Take the First Step Towards Their Bright Future
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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.
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About my Child
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My Child’s Dream and Needs
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Additional Details
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Our Recommendation
About my Child
My Child’s Dream and Needs
Additional Details
Our Recommendation
iSelect Guaranteed Future Plus - A Perfect Plan for Your Child's Future
The iSelect Guaranteed Future Plus Plan is a way to help make sure your big dreams for your child come true! It can help you save for important things like your child's schooling, wedding, or just making sure they're taken care of in the future.
Think of it as a tool that helps you plan ahead and be ready for anything. You can choose how long you want to save and how you want the money to return to your child later. This plan helps you put money aside gradually so that it grows bigger over time.
A Detailed Look at How the Plan Works
Choose a Plan Option
- Endowment Option
This plan option will enable you to accumulate a corpus for goals like marriage, retirement, education, etc., by giving you a guaranteed lump sum benefit at the end of the Policy term.
- Regular Income Option
Create a regular stream of income post premium payment term to manage day-to-day expenses and also get guaranteed lump sum benefits to fulfil your goals.
- Early Income Option
In today’s world, the liquidity of money and day-to-day expenses are major problems. With this plan option, you get Guaranteed Income from the 2nd Policy year itself to ensure your income competes with your expenses.
- Long-Term Income with Return of Premium Option
Create a regular stream of income post premium payment term to manage day-to-day expenses and also get a guaranteed lump sum benefit to fulfil your goals.
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
Individual Death Claims Settled in AY 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*