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The Ideal Child Education Plan and Insurance
In the highly competitive and fast paced world of today, you obviously want your child to receive the best of careers, for which, the child has to be educated in the best manner possible. Today, the definition of education is no longer limited to bookish knowledge and getting a degree. Education has become skill oriented and therefore, along with the main schooling, college and university courses, additional trainings and curricula have become mandatory. This has further increased the financial burden on the parents and has made it essential to have an extensively beneficial education plan for the child in place. Different insurers today offer child education plans with varied and diverse benefits and incorporated features. Therefore, a comprehensive comparison of the different plans on offer is very important for you to choose the best option. An ideal child education plan is the one that suits your specific needs and comes with features that provide the best deal for you.
An ideal child education plan comes with various features which must be taken into account before opting for it. These features include the coverage benefits, the amount of payable premiums, any additional benefits, and the option where the premiums can be waived off (in the event of the policy subscriber's demise) etc. Generally speaking, different insurers incorporate these features into the child education plans and therefore, conducting an online survey and matching of these features with your projected plans is very essential. A child education plan can be either endowment-linked or unit linked. Both these types of insurance plans have their individual benefits and features.
A unit linked child plan must be chosen carefully, as the returns are market linked and the investment instruments are subject to the fund's performance. Although as policy holder, you can switch between various fund options, yet the level of market risk involved is higher than that in endowment linked child plans and the benefits vary accordingly. While choosing a child education plan, it is important for you to understand the importance of taking a timely decision as this directly impacts the coverage benefits, payable premiums etc. Taking a timely decision for your child's future allows you to have a sufficient corpus in place by the time your child is ready for college or university.
HDFC Life offers HDFC Life YoungStar Udaan a plan designed to help your child fulfill her/his dreams and meant to act as a catalyst in your child's future growth.
Related Article:
3 Tips to Boost Your Child's Personality Development
Checklist to Fully Insure Your Child with Child Insurance
When to Start Investing in Child Investment Plans
Why You Must Invest in a Child Plan- HDFC Life
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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.
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