Children insurance plans: A collative and analytical study of selected life insuers

It is the primary responsibility of all parents to fulfill the child's dreams and aspirations. With mounting inflation and hence a higher cost of living, parents have to ensure that their child is able to lead a life of respect and self-esteem with a financially secured future. Children's plans offered by life insurers have emerged as a smart way to propose financial security to the children. The study examines the children's plans offered by selected life insurers in India. It is found that plans floated by insurers are unique in providing financial means to children to pursue their goals, and these plans are the best available alternative to save and invest for the safe and bright future of the child. However, it is problematic for an individual to comprehend the trick of inherent and latent charges in these plans. The study observed that children's plan SMART Steps Plus of Max New York Life and Young Star Plus II of HDFC SL are worth considering to save for child's better future. On the basis of study it can be inferred that Young Star Plus II of HDFC SL is better in terms of inherent features and diverse charges as compared to SMART Steps Plus of Max New York Life.