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Child Insurance Plans

The birth of a child brings immeasurable joy to parents. But it is essential to plan wisely for his/her future expenses.

Have you saved enough, to give wings to your little angel’s ambitions? If not, get a Child Plan today.


Why invest in child policies?

  • Listing Bullet Ever rising college tuition fee
  • Listing Bullet Expensive private school and foreign university fee
  • Listing Bullet Future marriage expenses
Why invest in child policies?

Child Plans

Gift your child a strong foundation, secure the future

In this policy,the investment risks in the investment portfolio is borne by the policyholder

HDFC Life Click 2 Wealth - Premium Waiver Option

An unit linked child plan combining insurance and investment

UIN: 101L133V03

KEY FEATURES
  • Choice of 11 fund options with unlimited free switching.

  • All future premiums will be waived off  in case of the unfortunate demise of the proposer.

  • Start planning early when your child is 30 days old

  • Get 1% of Annualised premium as special additions to your Fund Value for first 5 years1.

  • Return of Mortality Charges (ROMC) on maturity : Mortality charges pertaining to only the Life Assured would be refunded2.

How much you should save for your child’s future?

How much you should save for your child’s future?

Use our quick and simple calculator to know what’s ideal for you.

LET'S CALCULATE

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The values shown here are only for illustration. The results are generated based on the information provided. It is not intended to be and must not alone be taken as the basis for an investment decision.

In this policy,the investment risks in the investment portfolio is borne by the policyholder

HDFC SL YoungStar Super Premium

A unit linked plan to finance your child’s big moments.

UIN: 101L068V03

KEY FEATURES
  • Choose to invest in any or a combination of funds

  • Option to choose between Save and Save-n-Gain benefit options.  

  • Secure yourself against unfortunate demise and diagnosis of critical illness.

  • Option to withdraw from your funds after 5 years of your policy to plan for the various needs of your child.

Child Plan Buying Guide

1 What are Child Plans?

Child plans basically help in financial planning for your child's future needs at the right age. As a parent you can secure your child’s future with plans that encompass children insurance plans and children education plans.

2 Why You Need A Child Insurance Plan?

It is one of the best ways to save enough with regular investments for your child’s future for needs like higher education which can be costly.

Financial protection features in child plans ensure that your child gets the best in the future even in your absence.

3 How Child Insurance Plan by HDFC Life Help You?

HDFC Life’s Plans encompass child insurance plans and education policies.

They provide the ideal combo of protection and savings thanks to the many features of these children plans and make them perfect birthday gifts for your child.

4 3 Reasons Why A Child Insurance Plan Is Essential

A child is a parent’s greatest joy. Being a good parent is a tremendous task. You worry about the well-being of your children. You hope that the decisions you make regarding your child are the right ones. You nurture your children into becoming responsible adults. If unfortunately something untoward were to happen to you, it is instrumental that you plan for the prospects of your family. You should equip your family with all the means to lead a comfortable life. It is better not to underestimate the needs of your family. To foster your child’s future prudently, it is essential you have a child’s insurance plan. Here are just three of the most important reasons why you need a good child insurance plan:

Educating Your Child

Something basic and essential that every child needs is an education. When it comes to educating your child you should not have to compromise. The further you educate your child, the better their prospects are. However, the price of education is on the rise. Private schools and good colleges sometimes cost a great deal of money. Having a child’s insurance plan can help with the costs of educating your child.

There are simple things like extracurricular activities that your child may partake in. They may be budding sportsmen and women or young Picassos. You want your child to dream big and achieve those dreams. Do not let money be a hindrance to your child pursuing their passions. A child insurance policy will allow you to create a fund that your children can draw on for their benefit.

Creating a Corpus

Your child will one day be married. On such a joyous occasion you will want the celebrations to be full-fledged. This is not a situation where you want to skimp on spending. It would be ideal if you were to sponsor all aspects of the ceremonies. If you have a daughter you must cover expenses like fine jewellery and an exquisite bridal trousseau. If you have a son you may want to contribute toward the nuptials. You do not want to find yourself in a situation where you are unable to afford your own child’s wedding. This is truly a time of elation for your child. Do not let a lack of money get in the way of your child’s happiness.

Your child may learn how to drive. You may want to surprise you child with a scooter, motorcycle, or car. It is important you have the means to account for such expenses. Your child will someday think of buying their own house. This is an incredibly important purchase and to encourage this kind of independence you may want to help pay for the property. Creating a corpus for your child is one of the greatest gifts you can give them. This is one reason a child insurance policies are indispensable.

Responsible Young Ones

The best thing that you can do for your child is to set a great example yourself. Children learn by example. Apart from Superman, Spider-Man, Batman, Wonder Woman and other superheroes, children idolise their parents. Children learn and emulate the behaviours they see in their parents, and it is important that we remember that they are impressionable young human beings.

The decisions you make as parents will have a great impact on the kind of people your children will turn out to be. It is common knowledge that you cannot be rash and reckless when it comes to your children. Buying an insurance plan for your child is a very sound decision. When children see you, their parents, using your good judgement, they too will make good decisions in the future.

The good news is that you can purchase an insurance plan for your child from HDFC Life. You can build a corpus for your child to draw from and teach your child fiscally responsible behaviours. The biggest benefit is that once you have a child insurance plan, you can ease your biggest tensions regarding your child’s life and their future. Rest assured when you purchase a child insurance plan, you are making one of the best decisions possible regarding the well-being of your child and the rest of your family.

5 How to Select The Right Child Insurance Plan?

Identifying the need for a child insurance plan is the first step towards selecting one. Follow three steps to shortlist the perfect plan for your needs:

  1. Identify your goals and the amount you plan to invest. Try to estimate the amount you intend to spend on your child's education or marriage in the future. By doing this, you would be able to choose the premium amount and policy term.
  2. After the policy term, you should work with a financial expert or research on your own to calculate the sum assured. Browse through a variety of plans from term plan, savings plan to ULIP plans and choose the one that fulfills your financial goals.
  3. Compare the different plans available in the market and shortlist what's suitable for you. Compare across relevant parameters and apt for the one that suits your needs.

6 How Much To Invest In Child Insurance Plans?

While it is easier to plan your investments if you have a ballpark number in mind, it is not easy to estimate the cost of your child’s education or funding their business or marriage.

Before planning an investment, factor in the time based on your child's current age. Determine whether your child will study locally or abroad for under graduate, graduate and post graduate degrees. Research the cost of current education in that country and factor in the impact of inflation. Make an educated estimate on a reasonable rate of the return on your investments in the coming years. And once these parameters are sorted, calculate the monthly savings you have to set aside to mean this financial goal.

7 Documents Required For Child Insurance Plans

The standard set of documents required for starting an insurance plan for your children are:

  1. Proof of address: Any document from a passport, driving license, Aadhar card will work.
  2. Policy form: This form will containall details of the plan and the terms you opt for.
  3. Income proof: Parents who plan to buy an insurance policy for their children need to show the source of income for paying the premiums like salary certificate.
  4. Identity proof: The commonly used identity proofs in India include PAN card, aadhar card, driving license, voter ID, etc.
  5. Proof of age: You could submit your passport copy, birth certificate or your education marksheets.

8 Child Insurance Claim Process

While shortlisting a child insurance plan, opt for an insurer who has a high claim settlement ratio. In times of crisis, this will ensure that your claim will be processed without any delay. Follow the below steps for processing your claims

  1. When an unfortunate event occurs for the claim to be filed, inform the insurance company without much delay. This can be done either through a call, an email or visiting the nearest branch.
  2. Along with the claim form, submit details like policy number, date and cause of the incident, nominees, etc.
  3. Provide all supporting documents and reports.
  4. An assessor appointed by the insurance company will verify your case and the documents submitted.
  5. If satisfied and no further investigation is required, the claim benefit is usually transferred within 30 days of submitting the documents.

Understanding Child Plans!

Tune in to this video to know about our Child Plans.


Add the icing on the cake with these child plan riders

They help you deal with those additional risks life brings.
  • icon

    HDFC Life Income Benefit on Accidental Disability Rider

    UIN: 101B013V03

    Get additional income benefits over and above your Sum Assured in the event of total permanent disability due to an accident.

    DOWNLOAD
  • icon

    HDFC Life Critical Illness Plus Rider

    UIN: 101B014V02

    We pay a lump sum amount equal to Rider Sum Assured upfront if diagnosed with of any of the specified critical illnesses.

    DOWNLOAD
Still not sure which is the right plan ?

Still not sure which is the right plan ?

Let us help you

CONTACT US

Have a question?

We’ll tell you everything you need to know about Child Plans.

1 When can one withdraw money from child plan?

An important feature of a child insurance plan is that it allows the parents to withdraw the money from their funds in multiple fragments without waiting for the policy to mature. Parents opt for this route to fulfill the financial needs of their children at different stages of their life. Lump sum partial withdrawal from the fund is allowed after completion of five policy years, provided the life assured is at least 18 years of age. Partial withdrawal isn’t allowed as it would result in termination of the policy.

2 Is child plan tax free?

Child plans are subject to tax benefits on death or maturity claim profits under Sec 10(10D) of Income Tax Act, 1961. The premiums paid towards insurance plan are also eligible for tax deduction under Section 80C. Benefits are applicable as per prevailing tax laws.

3 When to buy a child insurance plan?

There is no right time to buy a child insurance plan. You should buy it when you are ready and the earlier the better. According to experts, it is ideal to begin a child insurance plan within 90 days of the child's birth as you don’t want to miss on the compounding effect. The sooner parents start a plan for their child, lower is the risk and they stand to make better returns.

4 How will child plan secure your child's future?

Child insurance plans are investment cum insurance plans that help to plan your child's future financial requirement by accumulating money over a period of time. On maturity, a lump sum amount is paid to the child to cover their education or marriage expenses.

These plans come with Waiver of Premium (WoP) feature which is applicable if the parent dies in a stipulated period. In case of an unfortunate demise, the sum assured is paid to the nominated beneficiary, while the insurance company continues to pay the due premium for the remaining policy term. Upon maturity of the policy, the child stands to receive the maturity amount as mentioned.

You can withdraw money from the child plan during the tenure of the investment. This money can be used for any medical emergency that might arise for the child and reduce the finanaical burden on the family. 

Parents can take the right step in fulfilling their responsibility in securing their child’s future by investing in a child insurance policy.

  1. For Single premium, the special addition is 1% of the Single premium at inception only.
  2. This is available in case of Premium Waiver option.

ARN: EU/07/21/24467