge customer base, and further aims to secure the lives of 3 million customers by the year 2020.

Tata AIA Child Plans

As a parent, you would surely want your child to have a bright and secure future. To help you achieve this dream, Tata AIA offers two intelligently designed child plans that provide the required financial support to your child during emergency situations as well as important milestones of his/her life, be it education, career, or marriage.

Child Plans:

Let’s have a look at what child plans are all about and how they benefit the parents and the child. A child plan is one wherein the parent is the policy holder and the child is the beneficiary. These plans offer dual benefits. Firstly, they protect the child in the unfortunate event of death of the parent, and secondly, they create a fund for meeting the needs at key milestones of the child’s life.

Child plans are of three types:

  1. Traditional Endowment Plans: This is a basic plan, which offers a lump sum amount to your offspring, in the case of unfortunate demise of the parent. However, even in the absence of the parent, the policy continues to remain active till its maturity date. At the time of maturity, the child receives the maturity benefits.
  2. Traditional Money-back Plans: These plans offer payouts at regular intervals during the policy term to enable parents to meet the growing needs of a child. These payouts are basically a part of the sum assured. At the time of maturity, the remaining sum assured along with accumulated bonuses, if any, are paid out. In case, the parent expires during the policy term, then the total sum assured is paid to the child, irrespective of the amounts that have been paid already. Further, in this case, the policy remains active, and at the time of maturity, the child receives the maturity benefits too.
  3. Unit Linked Child Plans: As the name suggests, these plans are linked to the investment market, so as to render maximum returns to the policyholder. At the time of death of the parent or maturity of the policy, the insurance company pays out the fund value of the premiums invested.

Common Features of Tata AIA Child Plans:

  • Enjoy a variety of benefits during and at the end of the policy term and secure a bright future for your offspring
  • Avail Death Benefit & Maturity Benefit
  • Flexibility to choose from different premium modes – annual, half-yearly, or monthly.
  • Income Tax Benefits for premium payments and life insurance proceeds

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

Tata AIA Life Insurance Good Kid

Features:

  • A non-linked endowment plan with in-built Waiver of Premium Benefit
  • Additional payouts credited to the policy during the first 5 years for meeting the various expenses of bringing up a child
  • Avail a life cover of at least 11 times the annual premium payable by you
  • In the case of unfortunate demise of the parent, the policy remains active, and future premiums are waived off
  • Enjoy bonuses based on the performance of the company
  • Avail discounts on premium on choosing a large sum assured

Benefits:

  • Money Back Benefits: These are calculated as a percentage of the basic sum assured and are paid at the end of the year, provided the policy is in force. These benefits help in incurring the varied expenses and meeting the needs of a growing child. These are provided irrespective of the fact whether the life assured is alive or not.
  • Benefits Payable at the end of the year Percentage of Basic Sum Assured paid out as Money Back
    ( Policy Term  minus 3) years 15%
    ( Policy Term  minus 2) years 15%

    ( Policy Term  minus 1) years 15%
  • Milestone Additions: To provide the child with financial support during various stages of his/her life, the plan offers Milestone Additions, which constitute 25 % of the sum assured. These benefits accrue to the policy at the rate of 5% of the Basic Sum Assured per annum in the first 5 policy years starting from the first policy anniversary. The policy holder receives the Milestones Additions at the end of (Policy Term minus 4) year.
  • Maturity Benefit: At the time of maturity, the company pays out a lump sum amount, which is equivalent to the ‘Guaranteed Sum Assured on Maturity’ along with the accrued vested Compound Reversionary Bonuses & Terminal Bonus, if any. This amount is arrived at after deducting the outstanding amount which is unpaid as on the date of maturity, provided all the premiums have been paid and the policy is in force. Here, “Guaranteed Sum Assured on Maturity” is the amount which is guaranteed to be payable at the end of the policy term, which is 55% of the Basic Sum Assured.
  • Bonuses: The plan offers two types of bonuses:
    1. Compound Reversionary Bonus (CRB): This is a non-guaranteed bonus as it is declared on the basis of performance of the company. It is calculated as a percentage of the Basic Sum Assured and vested compound reversionary bonus. It starts getting accrued to the policy from the end of the first year, provided the policy remains in force. It is received by the policyholder on surrender or at the end of the policy term.
    2. Terminal Bonus: This is also a non-guaranteed bonus, which is calculated as a percentage of the Basic Sum Assured and is dependent upon the performance of the company. It is payable either while surrendering the policy, provided at least 7 full annual premiums have been paid, or at the end of the policy term.
  • Death Benefit: In the unfortunate event of the death of the parent during the policy term, the child receives the Sum Assured on death, subject to a minimum of 105% of total premiums paid, as on the date of death of the parent. Here, the ‘Sum Assured on death’ is calculated as the highest of the following:
    1. 11 times of the Annualised Premium
    2. Absolute amount assured/ Basic Sum Assured payable on death
    3. Guaranteed Sum Assured on Maturity
    Apart from the above-mentioned benefits, the child will also avail the inbuilt Waiver of Premium benefit, which entitles him/her to enjoy the benefits of the policy, without paying any future premiums. In cases, where the death occurs in any of the last four years of the policy, then too, the child receives the Death Benefit in full, although the accrued Milestone Additions have been paid and/or the Money Back Benefit has started to accrue.

Eligibility:

Entry Age of the parent Minimum – 25 years | Maximum - 45 years
Entry Age of Child Minimum- 0 years (30 days) | Maximum: 17 years
Maturity Age Maximum – 70 years last birthday
Policy Term Minimum: 12 years | Maximum: 25 years
Premium Amount Minimum: Based on minimum Basic Sum Assured | Maximum: No Limit
Sum Assured Minimum: 2,50,000 | Maximum: No Limit
Premium Payment Term Policy term less 5 years
Premium Payment Frequency Yearly, half-yearly, or monthly

Riders:

  1. Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Rider: In the unfortunate event of accidental death of the parent, the child receives a lump sum equivalent to the Rider Sum Assured. This ensures that the child’s expenses can be met, even in the absence of his/her parents. In cases, wherein, the parent suffers from loss of limbs or bodily functions or severe burns, occurring as a result of an accident, the company pays a percentage of the Rider Sum Assured as per the ADDL benefit chart.

Tata AIA Life Insurance Super Achiever

Features:

  • A Unit-Linked Child Endowment Plan
  • Receive 5% of units in the form of Guaranteed Maturity Additions at the end of the policy term
  • Ranging from 100% debt to 100% equity, there are as many as 8 Funds to choose from, which include the following:
    1. Multi Cap fund: With a high risk profile, this fund aids in capital appreciation in the long term, by investing in large cap & mid cap companies.
    2. India Consumption fund: This is another high-risk fund which invests in companies benefitting from India’s domestic consumption growth.
    3. Large Cap Equity fund: This fund is perfect for those having a high-risk appetite, as it invests in large cap equity as well as equity-linked securities.
    4. Whole Life Mid Cap Equity fund: It aims to trigger long term capital growth by primarily investing in mid cap equity and mid cap equity linked securities.
    5. Whole Life Aggressive Growth fund: Having a medium to high risk profile, this fund enables policy holders to enjoy high returns in the long run, by investing pre-dominantly in equity along with debt instruments.
    6. Whole Life Stable Growth fund: This fund enables policy holders to maintain a balance between equity and debt investments.
    7. Whole Life Income fund: Bearing a low risk profile, this fund ensures safety and easy liquidity.
    8. Whole Life Short-term fixed Income fund: This is the perfect fund for those who wish to enjoy stable returns by investing in debt instruments having short maturity periods.
  • Make a choice between Enhanced Automatic Asset Allocation Plus (AAAP) & PROFIT Investment Portfolio Strategy for reaping maximum returns.
  • Avail the facility of Top Ups and increase your investment. The limit on Top-up Sum Assured is dependant on the age of the life assured at the time of paying the Top-up premium. Those aged less than 45 years can avail a Top-Up Sum assured of 1.25 times of the Top-up Premium and for those aged 45 years or more, the limit is 1.1 times of the Top-up Premium.
  • Take your pick from two Settlement Options at Maturity - Lump sum or periodical payments. In the case of the latter, the payments may be made during the course of a maximum of five years from the date of maturity. At the time of maturity, the decision on the timing and amount of the instalments is left to the discretion of the policyholder. The instalment amount is equivalent to the outstanding fund value as on the instalment date divided by the number of outstanding instalments.
  • Liberty to make partial withdrawals so that you can get instant financial support in emergency situations. The policyholder is entitled to make such withdrawals from Regular Premium Fund after five years from the date of issuance of the policy, subject to a maximum of four partial withdrawals in a policy year, provided the policy is in force.
  • Flexibility to pay additional premium as ‘Top-up Premium’ for a maximum of four times in a policy year, with a minimum top-up amount of Rs. 5000, provided the policy is valid.
  • Enjoy 12 free switches between various funds in a year to avoid market volatility and earn maximum returns. (Not applicable on Enhanced AAAP & PROFIT Investment Portfolio Strategy)
  • Liberty to redirect your future premiums to another fund or set of funds. (Not applicable on Enhanced AAAP & PROFIT Investment Portfolio Strategy)

Benefits:

  • Guaranteed Maturity Addition

    On maturity of the policy, the policy holder is entitled to receive Guaranteed Maturity Addition, in the form of additional 5% of units in each of the funds in the Regular Premium Account, provided the policy is in force.

  • Maturity Benefit

    At the end of the policy term, the parent/child receives the Total Fund Value, which is an accumulation of the Regular Premium fund Value and the Top-Up Premium fund Value. Both of these are valued as per the applicable NAV as on the date of Maturity.

  • Death Benefit

    In case of demise of the insured during the policy term, the child is eligible to receive Death Benefit in the form of a lump sum, the amount of which is higher of i) Basic Sum Assured ii) 105 percent of the total Regular Premiums paid. Additionally, the company takes over the onus of paying 100% of the future regular premiums into the policy holder’s fund. Further, in the presence of a Top-Up Premium Fund Value, the child also receives an amount which is higher of

    1. Top-Up Sum Assured
    2. 105 percent of the total Top-up premium paid.

Eligibility

Entry Age of the parent Minimum – 25 years | Maximum: 50 years
Entry Age of Child Minimum- 0 years | Maximum: 17 years
Maturity Age Maximum – 70 years
Policy Term 10 – 20 years
Premium Amount Minimum: 24,000 | Maximum: No Limit
Sum Assured 10 x Annualized Premium
Premium Payment Term 10 Years
Premium Payment Frequency Yearly, half-yearly or monthly