Child plan with a single premium payment option that provides you the dual benefit of savings and insurance can be the best thing for you and your child in case you happen to crack a good enough deal. And also to make you understand, wherein these single premium plans stand out or can favour you in comparison to regular premium plans, are highlighted some of the worth mentioning points:

1. First and foremost these plans remain suitable for people with unsteady cash flow or who have received a fortune from source.

2. The second best thing about these plans is you end up paying less in comparison to regular premium plans as you buy the policy in cash instead of making future payments as installments.

3. Also you don't have to remember any future premium payment dates and hence are spared from the risk of non-payment and thereon hefty charges or policy lapse issues.

4. One another aspect is in respect of taxation wherein you get the 80C advantage only in the first policy year for a single premium policy as against regular plans.

So, here are the best child plans with single premium or one-time investment option:

1. SBI Life Smart Champ Insurance: This policy comes with the single premium payment option as well.

Benefits:

• Payouts are as per your child's age

• Accidental Total & Permanent Disability coverage

In case of single premium policy under the plan, benefit amount equals to the sum assured value, wherein SA value is higher of basic SA or a multiple of Single Premium; where multiple is: in case life assured is aged less than 45 years then SA value is 1.25 times the single premium or if he or she is equal to or more than 45 years than 1.10 times.

2. Max New York Smart Steps Single Premium: An endowment plan is drawn particularly to provide for a child's financial needs. For the life insured i.e the parent

Features

• Entry age- 21-50 years
• Child's age-91 days- 15 years
• Maximum maturity for the life insured - 60 years
• Policy term- 10-25 years
• Premium Bands: Band I- Rs. 50,000 to Rs. 2,99,999, Band II- Rs. 3 lakhs and above
• Sum assured: 5 times the single premium
• Allocation charges depend on the premium band chosen

3. Bajaj Allianz Fortune Gain Plan: It is a ULIP plan that can be opted to secure your child's future at a minimum cost with the maximum advantage.

Key advantages:

• The plan offers 7 funds to choose from
• Systematic switching option available such that every ounce of your investment earns bountiful returns for you
• Partial withdrawal facility available
• Option to decrease the sum-assured value

Features:

• Entry age- 1 year to 63 years
• Maturity age- 18 years to 70 years
• Policy term- 7 years to maximum 30 years
• Single Premium amount- Rs. 50,000 (minimum) to no limit
• Minimum sum assured : In case entry age is less than

Benefits

As maturity benefit, the insured is entitled to single premium fund value plus top-up premium fund value, if any, both as on the maturity date, provided the policy is in-force.

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