Child Ulips For a parent their child is their parent. Their education, marriage is one of the most important goals. And in order to fulfill these goals parents opt for Child Ulips that are designed to cover the life of the parent as well as the goal he has in mind for his child. As ther4e are two policies combined in one they have a higher mortality charge. But other than this parents can go for different simpler products to save for their child's education like mutual fund that is more transparent and simpler to understand than a Ulip. Plus you get the benefit to shift between schemes. You can use bank deposits to save for college.