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    Steps to Choose the Right Child Insurance Plan

    Last Updated On 05-08-2021

    Every parent wants the best for their child. From childhood days to education and career, you want to provide your child with everything they need to fulfil their dreams and live a secure future. However, the rising costs of living and education and the uncertainties of life make it a difficult task. This is where a child saving plan comes to your rescue.

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    The lingering thought of ensuring financial security to cover their medical, education, and marriage needs can be dealt with by getting a child protection plan. Not only do these savings insurance plans provide financial cover, but they also facilitate the fulfilment of milestones at different life stages.

    You can find more than one best saving plan for a child in the market today! So, how do you pick the right one?

    Here's a brief guide to help you choose a suitable child insurance plan:

    • Identify and Prioritise the Financial Needs of Your Child
      Typically, a child's education, health and marriage are the three important goals that every parent wants to save up for. Out of all of these, education takes the front seat. Whether your child wants to go overseas for higher studies or take up a postgraduate degree within the country, you need to estimate the amount that is needed and the period over which the money needs to be accumulated. The same applies to your child's marriage. Make sure you factor in the inflation rate to get a realistic estimate.

      These numbers will enable you to identify the funds you need to save each year and the level of risk you are willing to take.
    • Compare the Available Child Protection Plan
      Setting financial goals for your child's needs will help you narrow down the type of savings and protection plan to choose. Some of the best saving plan for a child falls into these two categories:
      • Conventional Endowment Plans
        Have a low-risk appetite? Don't want the unpredictability of financial markets to affect your savings? Then endowment plans are a great option. They offer a life cover and a savings component. You can accumulate funds to support life goals, including your child's education or marriage, and also secure their future. In case something happens to you, your child will be entitled to receive the sum assured.
      • Unit-Linked Insurance Plans for Children
        They are similar to other ULIPs, with the only difference being that the beneficiary will be your child. Since a part of the premium is invested in market-linked securities, a unit-linked child saving plan is a viable option if you are willing to take some risk. These plans offer good returns but are subject to market fluctuations. The best part is that you can spread your risk across different investment instruments to ensure better returns.
    • Check if it Has a Life Cover and Offers Waiver of Premium
      To ensure your little dependent doesn't suffer financially in your absence, you want to make sure the child protection plan carries a life cover. With life being unpredictable, this ensures your child remains financially secure in case of your demise.

      You also want to be sure that they are not burdened with having to pay premiums when you are not around. Pick a policy that carries a waiver of premium or offers the same as a rider option. This way, your child doesn't have to pay for the policy on your death. Most insurance policies also come with other riders like accidental death benefit and critical illness. When saving for your child, these can be helpful.

    Understanding your child's needs and following these steps will guide you in choosing the best saving plan for your child. Laying a strong financial foundation for your child early on helps build a secure future for them.



    The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision. Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time. Please consult your tax consultant for more details

    PNB MetLife India Insurance Company Limited
    Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
    IRDAI Registration number 117 | CIN U66010KA2001PLC028883
    For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale.
    Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time.
    The marks "PNB" and "MetLife" are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
    Call us Toll-free at 1-800-425-6969, Phone: 080-66006969, Website:, Email: or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203.


    Beware of Spurious Phone Calls and Fictitious / Fraudulent Offers!
    IRDAI is not involved in activities like selling insurance policies, announcing bonus or investments of premium. Public receiving such phone calls are requested to lodge a police complaint.



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    As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at or You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.

    PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance PlansTerm PlanProtection PlansLong Term Savings Plans , Retirement Plans & Child Education Plan.

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