Child Insurance Plans - How and When to Start Planning
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.
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.
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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