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Child Insurance Plans - How and When to Start Planning

April 08, 2019 1589
Financial strength and financial inclusion for children is a very important step that you have to take for ensuring that they have a credible monetary base for their future. These days, insurance providers offer various child plans that come with complimentary benefits and exclusive range of offers for defining the multiple requirements that a child has. When it comes to choosing an ideal plan for your child, it is very essential that you take an informed decision that will help create a sufficient corpus for your child's requirements. There are several parameters which help you choose the best plan for your child's benefits. These parameters include the most important question - how and when should you start? Following are the important factors that will help you decide how and when to take out the ideal plan for your child:
  1. Start as early as possible:

    This is very important. After all, as ideal parents, there is nothing more that you want other than letting your child enjoy the benefits of financial inclusion in life. For this purpose, it is very essential that you start as early as possible. In fact, most people start as early as the birth of their child. This ensures that there is sufficient coverage in place by the time the child reaches the age of actual requirement of funds. This also gives you the benefit of time and through an SIP (Systematic Investment Plan), you can additionally leverage the benefit of rupee-cost averaging for your benefit.
  2. Consider the factor of inflation:

    Inflation or the general increase in prices over a period of time is a reality of our times and this has impacted almost every domain of our life. When you choose a coverage amount i.e. the sum assured, it is very important that you choose it properly after considering the factor of inflation as well. This is because if sufficient cover is not chosen, the amount of coverage that will be created will not be enough for the particular financial goals of your child.
  3. Option of waiver of premium:

    This is extremely crucial, and many insurance providers generally include this option in the child plans. No doubt, this option increases the overall cost of a plan, but it is very much required in any case. Waiver of premium option ensures that in the event of the demise of the policy holder or the declarer (i.e. the parent or the legal guardian of the child), the rest of the pending premiums are waived off and the sum assured is paid in full to ensure that the child's needs are met.

HDFC Life offers HDFC Life Young Star Udaan - a child specific plan that provides comprehensive benefits for the overall financial coverage of your child and lets you create sufficient corpus for meeting her/his needs at all times in life. For details, click on the mentioned link: https://www.hdfclife.com/children-insurance-plans/youngstar-udaan.

 

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