The National Insurance Institute is at your side during your life, from birth to advanced age, granting you a variety of social rights adapted to changing life situations.
The National Insurance Institute is responsible for the social security of Israeli residents.
Its primary mission is to ensure means of subsistence for those unable to earn their living.
The National Insurance Institute collects insurance contributions from all residents according to their social background and status, and pays benefits to those entitled. Hence, the income of economically established groups is transferred to weak and vulnerable groups and, thereby, the National Insurance Institute contributes to a more equitable distribution of national income and the reduction of dimensions of poverty. Further information...
Now, after the birth, you have to choose if you wish to open for your newborn child a savings plan in a provident fund or a bank, select an investment profile, as well as decide whether or not to add another NIS 55 (as of Jan 01, 2023) out of the child allowance, and double savings amount up to 110 (as of Jan 01, 2023) per month.
You can choose how savings will be managed within 6 months since the date of birth,
To open a savings plan for your child, click here
The National Insurance Institute deposits in the savings plan NIS 55 (as of Jan 01, 2023), the 20th of each month (the date of child allowance payment).
In addition, you can decide to deposit another NIS 55 (as of Jan 01, 2023) out of the child allowance you are paid. By that means, the amount of savings for your child will raise to 110 (as of Jan 01, 2023) per month, and be able to guarantee that, 18 years later, a substantial amount of money will be at his or her disposal.
To calculate the overall amount that will be saved for your child, click here
For your information, the provident fund or the bank managing your child savings will send you every year, up to the 1st of March, a report regarding the status of your child's savings. You will also be able to follow review savings on the internet site of the managing body.