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Behind Every Dreamer are Parents Who Planned Ahead

With a Small Investment of ₹15,000/month*
  • Guaranteed Maturity Benefit
  • Premium Waiver Option
  • Flexible Payout Option
  • Tax Benefits

 

Give Their Tomorrow a Head Start

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12/11/1997
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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.

Secure Your Child's Future

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 15 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

₹400,127.4 Mn Assets Managed

₹400,127.4 Mn Assets Managed

Assets Managed as of 31 December 2024

99.31% Claims Settled

99.31% Claims Settled

Claims Settled in FY 2023-2024

215.00% Solvency Ratio

215.00% 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*

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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 (excluding taxes), premium payment term 10 years and policy term 15 years. The maturity benefit in form of a lumpsum benefit equal to Rs.33,85,000 is 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 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 (excluding taxes), premium payment term 10 years and policy term 20 years. The maturity benefit in form of a lumpsum benefit equal to Rs. 1,02,78,333 is paid at the end of the 20th year, provided the policy is in-force and all due premiums have been paid. T&C Apply.

^The benefit is calculated for a 25 years old male, opted for Canara HSBC Life Insurance iSelect Guaranteed Future Plus - Long Term Income with Return of Premium Option and chosen annual premium Rs.2,50,000 (excluding taxes), Premium Payment Term - 10 years, Consolidation Period- 15 years, Income period - 20 years and Policy Term - 35 years. Annual Income of Rs.3,87,875 will commence from the end of 16th policy year onwards till the end of 35th policy year. Return of Premium as 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.

^^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. 10,000 (excluding taxes), premium payment term 10 years and policy term 20 years. The maturity benefit in form of a lumpsum benefit equal to Rs. 34,24,444 is paid at the end of the 20th year, provided the policy is in-force and all due premiums have been paid. T&C Apply.

  1. Benefits are guaranteed provided the policy is in force and all premiums are paid as and when due.
  2. Provided all premiums are paid as and when due.
  3. Payor Premium Protection cover can be opted with Endowment Option and Regular Income Option
  4. Return of Premium equals to 100% of Total Premiums Paid will be paid at Policy Maturity.
  5. Tax benefit of ₹ 46,800/- is calculated at the highest tax slab of 31.2%(including 4% cess) for an assessee on life insurance premium of ₹ 1.5 lacs under Income Tax Act, 1961 and tax benefit may vary from assessee to assessee. Tax benefits/savings are subject to provisions under section 80 C, 80 CCC, 80 D, 10(10A), 10(10D) and other sections of the Income Tax Act, 1961. The provisions of Income Tax Act, 1961 are subject to amendments made by the government from time to time. Goods & Services Tax will be charged on the premium amount. Please consult your independent tax advisor for details.
  6. The calculation is shown for Endowment Option
  7. Individual death claims settled and reported for FY 2023-24.
  8. 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 (excluding taxes), premium payment term 10 years and policy term 20 years. The maturity benefit in form of a lumpsum benefit equal to Rs.16,31,944 is paid at the end of the 20th year, provided the policy is in-force and all due premiums have been paid. T&C Apply.
  9. 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 (excluding taxes), premium payment term 10 years and policy term 20 years. The maturity benefit in form of a lumpsum benefit equal to Rs.51,36,667 is paid at the end of the 20th year, provided the policy is in-force and all due premiums have been paid. T&C Apply.
  10. The benefit is calculated for a 25 years old male, opted for Canara HSBC Life Insurance iSelect Guaranteed Future Plus with Regular Income Option, annual premium Rs.1,00,000 (excluding taxes), premium payment term 10 years and policy term 40 years. Guaranteed income of Rs.1,07,810 shall be paid annually for 30 years post completion of Premium Payment Term & maturity benefit equal to Rs. 1,50,000 as lumpsum shall be paid at the end of the 40th policy year, provided the policy is in-force and all due premiums have been paid. T&C apply.
  11. The above scenario has been calculated for an individual who has opted for Canara HSBC Life Insurance iSelect Guaranteed Future Plus - Long Term Income with Return of Premium Option and has chosen Premium Payment Term - 10 years, Consolidation Period- 15 years, Income period - 40 years and Policy Term - 55 years. Income will commence from 16th year onwards till 55th year & will be paid at the end of month/yearly on basis of chosen income payout frequency at inception. Return of Premium as 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.
  12. 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. 29,188 (excluding taxes), premium payment term 10 years and policy term 20 years. The maturity benefit in form of a lumpsum benefit equal to Rs. 1,00,00,133 is 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 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(excluding taxes), premium payment term 10 years and policy term 20 years. The maturity benefit in form of a lumpsum benefit equal to Rs.30,02,000 is paid at the end of the 20th year, provided the policy is in-force and all due premiums have been paid. T&C Apply.
  14. The minimum monthly mode premium of Rs.1800 (excluding taxes) is available under iSelect Guaranteed Future Plus with all plan options. T&C apply.
  15. The benefit is calculated for a 25 years old male, opted for Canara HSBC Life Insurance iSelect Guaranteed Future Plus - Long Term Income with Return of Premium Option and chosen annual premium Rs.2,00,000 (excluding taxes), Premium Payment Term - 10 years, Consolidation Period- 15 years, Income period - 30 years and Policy Term - 45 years. Annual Income of Rs. Rs.2,84,480 will commence from the end of 16th policy year onwards till the end of 45th policy year. Return of Premium as 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.
  16. 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. 20,000 (excluding taxes), premium payment term 12 years and policy term 20 years. The maturity benefit in form of a lumpsum benefit equal to Rs.73,13,333 is 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 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 (excluding taxes), premium payment term 12 years and policy term 20 years. The maturity benefit in form of a lumpsum benefit equal to Rs.17,45,000 is 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 benefit is calculated for a 25 years old male, opted for Canara HSBC Life Insurance iSelect Guaranteed Future Plus - Long Term Income with Return of Premium Option and chosen annual premium Rs.1,00,000 (excluding taxes), Premium Payment Term - 10 years, Consolidation Period- 15 years, Income period - 20 years and Policy Term - 35 years. Annual Income of Rs. Rs.1,51,740 will commence from the end of 16th policy year onwards till the end of 35th policy year. Return of Premium as 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.
  19. The benefit is calculated for a 25 years old male, opted for Canara HSBC Life Insurance iSelect Guaranteed Future Plus - Long Term Income with Return of Premium Option and chosen annual premium Rs.1,00,000 (excluding taxes), Premium Payment Term - 10 years, Consolidation Period- 15 years, Income period - 40 years and Policy Term - 55 years. Annual Income of Rs. Rs.1,34,790 will commence from the end of 16th policy year onwards till the end of 55th policy year. Return of Premium as 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.
  20. 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. 1,50,000 (excluding taxes), premium payment term 10 years and policy term 20 years. The maturity benefit in form of a lumpsum benefit equal to Rs.45,03,000 is paid at the end of the 20th year, provided the policy is in-force and all due premiums have been paid. T&C Apply.
  21. 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.14,601(excluding taxes), premium payment term 10 years and policy term 20 years. The maturity benefit in form of a lumpsum benefit equal to Rs.50,00,031 is paid at the end of the 20th year, provided the policy is in-force and all due premiums have been paid. T&C Apply.
  22. 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.10,000 (excluding taxes), premium payment term 10 years and policy term 15 years. The maturity benefit in form of a lumpsum benefit equal to Rs. 22,56,667 is paid at the end of the 15th year, provided the policy is in-force and all due premiums have been paid. T&C Apply.
  23. The benefit is calculated for a 35 years old male, who opted for Canara HSBC Life Insurance iSelect Guaranteed Future Plus - Long Term Income with Return of Premium Option and chosen monthly premium Rs.10,000 (excluding taxes), Premium Payment Term - 10 years, Consolidation Period- PPT+2 years, Income period - 20 years and Policy Term - 32 years. Annual Income of Rs. 1,48,056 will commence from the end of 13th policy year till the end of 32nd policy year. Return of Premium as 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. 
  24. 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 ₹5,000 (excluding taxes), premium payment term 10 years and policy term 15 years. The maturity benefit in form of a lumpsum benefit equal to ₹ 11,27,222 is paid at the end of the 15th year, provided the policy is in-force and all due premiums have been paid. T&C Apply.
  25. The maturity benefit is calculated for a 30 years old healthy male who has opted for Canara HSBC Life Insurance iSelect Guaranteed Future Plus with Endowment Option, monthly premium Rs.10,000 (excluding taxes), premium payment term 10 years and policy term 15 years. The maturity benefit in form of a lumpsum benefit equal to Rs. 22,47,222 is paid at the end of the 15th year, provided the policy is in-force and all due premiums have been paid. T&C Apply. 
  26. 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. 20,000 (excluding taxes), premium payment term 10 years and policy term 20 years. The maturity benefit in form of a lumpsum benefit equal to Rs.68,52,222  is paid at the end of the 20th year, provided the policy is in-force and all due premiums have been paid. T&C Apply.
  27. 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. 2,40,000 (excluding taxes), premium payment term 10 years and policy term 20 years. The maturity benefit in form of a lumpsum benefit equal to Rs. 72,08,400 is paid at the end of the 20th year, provided the policy is in-force and all due premiums have been paid. T&C Apply.

 

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