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Buying a policy to secure your child’s future is a very crucial decision that requires deliberation. Now, there are many things to consider before buying a plan to gain maximum returns. In this post, we discuss the HDFC Child Plan in detail, including the benefits of the plan calculator.
The HDFC life child plan calculator checks the premium rate of the plan that the policyholder has to pay to avail of its benefits. Thus, the online tool tells you about the benefits you will likely receive instead of the money you invest under the plan. The calculator uses different variables, such as inflation, interest rate, age of the child, etc., to determine the premium rate of each specific plan.
Now, let’s understand the HDFC child plan in detail.
So, what is a child insurance plan? A child insurance policy is like a security that parents can avail of to secure their children’s future. This is one of the practical ways to consistently save a part of your income for your child’s future. This way, you can meet the milestones set for different purposes, such as higher education for your child, their marriage, and
other life goals needing financial assistance.
HDFC child double benefit plan is a traditional insurance policy for children that is available with a wide array of benefits. Under this plan, the policyholder (or the parent) buys the plan while the child is the beneficiary or the receiver of the benefits. Hence, this plan protects the future of the child under every circumstance. For example, if the insured or the child’s parent dies during the policy term without paying the complete premiums, the plan still protects the child and allows them guaranteed returns.
Overall, this policy guarantees the comprehensive protection of the young ones. Further, if the parents want to offer added benefits to the child, they can go for the Accelerated Benefit Plan. This allows the child to receive benefits in the form of Sum Assured + Bonuses at maturity or in the case of the parent’s demise. The lump sum payment your child receives in the future can take care of their higher education, marriage or career plans.
One should buy the HDFC Child Double Benefit Plan because of its varied benefits. Here are some of the benefits that an HDFC Child Double Benefit plan offers:
Since the nominee of your child insurance plan is your kid, they receive death benefits in the form of a sum assured in case of the sudden demise of the policyholder. Further, depending on the particular plan, the nominee might also receive extra benefits under the plan. For example, the insurer might waive premium payments for all the remaining premiums of the plan to allow the nominee to receive the payout as per the terms of the policy
Since child insurance plans are different from regular insurance plans, the maturity benefits under such plans are received in three alternatives –
Depending on the premium paying duration (if it is 10 years and above), the plan offers extra boosters to the beneficiary
Following are the reasons why you should use the HDFC Child Double Benefit Plan Calculator –
Overall you will notice that the child savings plans of HDFC are dual advantage policies that not just cover the insured’s life but also help build a corpus for their children’s future. Read the HDFC life child plan brochure thoroughly to understand the plans and their details before you buy the policy. Also, to ensure you get the desired benefit from your plan, you can use the HDFC Life child plan calculator to evaluate the policy benefits before buying it.
The entry age is 18 years (for policyholders). The minimum policy term is 15 years, with a maximum of 25 years.
Yes, HDFC offers many child plan fixed deposit (FD) schemes to invest in.
This is a plan specially crafted by HDFC for parents who want to secure the academic costs of their child for higher education or education abroad as well as to achieve other goals like marriage expenses, etc.
Here are some of the HDFC child education plans:
~ HDFC SL Youngster Super Premium
~ HDFC Click2Wealth Premium Waiver Option
~ HDFC Life Youngstar Udaan plan
Child insurance plans are a mix of insurance and investment products that ensure your child's financial security for the future.
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