Contrary to the usual belief that parents of the girl child are more worried about keeping their future safe, parents of boys are equally concerned about their boy’s future.
They would also like to find the best investment plan for a boy child to make their future secure and rewarding.
Education inflation is high at 11% – 12%, and it is impossible to finance your children’s education without solid backing. A strong financial corpus will come in handy when the boy child wants to pursue higher education either in India or an overseas university. The accrued amount can also be used for setting up a business if he is interested.
It is not easy to find the best investment plan for a boy child as there are too many options available in the market. This will create confusion and can also lead to indecision or wrong choices.
In this blog, we will list some of the best child investment plans for your boy child to give more clarity.
Best investment plans for a boy child
1. Aditya Birla Sun Life Vision Star Child Plan
Birla Sun Life Insurance has introduced the Aditya Birla Sun Life Vision Star Child Plan as a money-back plan with a terminal and reversionary bonus.
It is a child education plan where you will start receiving predetermined payouts after the 5th premium-paying term is over. In case the life insured dies during the policy term, the nominee becomes eligible for the predetermined death benefit.
2. Bajaj Allianz Young Child Assurance Plan
Bajaj Allianz Young Child Assurance Plan is one of the best investment plans for boy children as it has a clause of Accidental Permanent Total Disability Benefit.
It is a traditional child plan that offers insurance protection and savings to save for a boy child’s milestones in growing years.
The child plan from Bajaj Allianz has term options of 10, 15, and 20 years with a choice of quarterly, monthly, half-yearly, and yearly premium payments.
3. HDFC SL YoungStar Super Premium Child Plan
As the name suggests, HDFC SL YoungStar Super Premium Child Plan is a child investment plan from HDFC with life insurance coverage and flexible twin benefit payment options, namely the Save-n-Gain Benefit Option and Save Benefit Option.
The unit-linked life insurance plan can be customized to suit the boy child’s future needs with four types of funds: Blue Chip Fund, Income Fund, Balanced Fund, and Opportunities Fund.
In case of the death of the policyholder, the future premiums are paid by the company, and the sum assured is paid on maturity to the beneficiary as per the terms of the plan.
4. ICICI Pru Smart Kid’s Regular Plan
ICICI Pru Smart Kid’s Regular Plan is an endowment premium plan with education benefits from ICICI Bank and Prudential Private Limited Company. The additional twin benefits of choosing this plan are income benefit rider and disability benefit rider.
The traditional child plan offers two maturity benefit options. In the first option, the benefit is received at predefined educational milestones or installments of 2, 5, and 7 years, and in the second option, a part of the assured sum is paid every year in the last five years of the insurance policy.
5. Kotak HeadStart Child Assure Plan
Kotak Head Start Child Assure Plan from Kotak Mahindra is one of the best investment plans for boy children with dual benefits of wealth creation and protection.
The unit-linked child education plan offers the policyholder the option of half-yearly and yearly premiums. It also allows you to partially withdraw a predetermined sum after every five years.
6. LIC New Children’s Money Back Plan
LIC New Children’s Money Back Plan from LIC Corporation is both an insurance and investment plan that will secure the financial needs of the child when he turns 25 years old.
It is a participating non-linked money-back plan that makes it eligible for a bonus based on the performance of LIC. This plan can be bought by parents or grandparents of a child aged between 0 – 12 years only.
An interesting fact about the child plan is that the risk cover is on the life of the child during the policy term and not the policyholder.
Conclusion
The world has become a challenging place where a high inflation rate has led to higher expenses and little savings. This is the time to be aware of your surroundings and put greater focus on savings.
Find the best investment plan for a boy child so that, as parents, you can create a financial corpus that would be a blessing for the boy child in later years.
Take the help of the experts on the Edufund App to create a personalized financial plan for your boy that will secure his future to a great extent.
