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Child's Education - Tips to Choose the Right Child Plan

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December 12, 2018
As parents, you want your child to have all the avenues for creating a life that she/he deserves to have. One of the most important avenues that ensure the quality of life is giving your child the best education and a resultant successful career. All parents want that the best educational facilities must be available for their kids and hence, they plan accordingly. These days, the costs of education have skyrocketed and this trend is expected to continue over the coming years. Higher education in India is becoming a costly affair with each passing year and parents are feeling the financial pinch. This holds even true for education from a foreign university. No parent wants their child to lag behind others in the competitive world of today. The result is financial stress of trying to balance the best option with the economical factors involved.

The rate of inflation plays a major role when you are planning the financial back up for the future and more so while planning the ideal educational platform for your child. After all, the costs of higher education after a few years are set to be humungous. Therefore, for a careful financial planning, taking an informed and timely decision today is what matters the most. This highlights the importance of having the best available child plan for your kid's educational expenses in future. A child plan serves as a vehicle, not just for assuring the monetary coverage (like a life insurance plan) but also for allowing you to build up the corpus for your child's requirements, by acting as an investment.

The best child education plan denotes security of finances for your child's education today and in the future. Besides, it takes into account the futuristic projections of costing and inflation, thereby giving you the opportunity of strengthening your finances over time so that you can spend freely whenever the need arises. Thus it acts as a guarantee not only for today but for future as well. Moreover, it serves as a cushion against financial woes even in your absence so that your child's future is secured, even when you are not around. Taking out a child plan is very essential and must be done after weighing the different available options.

The options given by insurers are varied and generally can be purchased by subscribers online, after expert consultation. As mentioned, a child plan ideally serves as a joint endeavor between investment options and insurance coverage and the benefits an extensive. Unlike a standard term insurance plan, where no maturity benefits are offered, a child plan offers maturity benefits if the policyholder survives the policy term. In case of unfortunate demise of the subscriber, the main corpus (sum assured) and the pending premium amount is paid by the insurer. Moreover, tax exemption for the payable premiums under the relevant sections is in place, thus giving you comprehensive benefits.

HDFC Life offers HDFC Life YoungStar Udaan a unique child plan that assures a safe and secured future for your child and offers the provisions of financial coverage for your child's educational requirements.

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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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