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5 Financial Gifts You Should Get For Your Child

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5 Financial Gifts You Should Get For Your Child
February 21, 2023

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Gifting your children with loads of presents is by far one of the most wholesome feelings ever. Seeing their faces light up when you get them their favorite video games, toys, longed for devices, clothes, etc., is priceless! Instead of showering them with gifts that last for a short span of time, how about considering long-term gifts like insurance and financial security that accompany them through the highs and lows of life?

Here, we list 5 excellent choices you should make for your children to secure their financial future:

1. Buy Child Insurance Plans

Child insurance plans such as the HDFC Life Youngstar Udaan plan are specifically designed to accommodate a child's financial requirements. Therefore, it is advised that you invest in a child plan in order to assist your child in achieving all of their life goals. This is important because child insurance will serve as a safety net and offer your child full financial support in the event that your monthly income is affected by unforeseen circumstances.

2. Save Up For Higher Education

Children's savings accounts, a crucial part of a child education plan, allow you to deposit regular sums and subsequently receive interest on those sums. These accounts include fixed deposits, SIPs, PPFs, and others. Your child will receive assured returns on your investments thanks to the interest you earn on your deposits. These savings plans are the ideal present for your children because of the features like 3-5-year lock-in periods to partial withdrawals, which will help them pay for their future education or marriage.

3. Create A Fixed Deposit

It is crucial for parents to start saving for their kids’ future early due to the rising costs of life and schooling. To ensure that your investment has enough time to develop and accumulate the necessary corpus, it is usually beneficial to invest as soon as possible. For the purpose of creating a corpus for your child's future requirements, you can think about depositing a large sum in fixed deposits. Investing in fixed deposits will yield higher returns than doing so in savings accounts.

4. Invest In Gold

A hard, tangible investment like gold doesn't tarnish, deteriorate, or lose value over time. Given that gold has consistently increased in value, investing in it now for your child may ensure that your efforts pay off later in life, providing them with solid financial support even in difficult times. Based on the long-term financial objectives you've established for your child's future, you must consider investing in gold exchange-traded funds (ETFs).

5. Build A Debt Free Financial Legacy

Most parents aim to leave their children with a debt-free financial legacy. For this, ensure you have paid off all of your debt and that you are not putting any financial obligations on your offspring before you consider transferring your possessions and assets to your future generations. Additionally, plan and secure your retirement income so you don’t have to depend on your children.

Conclusion

Principles of investments and insurance are not taught in our conventional education system, and therefore, it is our duty as parents to instill these practices in our children early in their lives. You can simply begin by involving them in the day-to-day financial decisions of your household. This way, you will not only strive towards securing yours and your child’s financial future, but also help them understand its importance so that they’re capable of securing their own future with ease.

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ARN: ED/01/23/31744

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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.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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HDFC Life YoungStar Udaan (101N099V04) is a Non-Linked, Participating, Life Insurance Plan. Life Insurance Coverage is available in this product. For more details on risk factors, associated terms and conditions and exclusions, please read sales brochure carefully before concluding a sale.

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