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Why let economic woes control your child's dreams?

November 05, 2018 1508

William Wordsworth once famously expressed - "Child is the father of man".

This expression gives a frame to the hopes and dreams of a better tomorrow and the real duties of parenting, which safeguard that frame. We live in times where the rising cost of living and the struggle to achieve financial stability take up most of our time.   Careful planning of finances, income and expenditure and the efforts to protect the investments generally involve a detailed approach and more so, when it comes to saving for our children.

Speaking of saving for the child, the importance of adopting a futuristic mindset and projecting a detailed plan in accordance with that is very important. After all, your child's career and empowerment of her/his dreams are your priority. Consider this example - the cost of professional courses is increasing and at the time of admission, what most parents do is that they take out an education loan. However, had they been investing in a child-education plan,  the policy would've even matured by the time of admission.

Getting your finances insured is one big step. However, merely taking out a general cover doesn't let the matter rest. What is actually needed is a child-specific plans. In fact, specific insurance cover plans are trending these days as the benfits that they provide are subject centric and far more extensive than the general plans. Moreover, these plans even come to your aid in case your child wishes to pursue a particular talent-domain that may require immediate funding.

A specific child plan is a participating endowment plan that offers double benefit of saving and protection. Besides, the added feature is that in the event of premature death, child insurance plan offers lumpsum payment but the policy does not end. There is a waiver of future premiums and the company continues to invest on behalf of the policy holder.

Planning for any type of specific outcome from the investments is always better and it is with this in perspective, that HDFC Life has come up with YoungStar Udaan plan - an innovative plan that ensures financial security and offers pointers like general academic expenses prior to college, specific goals like college fee or marriage and also covers miscellaneous expenditure as part of extra-curricular expenditure.

HDFC Life Youngstar Udaan is a flexible policy and  gives three maturity benefit options to choose from, depending on your convenience/choice.

Read further details on the mentioned link:

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