It is natural for parents to wish the best for the child. When it comes to some of the more important milestones in their children’s lives like education, marriage or buying a house, parents do not like to fall short, least of all financially.
Benefits of child plans
This is how child plans can help parents provide a better future to their children:
Child plans can play a role in helping parents realize all this and more.
How child plans work
By setting aside money towards a child plan, parents can amass a significant corpus over a period of time. The money can then fund the aforesaid objectives.
Child plans are available in two variants –
Parents must choose an option that is best suited to their objectives and risk appetite.
Importance of riders
While planning for child’s future, it pays to make a comprehensive plan so as to cover all possibilities. One way to achieve this is through riders.
Simply put, a life insurance rider is an add-on that enhances the cover of the primary plan in case of an event. Among many, here are two riders in particular that can add value to the child plan:
- Child Future Planning
- HDFC SL YoungStar Super Premium ULIP Plan
- HDFC Life YoungStar Udaan Child Insurance Plan
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