header-search-icon
Become an Advisor

Contact Us right-arrow-white

Login right-arrow-white

RESUME APPLICATION PAY PREMIUM
Fund Performance

Fund Performance

Knowledge Center

Knowledge Center

About Us

About Us

Tools and Calculators

Tools & Calculators

Quick links

Mobile (Download app)
RESUME APPLICATION PAY PREMIUM

What do you want to do?

Quick links

Mobile (Download app)

Download HDFC Life App

Buy plans, track your policy, make renewal payments & monitor fund performance with HDFC Life App, Download Now!

Apple Logo Go to Google Play Store

Child Insurance Plans - How and When to Start Planning

down-arrow
April 08, 2019
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.

Related Articles

Show Full Article
Hide Full Article

Term Plan Articles Term Plan Articles

Investment Articles Investment Articles

Savings Articles Savings Articles

Life Insurance Articles Life Insurance Articles

Tax Articles Tax Articles

Retirement Articles Retirement Articles

ULIP Articles ULIP Articles

Health Plans Articles Health Plans Articles

Child Plans Articles Child Plans Articles

Popular Calculators Popular Calculators

Insurance Advisor Articles Insurance Advisor Articles

Francis Rodrigues 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.

LinkedIn profile
Author Profile Written By:

Here's all you should know about life insurance.

We help you to make informed insurance decisions for a lifetime.

Promise for a Lifetime: Choosing the Right Child Savings Plan

Promise for a Lifetime: Choosing the Right Child Savings Plan

Get expert advice on choosing the right child savings plan as a parent to secure your childs financial future, provide better opportunities, and ensure long-term stability.

Building a Financial Safety Net for Your Child, this Children’s Day.

How to use an online savings plan to secure your child's education fund?

5 Tips for Building Your Childs Overseas Education Corpus

Empower your child's dreams of studying abroad. Discover expert tour top 5 tips for building a solid overseas education corpus. Secure their future now!

5 Tips for Building Your Childs Overseas Education Corpus
Inflation and Child Plans - What Must You Do Previous
Plan to Secure Your Childs's Future This Children's Day Next
HDFC life
HDFC life

HDFC Life

Reviewed by Life Insurance Experts

HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER

We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

Popular Search

Popular Searches