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Complete Guide to Choose the Best Child Insurance Plan

January 02, 2019
As proud parents, you want your child to have the best in life and to fulfill her/his dreams at all times. Your child's dreams are too precious and you must ensure that sufficient financial coverage for them is provided at all costs and during all circumstances. Today's world is highly competitive and to allow your child to be the best, you have to ensure that the best resources are provided to her/him. This includes the very core concern about your child's education and career. Tomorrow, your child may wish to pursue an unconventional career path like sports etc. or may even wish to enroll in a foreign university for higher education. If sufficient financial coverage is not in place, this can become a heavy burden on your savings and your family-finances. Therefore, it is very important to have a specific child insurance plan in place that offers substantial returns and broader financial coverage to give wings to your child's dreams.

Market today is flooded with a lot of innovative plans and diverse features that offer many benefits and additional riders. Therefore, it is very important to make an informed decision on a timely basis. While choosing a child plan, you must ensure that it provides due coverage and sufficient benefits that enable you to fulfill your child's dreams. There are certain important pointers while choosing a child plan. These are as stated below:

  1. Take a timely decision: It is very important to act as soon as possible. This is because taking a timely decision allows you the advantage of making the coming years economically productive in your favor and gives you sufficient time to build and retain sufficient coverage by the time your child is ready for higher education.
  2. Take inflation into account: While choosing a child plan, you have to choose the sum assured for a guaranteed protection. However, if you don't count the factor of inflation, the fund corpus may prove insufficient tomorrow. Inflation is the general increase in prices of commodities and services over a period of time and education is no exception to it. In fact, the costs of higher education in India have sky-rocketed in the past decades and this will continue to be the trend. Therefore, the sum assured decided by you has to be inclusive of the projected inflation of the coming years.
  3. Option of partial withdrawal: Life is uncertain and you must be fully prepared financially at all times. You must choose a plan that has the option of partial withdrawals as this will cushion the main funds from any emergency expenses.
  4. Option of waiver of premium: This is a very important feature and generally, most insurers include this in the policy. This entitles the policy holder's nominee(s) (in this case the children) to receive a waiver of the existing premiums, in the event of the policy holder's demise. This ensures that the funds meant for their education and betterment are retained and the sum assured is payable to them on the maturity of the policy term.

HDFC Life offers HDFC Life YoungStar Udaan - a child specific plan that is meant for the future financial guarantee of your child and is formulated to serve as an effective aid for enriching their dreams and aspirations. For details, click on the mentioned link: https://www.hdfclife.com/children-insurance-plans/youngstar-udaan.


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