Why Do I Need a Child Plan? - HDFC Life
Parenting these days is much more challenging than what it was a few decades ago. There is immense pressure on parents to perfect the art of parenting to bring out the best in their child. The good news is that both mom and dad are equally involved, which makes sure that every little detail is taken care of. One such critical detail, where both parents have to step-up their game is financial planning for the child. The biggest challenge for parents today is to muster the finances to match the mounting costs of education and marriage. With children taking to hobbies like music and art as alternate careers, parents have to shell out a lot more on their children than the previous generation.
Not just education, everything comes at a steep price tag, be it the wedding that you dreamed of for your child or a new house or a car for him or her. While your child is doing his or her best, it may not guarantee a successful future unless you have planned to meet these needs.
The saving grace is that you can now count on a child education plan from HDFC Life to build a decent corpus over a period of time to provide your child a secured financial future. You can now choose from both Unit Linked and Traditional Insurance Plans according to your needs.
It is always a great idea to celebrate happy moments with important decisions - such as investing in jewellery or property around festivals. Similarly, wouldn't it be great if you celebrated your little one's Birthday this year with a life insurance plan which will ensure that the smile you put on her face stays like that forever! Moreover, it will act as a reminder every year and ensure you invest in a disciplined manner for your child's financial future.
What Are Child Plans?
A child insurance plan provides life cover to the parent while also allowing them to invest and grow their wealth for their child’s future. These plans provide flexible payout schemes and often provide small sums whenever your child reaches a significant milestone in their life. A children’s plan allows you to save up for your child’s future and make regular investments as well.
Why Is Investing in Children’s Plans Important?
It is heartbreaking to think about a time when you cannot physically be there for your child. None of us know what life has in store for us, so it’s crucial that you plan for every circumstance. By investing in a child investment plan, you can safeguard your child’s financial future. You can start investing today to build a corpus that they can use to fulfil their dreams.
Tips to Choose the Best Child Insurance Plan
We’re sure you want nothing but the best for your child. You can find the best plan for them by following these tips:
Plan your finances and investments for your child right from the time they are born. Ideally, find plans that provide payouts when they are 18 or 21, so that they can use the funds to finance their dreams.
Look for Premium Waivers
When you buy a child insurance plan, you need to consider policies that offer a waiver of premiums. If you opt for this, your policy will continue even if something happens to you.
When you’re planning for the future, you must safeguard your finances against the adverse effects of inflation. Find a policy that offers higher returns that the expected rate of inflation.
How Does the HDFC Life Child Plan Work?
At HDFC Life, we offer three plan options that you can choose from to meet your child’s financial goals. Based on the plan you opt for you can receive payoutsat the end of each year that will help you meet your child’s financial requirements. If anything were to happen to you, your child will still be taken care of, so you can rest easy knowing that nothing will come between your child and their aspirations.
Every parent does their best to safeguard their child’s financial future. With HDFC Life Child Plans, you can build up a corpus for your little one to rely on when they’re older. You can plan for several contingencies and ensure that your child always has the money they require to achieve their dreams.
ARN – ED/01/22/27014
- When to Start Investing in Child Investment Plans
- 3 Tips to Boost Your Child's Personality Development
- How to Plan for Child's Future?
Income Tax Slab 2021-22
February 17, 2020
Income Tax Return Guide - Details You Should Know
November 07, 2016
Best Tax Saving Investment Options in 2022 (FY 2022-2023)
November 08, 2016
Subscribe to get the latest articles directly in your inbox
14 Best Investment Options In India
October 30, 2018
Short Term Investments: Top 11 Short Term Investment Options For 2022
November 08, 2016
Insurance vs Investment - Did You Get the Right Financial Plan?
November 05, 2018
Popular & Recent Articles
How to Plan for Retirement as Per your Age
"The thumb rule for retirement planning is - the earlier you start, the more you save. However, with age, your priorities change too. So, you need to factor in the cost of living in the present vis- a -vis future."
HDFC Life Insurance Company Limited. CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101.
Registered Office: Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011. Email: [email protected], Tel No: 1800-266-9777 (10 am to 7 pm). The name/letters “HDFC” in the name/logo of the company belongs to Housing Development Finance Corporation Limited (“HDFC Limited”) and is used by HDFC Life under an agreement entered into with HDFC Limited.
For more details on risk factors, associated terms and conditions and exclusions please read sales brochure carefully before concluding a sale.
BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS/FRAUDULENT OFFERS
- IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.
- term insurance plan
- savings plan
- ulip plan
- retirement plans
- health plans
- child insurance plans
- group insurance plans
- long term savings plan
- fixed maturity plan
- monthly income advantage plan
- income tax calculator
- pension calculator
- bmi calculator
- compound interest calculator
- term insurance calculator
- income tax
- tax saving investment options
- best investment plans
- benefits of term insurance calculator
- what is term insurance
- why to invest in life insurance
- tax planning for salaried employees
- how to choose best child insurance plan
- tips for buying retirement plan
- 1 crore term insurance
- importance of saving
- short term saving plans
- types of investment in india
- investment declaration