Health Insurance: Protect Your Daughter's Wedding Fund HDFC Life

It is often said that a daughter is always her fathers princess. The special bond that a girl shares with her father is too deep to be put in words actually. For a father, giving the best of everything in life to his daughter is a very special duty and a labor of love. Every father wants his daughter to lead a quality life and achieve every goal that she wants. For this purpose, a parent toils hard and works towards building a sufficient financial platform so that his daughter can conquer all milestones of life. One of the biggest and most important milestones in a girls life is the event of her marriage and every girl wants to have a fairytale wedding. For a father, the daughters wedding is an occasion of a lifetime and they leave no stone unturned to ensure that it becomes a cherished event.

Weddings are a costly affair and for building the funds for the event, every father wants to have the best investment option that can yield the returns in a timely manner. Many people invest in mutual funds, term plans, assets etc. for accumulating enough monetary resources for their daughters wedding. In India, the investment plans have traditionally been channelized in the form of gold assets or property assets and when the time comes, using these assets to generate the financial corpus is considered as the best option. However, while choosing the best investment plan, many parents undervalue the importance of health insurance. Health insurance is an important step towards securing the finances that you have built for your daughters wedding.

If we think of a scenario, it can make things more clear in this context. Imagine a father has been saving for his daughters marriage since years and has built up sufficient funds for it. However, there is no health insurance plan in place. If due to certain unforeseen event, the daughter becomes ill or is diagnosed with a serious ailment, the father will have to spend every single penny of the accumulated funds on her treatment. This practically brings the situation to a very critical junction and the money meant for the wedding has to be spent on a medical contingency. However, if the father had taken out a specific health insurance plan, the funds meant for the wedding would have remained secure and the daughter would have had the dream wedding that she always wanted. This is a very practical example of how important a health insurance plan can be for securing the funds and helping you build enough monetary reserve for your daughters marriage.

The best thing that can be done is to take a timely and informed decision. Ideally, the family floater health plan that you have must be extended to include the girl child immediately after birth. However, if you have missed out on that, you can still include her in the joint plan until she reaches 21 -25 years of age. After that, you can take out an individual health insurance plan for her. She can choose whether to remain in the family floater plan after marriage or to opt for the husbands joint health plan.