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Secure your Child's Future Through Insurance

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Secure your Child's Future Through Insurance
March 08, 2017

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The breezy summer holidays have come to an end, and it is time for your kids to go back to school. This not only means helping them acclimatise to the school routine, but also preparing yourself to do some serious financial planning and save for payment of school fees which may be high. Even if the school fees are within your budget, you have to loosen your purse strings for the purchase of books, pens, bags and other school supplies that may cost you a steep price.

Responsible parenting is considered as one of the most important tools for every child's growth, and it involves making the best choices possible for a comfortable and secure future for your kids. It extends from choosing a good school to constant monitoring of your child's studies. By paying the school fees, you secure your child's future in the best possible school based on its academic records and other extracurricular activities.

Insurance: A friend in need for your child

Sometimes kids may also have a hobby. For instance, your daughter may want to learn kick-boxing, which may not be taught in school. While you can always opt for coaching to hone her skills, you will definitely need a concrete arrangement to pay the fees without upsetting your monthly budget. This is where insurance plans, such as ULIP (United Linked Insurance Plan) or a child insurance plan, can come to your rescue. How do ULIPs prove to be beneficial to your child? The answer is simple: ULIPs secure your child's future and give you and your entire family a sense of protection.

Here, a part of your premium is used as mortality charges (life cover) and the rest is invested in a scheme of your choice. You can opt for handy features such as switching between various funds under tenure of the policy, tax benefits and options of surrender. There are some plans with single premiums and those with free asset allocation. Simply choose a plan that suits your needs and you are sorted!

What else should you know about ULIPs?

There are generally two types of ULIPs dependent on death benefits. Under Type I, your family receives a compensation that is higher than the assured sum, while under Type II, your family is provided with the assured compensation in the event of your death. So if you choose a ULIP based on your requirements, you need not worry about funds for your child's education. Whether it is opting for admission in that top school or fulfilling your child's dream of becoming a chef by booking a seat in the best culinary institute, you can do it all without breaking the bank.

Investing in these plans always prove fruitful in achieving your child's dreams of a good education, a career andfinancial security. You can also help finance your child's new business, marriage, or plans to purchase a property.

Invest and reap benefits

Just like a small seed grows into a bountiful tree after few years, the benefits of your investment in a ULIP plan can be reaped at the end of the policy term. So start planning and invest wisely after all, is there a better way to let your children know that you have their back, not only on an emotional level but financially too? Pro tip: Make sure you carefully survey the various plans before signing the dotted line.

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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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