Finance USA

Aug 24 2017

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Child Insurance Plans

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:

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.

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.

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 an insurance plan for your child, you are making one of the best decisions possible regarding the well-being of your child and the rest of your family.

Assignment is the process by which the Policy holder (Assignor) transfers all the rights attached to the Policy to the Assignee.
There are two types of Assignments:
1. Under Absolute Assignment, the benefits of the Policy will be paid to the Assignee under all circumstances
2. Conditional Assignment, the benefits of the Policy paid will be subject to the conditions specified by the Assignor. Once the condition is satisfied, the Policy will revert to the Assignor. This is typically done to use the insurance policy as collateral for loan. Assignment has to be for a valuable consideration.
To know more on the assignment process, kindly visit any HDFC Life branch.

You can check the Fund Value of your policy under Policy Summary Section of My Account. To register for My Account, click here.

You may also register for the SMS on the Move facility, where you can check the policy Fund Value via SMS. You can register for this service by typing REG [space] [policy number] and send it to 5676727 (charges applicable as per the service provider).

To keep you updated about the performance of your policy fund, an Annual Unit Statement is also sent to your mailing address.

You may even check the fund value via our IVR service by doing the following: Select Option 1- Policy Information and Press 1. You may also use our Missed Call service by giving a missed call on 08000006609 and wait to receive the Fund value of your policy via an SMS text.

Our vision is to provide innovative and customer-centric insurance plans that can help our customers secure their family s future as well as help them with other benefits such as tax savings. Keeping this in mind we offer a large range of life insurance plans such as term insurance plan , women s plan. health insurance plans. pension plans for retirement planning , child education plans. ULIPs. saving and investment plans. Most of these life insurance policies are available online, so buy one today and Sar Utha Ke Jiyo! We have our branches situated across the country especially in the top cities like Mumbai,Delhi,Chennai, Kolkata Hyderabad.

HDFC Standard Life Insurance Company Limited. In partnership with Standard Life Plc. CIN: U99999MH2000PLC128245, IRDAI Reg. No. 101.

HDFC Standard Life Insurance Company Limited,

Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011. Tel No: (022)67516666.

The name/letters HDFC in the name/logo of the company belongs to Housing Development Finance Corporation Limited and is used by HDFC Life under a licence/agreement

For more details on risk factors, associated terms and conditions and exclusions, please read the sales brochure carefully before concluding a sale. ARN: EC/06/2017/9792


IRDAI clarifies to public that

1.IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums.

2. IRDAI does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.

3. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.

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