Exit Pop Up

Introducing BSE 500 Enhanced Value 50 Fund with Promise4Wealth

50 High-Potential Companies, One Smart Decision

Name is required Name should be Valid
Mobile Number is required Mobile Number should be Valid
DOB is required DOB should be Valid
Annual Income is required
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.

Child Plan Banner

Behind Every Dreamer are Parents Who Planned Ahead

With a Small Investment of ₹15,000/month*

With a Small Investment of ₹15,000/month*

Enter Valid Name Enter Your Name
Enter Valid Mobile Number Enter Your Mobile Number
Enter Valid Email Enter Your Email
12/11/1997
This plan is not available for below 18 years of age Enter your Date of Birth
Annual Income should be greater than 5 Lakh Select your annual income bracket
Consent is required

Enter OTP

An OTP has been sent to your mobile number

Didn’t receive OTP?

Application Status

Name

Date of Birth

Plan Name

Status

Unclaimed Amount of the Policyholder as on

Name of the policy holder

Policy No.

Address of the Policyholder as per records

Unclaimed Amount

Request Registered

Thank You for submitting the response, will get back with you.

.  Please use this ID for all future communications regarding this concern.

Request Registered

Thank You for submitting the response, will get back with you.

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

Find the Coverage Your Child Needs

Help your child confidently pursue their dreams without financial worry! Our child plan calculator simplifies estimating how much to save for their education, hobbies, or future business. Start building their tomorrow today!

Child Savings 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 Step Right Caret Icon
2 My Child’s Dream and Needs Step Right Caret Icon
3 Additional Details Step Right Caret Icon
4 Our Recommendation
About my Child My Child’s Dream and Needs Additional Details Our Recommendation
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.

About my Child
My Child’s Dream and Needs
Additional Details

How Does a Child Insurance Plan Work?

A child insurance plan helps you to secure the future of your child by ensuring that his goals are met even if you are not there.

Just like any other insurance plan, a child plan also requires you to pay regular premiums. The premiums you pay are allocated to your chosen funds in the child investment plan. You can choose various modes available to pay your premiums for the child policy. These are:

  • Limited Pay Pay for a limited time and enjoy the benefits of the policy
  • Single Premium Pay for a lump-sum premium for the whole policy at once.
  • Regular Pay Pay regularly depending on periods such as monthly, quarterly, and yearly.

For instance, Ajeet is starting to save for his 5-year-old daughter’s higher education and marriage. He plans to invest Rs 10,000 monthly in a child savings plan with a life cover of Rs 12 lakhs, for the next 15 years.

Case 1: If Ajeet survive the policy term

Ajeet will be entitled to receive the maturity benefit from the child savings plan. This is the fund value of the investments he has made into the child plan and any bonuses. Depending on the type of child insurance plan, Ajeet can either receive the lump sum or convert the sum into a regular pay-out.

Case 2: If Ajeet dies during the policy

If Ajeet does not survive the policy term, then his daughter will receive the death benefit. This will be higher than the sum assured or the fund value at the time of death. If Ajeet had opted for the premium protection benefit the child investment plan will continue after paying the death benefit. His daughter will receive the maturity value upon the expiry of the plan.

How to Buy a Child Insurance Plan?

Buying a child insurance plan is a crucial financial decision that ensures your child’s future is secure, even in your absence. It requires thorough research and careful planning to select a policy that aligns with your long-term goals. Here’s a step-by-step guide to help you make an informed choice:

1. Assess Your Financial Goals

Before selecting a plan, determine the financial milestones you want to secure for your child. Common goals include funding their higher education, covering medical emergencies, and ensuring financial stability in case of unforeseen circumstances. Estimate the future costs of these expenses, considering inflation, to get a realistic idea of how much coverage you need.

2. Compare Different Plans

Child insurance plans come in various types, including traditional endowment plans, unit-linked insurance plans (ULIPs), and money-back policies. Compare policies based on:

  • Coverage: Look at what financial risks are covered, including death benefits and maturity benefits.
  • Premiums: Assess affordability and premium payment flexibility (monthly, quarterly, or annually).
  • Maturity Benefits: Check how and when the policy pays out benefits, such as lump sums or periodic payouts.
  • Waiver of Premium: Choose a plan that continues even if the policyholder (parent) passes away, ensuring the child still receives the benefits.

3. Consider Flexibility and Investment Options

Some child insurance plans offer investment components that help grow your savings over time. Plans like ULIPs allow you to invest in equity or debt funds based on your risk appetite, while traditional plans provide guaranteed returns. Select a plan that offers flexibility in terms of switching funds, withdrawing funds when needed, and modifying coverage as per changing needs.

4. Understand the Policy Terms and Exclusions

Before making a purchase, read the policy documents carefully to understand all terms and conditions. Pay special attention to exclusions, waiting periods, and conditions for claim settlements. This will help you avoid surprises in the future.

5. Consult a Financial Advisor

If you are unsure which plan is best for your needs, seek professional advice. A financial advisor can help you assess different policies, compare investment returns, and choose the most suitable plan based on your financial situation and future goals.

6. Finalise and Purchase the Policy

Once you have selected the right child insurance plan, complete the paperwork and ensure all details are accurate. Keep a copy of the policy documents and inform a trusted family member about it to facilitate easy access when needed.

By following these steps, you can select a child insurance plan that provides financial protection and security for your child, ensuring their dreams and aspirations are never compromised.

Canara HSBC Life Insurance

We have over 17 years of experience in delivering exceptional value to our customers through our range of individual and group insurance solutions, designed to meet their various needs, including savings and investment, retirement, protection, and more.
 

15,700+ Partner Branches

15,700+ Partner Branches

Canara Bank, HSBC India, Other Alternate Channels

₹46,118 Cr Assets Managed

₹46,118 Cr Assets Managed

Assets Managed as of Mar' 26

99.52% Claims Settled

99.52% Claims Settled

Individual Death Claims settled for FY 2025 - 2026

189.9% Solvency Ratio

189.9% Solvency Ratio

Way Above the IRDAI Mandate

Frequently Asked Questions

Any parent with a child between 0-15 years should buy a child insurance plan. It gives inflation-beating returns for various needs of the child while they grow up. As a child grows up, their financial needs increase substantially.

Child plans are meant to build a financial buffer for your child’s future needs, so, it is important to have a fail-proof plan. A few things to consider while buying child plans are:

  • Goal: It is pertinent to have a clear goal in mind as it determines the type and tenure of the policy. You should invest in a child plan as soon as the child is born. Starting early gives your investment to grow and helps you prepare better for your child’s needs. Similarly, selecting a long-term policy protects your child for a longer-term.
  • Premium waiver: While buying a child plan, it is mandatory to check if the premium waiver facility or premium protection cover is available or not. Not having a premium waiver option can leave your child vulnerable in your absence.
  • Bonus component: Along with the basic benefits of a child plan, insurance companies also offer additional benefits. Even though these benefits are small, they could add value considerably in the long run.

No, you will not be able to change the premium payment mode that you have opted for during the policy commencement.

With this benefit, all future premiums will be waived off in the event of the death of the Payor (i.e., the Policyholder) anytime during the Policy term provided the Policy is in force. In case where Policyholder and Life Assured are the same, Sum Assured on Death will be payable immediately, and all future premiums payable shall be waived off.

You need the following:

  • Policy Form: Contains policy details.
  • Proof of Address: Government-issued document (e.g., passport, Aadhaar).
  • Proof of Income: Income verification.
  • Proof of Identity: Government-issued document (e.g., PAN card, Aadhaar).
  • Proof of Age: Birth certificate or educational documents.

  • Tax-Deductible Investment

    Child insurance and education plans are life insurance plans. Thus, the money you invest in these plans is deductible from your taxable income under section 80C of the Income Tax Act. Every year you can claim a deduction of up to Rs. 1.5 lakhs by investing in these plans.

  • Tax-Exempt Partial Withdrawals

    After the respective lock-in periods (for different types of child insurance plans) the ULIPs may allow partial withdrawals while other plans acquire cash value. So, in case of an emergency, you can withdraw money from the child plan without stopping your investment. Also, any payments made by the plan before maturity, as in endowment and moneyback child plans, are exempt from tax.

  • Tax-Free Maturity Value

    Maturity proceeds from child education plans are also tax-free under section 10(10D) of the income tax act. Only two of the following conditions may apply after the Union Budget of 2021:

    • The annual investment should not exceed 10% of the life cover in the plan
    • In the case of ULIP child plan, the total investment (including other ULIPs) should not exceed Rs. 2.5 lakhs in a year 
100% Guaranteed Returns*
Connect to Expert

Disclaimer

*The maturity benefit is calculated for a 25 years old healthy male life who has opted for Canara HSBC Life Insurance iSelect Guaranteed Future Plus with Endowment Option, monthly premium Rs. 15,000, premium payment term 10 years and policy term 15 years. The maturity benefit will be in the form of lumpsum benefit equal to Rs.31,35,833 which will be paid at the end of the 15th year, provided the policy is in-force and all due premiums have been paid. T&C Apply.

**The minimum monthly mode premium of ₹1800 is available under iSelect Guaranteed Future Plus with all plan options. T&C apply

  1. The maturity benefit is calculated for a 25 years old healthy male who has opted for Canara HSBC Life Insurance iSelect Guaranteed Future Plus with Endowment Option, monthly premium Rs.16,532, premium payment term 10 years and policy term 20 years. TThe maturity benefit will be in the form of lumpsum benefit equal to Rs. 50,00,012 which will be paid at the end of the 20th year, provided the policy is in-force and all due premiums have been paid. T&C Apply.  

  2. The maturity benefit is calculated for a 25 years old healthy male life who has opted for Canara HSBC Life Insurance iSelect Guaranteed Future Plus with Endowment Option, monthly premium Rs. 30,000, premium payment term 10 years and policy term 20 years. The maturity benefit will be in the form of a lumpsum benefit equal to Rs. 90,76,667 which will be paid at the end of the 20th year, provided the policy is in-force and all due premiums have been paid. T&C Apply. 

  3. The maturity benefit is calculated for a 25-year-old healthy male who has opted for Canara HSBC Life Insurance iSelect Guaranteed Future Plus with Endowment Option, monthly premium Rs. 34,000, premium payment term 10 years and policy term 20 years. The maturity benefit will be in the form of a lumpsum benefit equal to Rs. 1,02,86,889  which will be paid at the end of the 20th year, provided the policy is in-force and all due premiums have been paid. T&C Apply.  

  4. The maturity benefit is calculated for a 25-year-old healthy male who has opted for Canara HSBC Life Insurance iSelect Guaranteed Future Plus with Endowment Option, a monthly premium of Rs. 10,000 ( Rs. 333/day), a premium payment term of 10 years and a policy term of 20 years. The maturity benefit will be in the form of a lumpsum benefit equal to Rs. 30,24,444 which will be paid at the end of the 20th year, provided the policy is in-force and all due premiums have been paid. T&C Apply.  

  5. The maturity benefit is calculated for a 25 years old healthy male life who has opted for Canara HSBC Life Insurance iSelect Guaranteed Future Plus with Endowment Option, annual premium Rs. 1,00,000, premium payment term 10 years and policy term 20 years. The maturity benefit will be in the form of a lumpsum benefit equal to Rs. 26,42,000 which will be paid at the end of the 20th year, provided the policy is in-force and all due premiums have been paid. T&C Apply. 

  6. The maturity benefit is calculated for a 25 years old healthy male life who has opted for Canara HSBC Life Insurance iSelect Guaranteed Future Plus with Endowment Option, monthly premium Rs. 5,000, premium payment term 10 years and policy term 20 years. The maturity benefit will be in the form of a lumpsum benefit equal to Rs.14,41,111 which will be paid at the end of the 20th year, provided the policy is in-force and all due premiums have been paid. T&C Apply.

  7. The maturity benefit is calculated for a 25 years old healthy male who has opted for Canara HSBC Life Insurance iSelect Guaranteed Future Plus with Endowment Option, monthly premium Rs.11,573, premium payment term 10 years and policy term 20 years. The maturity benefit will be in the form of a lumpsum benefit equal to Rs. 3,500,190 which will be paid at the end of the 20th year, provided the policy is in-force and all due premiums have been paid. T&C Apply.

  8. The benefit is calculated for a 25 years old male who opted for Canara HSBC Life Insurance iSelect Guaranteed Future Plus - Long Term Income with Return of Premium Option and chose annual premium Rs.2,50,000, Premium Payment Term - 10 years, Consolidation Period - 15 years, Income period - 20 years and Policy Term - 35 years. Annual Income of Rs. 3,16,150 will commence from the end of the 16th policy year till the end of the 35th policy year. Return of Premium equal to 100% of total premiums payable will be paid at policy Maturity. The above benefits will be applicable, provided the policy is in-force till the end of the Policy Term. T&C apply.

  9. The benefit is calculated for a 25-year-old male who opted for Canara HSBC Life Insurance iSelect Guaranteed Future Plus – Long Term Income with Return of Premium Option and chose an annual premium of Rs.2,50,000, with a Premium Payment Term of 10 years, Consolidation Period of 15 years, Income Period of 20 years, and Policy Term of 35 years. Annual income of Rs.3,16,150 will commence from the end of the 16th policy year and continue until the end of the 35th policy year. Return of Premium equal to 100% of the total premiums payable will be paid at policy maturity. The above benefits are applicable, provided the policy is in force until the end of the Policy Term. T&C apply.

  10. The benefit is calculated for a 35-year-old male who opted for Canara HSBC Life Insurance iSelect Guaranteed Future Plus – Long Term Income with Return of Premium Option and chose a monthly premium of Rs.10,000, with a Premium Payment Term of 10 years, Consolidation Period of PPT + 2 years, Income Period of 20 years, and Policy Term of 32 years. Annual income of Rs.1,23,778 will commence from the end of the 13th policy year and continue until the end of the 32nd policy year. Return of Premium equal to 100% of the total premiums payable will be paid at policy maturity. The above benefits are applicable, provided the policy is in force until the end of the Policy Term. T&C apply.

  11. The maturity benefit is calculated for a 30-year-old healthy male who opted for Canara HSBC Life Insurance iSelect Guaranteed Future Plus with Endowment Option, with a monthly premium of Rs.10,000, Premium Payment Term of 10 years, and Policy Term of 15 years. The maturity benefit will be in the form of a lump sum equal to Rs.20,81,667 will be paid at the end of the 15th year, provided the policy is in force and all due premiums have been paid. T&C apply.

  12. The maturity benefit is calculated for a 25-year-old healthy male who opted for Canara HSBC Life Insurance iSelect Guaranteed Future Plus with Endowment Option, with a monthly premium of Rs.20,000, Premium Payment Term of 10 years, and Policy Term of 20 years. The maturity benefit will be in the form of a lump sum equal to Rs.60,51,111 which will be paid at the end of the 20th year, provided the policy is in force and all due premiums have been paid. T&C apply.

  13. The maturity benefit is calculated for a 25-year-old healthy male who opted for Canara HSBC Life Insurance iSelect Guaranteed Future Plus with Endowment Option, with an annual premium of Rs.5,000, Premium Payment Term of 10 years, and Policy Term of 15 years. The maturity benefit will be in the form of a lump sum equal to Rs.10,35,833 which will be paid at the end of the 15th year, provided the policy is in force and all due premiums have been paid. T&C apply.

  14. The maturity benefit is calculated for a 25-year-old healthy male who opted for Canara HSBC Life Insurance iSelect Guaranteed Future Plus with Endowment Option, with a monthly premium of Rs.15,000, Premium Payment Term of 10 years, and Policy Term of 20 years. The maturity benefit will be in the form of a lump sum equal to Rs. 45,36,667, which will be paid at the end of the 20th year, provided the policy is in force and all due premiums have been paid. T&C apply.

  15. The maturity benefit is calculated for a 25-year-old healthy male who opted for Canara HSBC Life Insurance iSelect Guaranteed Future Plus with Endowment Option, with a monthly premium of Rs.29,188, Premium Payment Term of 10 years, and Policy Term of 20 years. The maturity benefit will be in the form of a lump sum equal to Rs.88,30,992 will be paid at the end of the 20th year, provided the policy is in force and all due premiums have been paid. T&C apply.

  16. The maturity benefit is calculated for a 25-year-old healthy male who opted for Canara HSBC Life Insurance iSelect Guaranteed Future Plus with Endowment Option, with a monthly premium of Rs.5,000, Premium Payment Term of 12 years, and Policy Term of 20 years. The maturity benefit will be in the form of a lump sum equal to Rs.15,50,667 will be paid at the end of the 20th year, provided the policy is in force and all due premiums have been paid. T&C apply.

  17. The maturity benefit is calculated for a 25-year-old healthy male who opted for Canara HSBC Life Insurance iSelect Guaranteed Future Plus with Endowment Option, with an annual premium of Rs.1,50,000, Premium Payment Term of 10 years, and Policy Term of 20 years. The maturity benefit will be in the form of a lump sum equal to Rs.39,63,000 will be paid at the end of the 20th year, provided the policy is in force and all due premiums have been paid. T&C apply.

  18. The maturity benefit is calculated for a 25-year-old healthy male who opted for Canara HSBC Life Insurance iSelect Guaranteed Future Plus with Endowment Option, with a monthly premium of Rs.20,000, Premium Payment Term of 12 years, and Policy Term of 20 years. The maturity benefit will be in the form of a lump sum equal to Rs.64,98,667 will be paid at the end of the 20th year, provided the policy is in force and all due premiums have been paid. T&C apply.

  19. The benefit is calculated for a 25-year-old male who opted for Canara HSBC Life Insurance iSelect Guaranteed Future Plus – Long Term Income with Return of Premium Option and chose an annual premium of Rs.1,00,000, with a Premium Payment Term of 10 years, Consolidation Period of 15 years, Income Period of 20 years, and Policy Term of 35 years. Annual income of Rs.1,23,440 will commence from the end of the 16th policy year and continue until the end of the 35th policy year. Return of Premium equal to 100% of the total premiums payable will be paid at policy maturity. The above benefits are applicable, provided the policy is in force until the end of the Policy Term. T&C apply.

  20. The benefit is calculated for a 25-year-old male who opted for Canara HSBC Life Insurance iSelect Guaranteed Future Plus – Long Term Income with Return of Premium Option and chose an annual premium of Rs.1,00,000, with a Premium Payment Term of 10 years, Consolidation Period of 15 years, Income Period of 40 years, and Policy Term of 55 years. Annual income of Rs.1,08,620 will commence from the end of the 16th policy year and continue until the end of the 55th policy year. Return of Premium equal to 100% of the total premiums payable will be paid at policy maturity. The above benefits are applicable, provided the policy is in force until the end of the Policy Term. T&C apply.

 

  • BEWARE OF SPURIOUS / FRAUD PHONE CALLS!

  • IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

  • Canara HSBC Life Insurance Co Ltd   |   IRDAI Registration no: 136   | CIN - L66010DL2007PLC248825 |   LPDMIGFPLUSCHLOCT24 ENG   |   UIN: 136N098V02
  • Data collected by the company is subject to the Terms & Conditions laid out in the Privacy Policy | ©2022 Canara HSBC Life Insurance Co. Ltd.