There are multiple types of child plans available in the market. The choice of the policy depends on the nature of the policy, parents and the child. A parent can invest in SSY for only a girl child. However, ULIPs and mutual funds do have such restrictions. While SSY comes with a lock in, there is no such thing for mutual funds. As parents, you have to understand your requirements and check the finances before committing to a child plan to secure your child's future.