Can We Transfer a Child Insurance Plan to Another Child?

2025-07-16

123 Views

5 minutes read

Locate branch

Resume journey

Pay Premium

Live Life More Confidently

Get best insurance from our experts

Name is required Name should be Valid

Mobile Number is required Mobile Number should be Valid

Email is required Email should be Valid

DOB is required DOB should be Valid

Annual Income*

< 3 3-5 5-7 7-10 > 10

Annual Income is required

I agree that even if my contact number is registered with NDNC / NCPR, I would still want the Company to contact me on the given number and email id for the clarifications/product information sought by me and agree that I have read and understood the Privacy Policy and agree to abide by the same.

Please tick to proceed further.

Thank you for your interest in our product. Our financial expert will connect with you shortly to help you choose the best plan.

When it comes to securing a child’s future education, most prudent parents opt for child education insurance plans. These plans offer long-term savings, financial security, and peace of mind for parents, ensuring that their children’s educational needs are met even in unforeseen circumstances. However, a common question arises: Can child education insurance plans be transferred to another child?

In this blog, we will explore this question, discuss the best child education plans, explain how child plan calculators work, and provide some essential pointers about child education insurance plans.

Key Takeaways:

Child education plans are usually non-transferable but can allow beneficiary changes in certain circumstances.
Often, a new policy is necessary if you want to change the beneficiary to a different child.
A child plan calculator helps you determine how much to save and invest in the right child education plan.
Opt for plans offering comprehensive coverage and benefits to cater to your child’s educational needs.
Always read the fine print before making adjustments to your plan, especially regarding premiums and coverage.

What is a Child Education Insurance Plan?

A child education insurance plan is a specialised financial product designed to help parents build a corpus for their child’s future education. These plans typically combine the benefits of insurance and investment, offering both life cover and the ability to save over time. In addition to the educational fund, such plans often provide risk coverage in case of the policyholder’s unfortunate demise. Some policies even offer benefits like bonuses or tax deductions under Section 80C.

Begin securing your future

Full Name* Please enter correct name Please enter the Full name

Mobile Number* Please enter valid mobile number Please enter Mobile Number

Email* Please enter valid email Please enter Email

...Read more Consent is required

Can a Child Education Insurance Plan be Transferred to Another Child?

Generally speaking, child education insurance plans cannot be transferred to another child once they are in place. These policies are specifically designed to benefit the child named in the contract. However, there are a few nuances worth considering:

Policy Amendments: In some cases, the policyholder (parent or guardian) may be able to amend the beneficiary or nominee details in the policy to reflect another child. While this doesn't technically transfer the policy, it can adjust the benefit to suit a different child.
New Policy Requirement: If the original child education insurance plan is meant for one child and you want to redirect the funds for another child, it may be necessary to purchase a new policy for the second child. Some insurance providers offer the option to switch between plans under certain circumstances, but the terms can vary significantly.
Rider Benefits Transfer: In certain cases, if you are transferring the policy to a different child, it might affect the additional riders (like accidental death or disability benefits) or customization options. It’s crucial to carefully check the policy terms to ensure your requirements are still met.

Did You Know?

The global average cost of higher education has been increasing at an annual rate of 5-6%.

Source: Economic Times

Factors Affecting the Transferability of Child Education Insurance Plans

While the idea of transferring a child's education plan seems appealing, there are several key factors to consider that affect its practicality and feasibility:

Insurance Provider Policies- Each insurance provider may have different terms and conditions for transferring a child’s education policy. Some might allow partial adjustments, while others strictly require the purchase of a new policy.
Age Limitations- Many child education plans are structured around the age of the beneficiary. Transferring a policy from one child to another could affect the premium structure or the corpus you have accumulated over time.
Surrendering Policies- If the policyholder decides to cancel or surrender the current plan to buy a new one for a different child, they may incur penalties or lose out on any accumulated benefits. It’s best to consult with the insurance provider before making such a decision.
Premium Adjustments- Premiums could change significantly if the new beneficiary is of a different age or health condition. Older children, for instance, might require a higher premium to secure the same level of coverage and benefits.

How to Use a Child Plan Calculator

A child plan calculator is an essential tool that can help parents determine how much money they need to invest in a child's education insurance plan. By inputting parameters such as the child’s current age, the expected age of education, inflation rate, and current savings, parents can get a clearer idea of the monthly or annual premiums needed to meet their educational goals.

Child Education Calculator

A smart online tool that helps you easily navigate the costs of your child's future education, ensuring their dreams come true.

1 About my Child

2 My Child’s Dream and Needs

3 Additional Details

4 Our Recommendation

My child's name is {name} {name} age is {age} years (Current age)

{name} would like to do

Engineering

Medical

Law

MBA

Fashion Designing

Hotel Management

Architecture

Others

Current cost of doing {career} is {cost}

My current savings for {name} are {savings}

I need the money when {name} attains age {money}

My name is {name}

my mobile number is {mobile}

You start investing when {name} age is: {initialAge} years

Maturity amount received by {name}

{name} becomes an {career} Professional

For {name} Education as: {career}

You should start saving

{maturityAmount}

For remaining {remainingYears} years

To create a sum of {totalamount}

View Now

*Disclaimer-

The above calculation and illustration of figures are indicative only and not on actual basis.

Child Insurance - Top Selling Plans

We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.

Fixed Returns, Zero Risks & Worries

iSelect Guaranteed Future Plus

4 Plan options
Life cover + Guaranteed benefits
Accidental death benefit
Premium protection cover

Don't Just Survive, Thrive

Guaranteed Assured INcome

3 Plan options
Life cover + Guaranteed income
Get Total Premiums at maturity
Early income from 2nd policy year

Save, Dream, Plan. Live Peacefully

iSelect Guaranteed Future

5 Plan options
Option to choose PPT
Get Tax benefits
Premium protection cover

Benefits of Using a Child Plan Calculator

Accurate Calculation: It helps you understand how much to invest to meet your child’s education cost.
Inflation Adjustment: Most calculators factor in inflation, giving a realistic estimate.
Customisable Inputs: You can adjust various parameters, such as expected returns or the type of insurance coverage.

By using such a tool, parents can ensure that their child's education fund grows steadily and is protected from unforeseen circumstances, like the policyholder’s death.

Wrapping Up

Choosing the best child education plan is a critical step in securing your child’s academic future. While most child education insurance plans are non-transferable, some policies may allow beneficiary adjustments under specific conditions. However, in most cases, purchasing a new policy for a different child is the best course of action to ensure uninterrupted benefits and optimal financial security.

Using a child plan calculator can help parents make informed decisions by estimating the necessary investment based on factors like inflation, future education costs, and policy benefits. To maximise coverage and financial returns, it is essential to carefully review policy terms, understand premium structures, and consider the long-term benefits of different plans.

Ultimately, planning early and selecting a comprehensive child education insurance plan will provide peace of mind, ensuring that your child’s dreams are never hindered by financial constraints.

FAQs

While policies cannot typically be transferred, you can amend the beneficiary or nominee in some cases. However, it’s usually advisable to purchase a new policy for another child.

You can use a child plan calculator to determine the amount needed by entering details like your child’s age, expected educational cost, and inflation rate.

Cancelling or surrendering the policy might result in penalties, and you may lose accumulated benefits, so it’s important to understand the terms before making any decisions.

Yes, child education insurance plans may qualify for tax deductions under Section 80C of the Income Tax Act, helping reduce your tax liabilities.

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.