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How to calculate the insurance required for your child's future
While choosing an insurance plan for your child, the primary thing is to ensure that there is sufficient coverage and no shortcoming of offered protection exists. There are certain steps that you need to take to ensure that the coverage offered by an insurance plan is sufficient. These steps are mentioned below:
- Plan for futuristic projections: A child plan, like the traditional insurance plan is always futuristic in nature and this means that the sum assured under the plan must match the mandatory future goals that your child will require, including the educational costs, costs for extra-curricular activities, any additional activity, higher education and also offers you the scope for saving for later life goals like marriage etc.
- Take inflation into account: Before calculating or arriving at the required amount of coverage that you desire for child, make note of the fact that any amount of financial planning is incomplete if inflation is not taken into account. Inflation or the general increase in prices over a period of time is a reality of our times and this means that by the time your child will be ready to fulfill the planned goals, the general costs will be higher than what they are today. Therefore, you have to ensure that inflation is taken into account and the corpus created by the term maturity is sufficient for complete coverage.
- Starting early is the key: The right kind of insurance that you will calculate for your child depends on the factor of time. This means that if you start early at the time of your child’s birth, the amount of fund-corpus that will be created by the time your child reaches the age where she/he requires educational needs will be more than enough. This is because the factor of time will be in your favor and therefore, your funds will grow by leaps.
HDFC Life offers HDFC Life YoungStar Udaan - a Child plan that offers comprehensive financial benefits for your child so that you can give wings to your child’s dreams and aspirations.
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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.
Written By:
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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