International Journal of Computer & Mathematical Sciences

IJCMS
ISSN 2347 – 8527
Volume 6, Issue 6
June 2017

Child Insurance Journals-An Overview

Dr. P.S. Sheik Uduman, A. K. Abidha,

Professor & Dean Asst.Professor,
Department of Mathematics & AS Department of Mathematics & AS
Crescent University, Ch-48 Crescent University,Ch-48

ABSTRACT:
In India there are more insurance organizations offering children insurance plan effectively namely LIC,
HDFC, SBI, AVIVA, STAR, etc. But there is only less compositions of these plans due to the inadequate awareness of the
benefits like Tax sections, waiver of premiums, riders. This review is completed with a specific end goal to comprehend
the current perspectives of youngster protection arranges in different aspects, also studies that use policy changes as an
exogenous source of change in child insurance status.
KEYWORDS: Child insurance plans, premiums, riders.

INTRODUCTION:
Effective child rearing is no mean achievement. With this context, Child Insurance plan
plays a major role in today’s world. It is one of the most fastest growing business in today’s world.. The
prominent thinking of a parent is to meet the children’s dreams and aspirations. Child insurance plan is a one
of the best fit investment plan to accomplish the future longings of the children compare to all other plans .It
mainly encompasses financial needs for the kid’s future.
It’s a double sided coin act for the tax saving schemes & investment avenues to the insured. The essential
and primary aim of the parent is to take care of the children’s future .The best way to start is to buy a child
insurance plan. It provides a dual security for your investments and benefits. Child insurance plans are termed
as regular life insurancecontracts.
There are more reasons to buy a child insurance plan in that the main reasons are to deal with taking care of
the education, saving cum investment, protect you against serious illness, a collateral for the loans, waiver of
premiums (on the death of the parents), income security for your kid It is generally obtained to ensure a family
against the sudden and unforeseen expenses of a youngster's memorial service and to secure modest and
ensured protection for the lifetime of the kid.
Most of the insurance companies offering different entry level for the child insurance plan of the kid but not
covering the new born baby .in some companies they deals with entry level plans such as child education plan,
child marriage plan, child money back plan.so we have make a deep study in that while choosing the plan.
The way of choosing the children insurance plan is the one of the right decision parents have to make at a
right time with the comparison of all the plans. What are the things required while choosing the plans are (i)
set your goals (ii) premiums (iii) pick the plan as per your profile (iv) careful of inflation (v) understanding the
impact of charges (vi) benefits and riders (vii) tax benefits.
According to Dr.Ashok Khurana et.al (2010).The main aim of this study is to find out the best child insurance
plans amongst selected life insurers. It also reveals the challenges, opportunities, the inherent features, charges
with various parameters as a consideration by using the secondary data with some assumptions for comparison
of plans. Finally it concludes the HDFC plan is the best child plan as compared to all other plans. The author
gave some recommendations & suggestions to the parents on choosing the plans for their children.
According to G.Balachandar, et.al(2012) in a journal entitled “Analysis of Children Insurance Plans in the
Present Context” as this study deals with two main primary areas are (i) Analyzing the potentiality of the
CHIP offering by the selected life insurance companies (ii) Comparing features, quality, of these plan offered

48 Dr. P.S. Sheik Uduman, A. K. Abidha

 International Journal of Computer & Mathematical Sciences
IJCMS
ISSN 2347 – 8527
Volume 6, Issue 6
June 2017

by the companies. Data incorporates primary and secondary from various sources of insurance agents,
journals and websites. The selected companies with their plans are: HDFC-Standard life-Children’s plan, LIC-
Komal Jeevan, Bajaj Alliance-Child gain plan, SBI life scholars, ING vysa, TATA AIG.The author examine
the special features, Added advantages, benefits such as rider, premiums, sum assured, maturity benefits. The
author concluded the result as each organization varies by its own criteria in order to satisfy the customer
requirements.
Dr.C.K.Hebbar (2014) his research paper is on “Risk Awareness and Usage of Child Insurance Plan with
Special Reference To HDFC Standard Life Insurance Company in India” conduct an analysis of the child
insurance plans with their risks awareness and the usage of it. It examines as no of respondents, awareness
level of the respondents, satisfactions of them etc. The data has been collected from the HDFC insurance
company situating in Bangalore. The study proposes that awareness level is quite fair and the usage
numbering also acceptable one.it also indicates there is should be more updates regarding the changes in the
plans .it has to be conveyed properly through the parents like ads, campaigns, etc.
Dr. Anuradha Yesugadhe(2016) on the topic “Balancing between risk and returns amongst child insurance
plans”. The authors perform the wonderful analysis of each and every sections about child insurance plans by
using three insurance companies as Canara, LIC, SBI. Primary data has been used for the study in detailed. On
comparing all the necessary terms and conditions related to the coverage, present values, and also they ranked
the companies in order. Hypothesis testing has carried out in various stages to understand the impact of the
plans by the insured. Finally it suggests some recommendations can be followed by the insurance companies
to increase the intake of customers. Moreover parent’s has to make a keen study about choosing the plan in a
prevailed condition.

CONCLUSIONS:
As part of this extensive literature review reveals that most of the literatures are based of the comparison the
child insurance plans with some general survey, testing’s, suggestions and recommendations to the insurer as
well as to the insured. Each analysis differs from its own criteria and assumptions, but mainly states LIC is the
first thing come into the mind, while we seek for an insurance policy. Private insurer need to come up with
more innovative products, customer friendly in order to increase the number of customers and to sustain in the
competitive world. Finally we suggest it is one of the foremost duty of the parents to take care of their child
future in a nurture way

REFERENCES:
1. Ashok Khurana,Roshan Lal “Children Insurance Plans: A Collative and Analytical Study of selected Life Insures”
APJRBM Volume 1, Issue 1 (OCT.2010) ISSN 2229-4104
2. Anuradha Yesghade and Ashok Rande “Balancing between risk and returns amongst child insurance plans.AJMS
Volume 4,Issue 4,(March 2016) ISSN 2321-8819.
3. G.Balachandar et.al “Analysis of children insurance plans in the resent context” IJMT Volume 2.
4. Dr.C.K.Hebbar et.al “Risk awareness and usage of children insurance plans with special refrence to HDFC standard
life insurance company in india” Global journal for research analysis” Volume 3,Issue 6, ISSN 2277-816

49 Dr. P.S. Sheik Uduman, A. K. Abidha