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.
- How to calculate the insurance required for your child's future
- A Comprehensive Guide to Planning for Your Child's Education
- Give your child's vision wings to fly
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
- 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