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Child Protection Rider - What Is It and How Does It Benefit You?

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Child Protection Rider
September 12, 2022

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As a parent, there’s nothing more precious to you than your child’s safety and happiness. You do whatever you can to look after your child and protect them from any kind of negative situation. Part of your responsibility as a parent involves building a financial corpus that your child can use to fulfil their future goals.

Child Plans

Most parents opt for child plans to safeguard their child’s financial future. These plans offer both investment opportunities and insurance cover, ensuring your child’s financial future remain secure, irrespective of what happens to you. You can use the corpus from a child insurance plan to pay for your little one’s higher education, marriage, or to fund their business dreams.

Child Plan Protection Riders

Since child plans work like insurance policies, you can customise them with protection riders. At HDFC Life, we offer multiple child policies, each with unique additional riders. 

1. HDFC Life Critical Illness Plus Rider

Some health issues, like kidney failure that require dialysis or a heart attack, could require lifelong care and treatment. These health issues, called critical illnesses, can become expensive to treat. With this rider, the policyholder receives an additional lump-sum payout on the diagnosis of a covered critical illness. The payout helps them deal with the cost of treatment.

2. HDFC Life Income Benefit on Accidental Disability Rider

In case an accident leaves the policyholder permanently disabled, the rider provides a monthly payout for up to 10 years. The income amount helps the policyholder continue to meet their financial obligations while adjusting to their situation.

3. HDFC Life Protect Plus Rider

A unique offering, this protection rider offers three benefit options. Personal Accident Cover is the first option. The rider provides the payout if the policyholder meets with an accident that results in total permanent disability, partial permanent disability, or death. In case of a fatality, the nominee may receive a single lump-sum payout or regular monthly payments. The disability payout is monthly.

The second option is Accidental Death Cover, which is similar to one of the benefits offered under the Personal Accident Cover. If the policyholder meets with an accident that proves fatal, the rider provides the payout to the nominee. The payment could be a lump sum or staggered over monthly instalments.

The third benefit option under this rider is Cancer Cover. If the policyholder gets diagnosed with malignant cancer, early-stage cancer or major cancer, the rider offers a payout.

Understanding Premium Protection Riders

At HDFC Life, we offer child plans that provide protection in almost every circumstance. Our policies come with a premium waiver benefit that ensures your child’s plan continues even if something were to happen to you. Let’s understand this with an example. Rajeev purchases a child plan for his toddler that will mature after 15 years. To keep the plan going, he must pay an annual premium for those 15 years. In the policy’s tenth year, he meets with a fatal accident. Since our plans offer a life insurance component, Rajeev’s child receives the sum assured payout as part of the life insurance coverage. Since Rajeev opted for the premium waiver plan, the pending five premiums get waived. Rajeev’s family do not have to pay the premiums for the next five years, but the plan continues as the insurance company takes care of the premium on the policyholder’s behalf. On maturity, Rajeev’s son receives the entire maturity benefit.

Waiver of premiums and other protection riders provide enhanced financial support when you or your family members need it most. Crucially, the waiver of premium option ensures that your child’s future investments remain intact even if something were to happen to you.

Finding the Right Riders

When the time comes to purchase a child plan, you should make prudent choices regarding the rider. These come at an additional cost, so you shouldn’t opt for one unnecessarily. You may already have a health insurance policy that provides critical illness or accidental death riders, so you may not require those riders with your child plan. Instead, identify policies and riders that allow the plan to continue if you are no longer around to continue paying the premium.

For parents, nothing is more important than their child’s comfort, happiness and secure future. With a child plan, you can safeguard your child’s financial future easily.

HDFC Life Critical Illness Plus Rider (UIN: 101B014V02) is a non-linked, non-participating rider. Please know the associated risk and applicable charges from your insurance agent or the intermediary or policy document of the insurer.

HDFC Life Income Benefit on Accidental Disability Rider (UIN: 101B013V03) is a Non-Linked, Non-Participating Rider. Please know the associated risk and applicable charges from your insurance agent or the intermediary or policy document of the insurer.

HDFC Life Protect Plus Rider (UIN:101B016V01) is a Non-Linked Health Insurance Rider. Please know the associated risk and applicable charges from your insurance agent or the intermediary or policy document of the insurer.

For all details on Riders, kindly refer to the Rider Brochures available on our website.

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ARN: ED/07/22/28179

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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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