Why HDFC Life Child Insurance Plans Are The Best?
Updated On Dec 17, 2021
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The HDFC Children's Plan is a classic kid plan that offers a lot of flexibility to the policyholder, who may pick from a wide choice of benefits. The parent's life is covered with this plan, but the kid is the sole beneficiary. It guarantees that the child's future is assured under all three scenarios, so that if something happens to the parent during the policy term and he is unable to finish the policy term, the child's future is also secured by providing him with guaranteed benefits. This is a complete, guaranteed protection package for your youngster. If you want to offer basic benefits to your kid, you can choose an Accelerated Benefit Plan, in which your child receives the Sum Assured + Bonuses when the policy matures or if you die before the policy matures.This assures that your child will receive the lump-sum payment you had planned for her future regardless of what happens.
Why is HDFC Life Child Insurance Plan Required?
The plan has a number of aspects that help to secure the child's financial stability, which is critical. The premium waiver benefit, for example, is built-in and addresses the problem that arises when a parent is absent. Although this rider is available in other insurance plans, it requires an additional premium payment that is not relevant to a kid plan. The plan also provides the essential finances both for current and future usage by paying benefits twice in the event of the parent's death. Because of these characteristics, the plan is a must-have.
HDFC Life Children's Plan Features
- On policy maturity or premature death, this plan pays a guaranteed lump sum payment, known as the Sum Assured.
- There are three plan options to choose from:
- Accelerated Benefit Plan: If you choose this option, you will get the Sum Assured plus Bonuses when the policy matures or if you die sooner.
- Maturity Benefit Plan: With this plan, you'll get the Sum Assured + Bonuses when the policy matures. If the Life Insured dies during the policy term, no money is paid out right away; but, subsequent premiums are waived and paid by the insurance company, ensuring that the whole maturity benefit is paid when it is due.
- Double Benefit Plan- With this choice, you'll get a double benefit, meaning you'll get the Sum Assured + Bonuses when the policy matures.
- Furthermore, if the Life Insured dies within the policy term, the Sum Assured is paid again, and the policy is renewed. The insurance company waives future premiums and pays them so that the whole maturity benefit is paid when it is due.
- This plan includes a simple reversionary bonus as well as a terminal bonus.
- The policy's benefits are solely for the benefit of the kid.
Almost every insurance business on the market now offers a kid insurance plan, which is a one-of-a-kind plan created particularly for the benefit of children. This strategy tries to ensure that the child's financial future is secure, regardless of whether or not the parent is there. Every facet of sustaining a pleasant living, including parenting, is in danger from inflation. Education, healthcare, and hobbies are all growing increasingly expensive, so parents must develop a good saving habit if they want to provide their children the best of everything. Thankfully, the HDFC Child Life Insurance plan allows you to expand your investment over time and plan ahead for your child's future.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.