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5 Financial Gifts You Should Get For Your Child
Table of Content
Here, we list 5 excellent choices you should make for your children to secure their financial future:
Buy Child Insurance Plans
Child insurance plans are specifically designed to accommodate a child's financial requirements. Therefore, it is advised that you invest in a child plan in order to assist your child in achieving all of their life goals. This is important because child insurance will serve as a safety net and offer your child full financial support in the event that your monthly income is affected by unforeseen circumstances.
Save Up For Higher Education
Children's savings accounts, a crucial part of a child education plan, allow you to deposit regular sums and subsequently receive interest on those sums. These accounts include fixed deposits, SIPs, PPFs, and others. Your child will receive assured returns on your investments thanks to the interest you earn on your deposits. These savings plans are the ideal present for your children because of the features like 3-5-year lock-in periods to partial withdrawals, which will help them pay for their future education or marriage.
Create A Fixed Deposit
It is crucial for parents to start saving for their kids’ future early due to the rising costs of life and schooling. To ensure that your investment has enough time to develop and accumulate the necessary corpus, it is usually beneficial to invest as soon as possible. For the purpose of creating a corpus for your child's future requirements, you can think about depositing a large sum in fixed deposits. Investing in fixed deposits will yield higher returns than doing so in savings accounts.
Invest In Gold
A hard, tangible investment like gold doesn't tarnish, deteriorate, or lose value over time. Given that gold has consistently increased in value, investing in it now for your child may ensure that your efforts pay off later in life, providing them with solid financial support even in difficult times. Based on the long-term financial objectives you've established for your child's future, you must consider investing in gold exchange-traded funds (ETFs).
Build A Debt Free Financial Legacy
Most parents aim to leave their children with a debt-free financial legacy. For this, ensure you have paid off all of your debt and that you are not putting any financial obligations on your offspring before you consider transferring your possessions and assets to your future generations. Additionally, plan and secure your retirement income so you don’t have to depend on your children.
Conclusion
Principles of investments and insurance are not taught in our conventional education system, and therefore, it is our duty as parents to instill these practices in our children early in their lives. You can simply begin by involving them in the day-to-day financial decisions of your household. This way, you will not only strive towards securing yours and your child’s financial future through a suitable child investment plan, but also help them understand its importance so that they’re capable of securing their own future with ease.
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99.68% Claim Settlement Ratio
For FY 2024-2025
~5 Cr. Number Of Lives Insured
For FY 2024-2025
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99.68% Claim Settlement Ratio
For FY 2024-2025
~5 Cr. Number Of Lives Insured
For FY 2024-2025
Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
HDFC Life
Reviewed by Life Insurance Experts
HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER
We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.
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