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Factors To Consider When Planning A Child And Family

Insurance charts out a financial roadmap that accounts your current state of affairs and helps you grow your corpus.

Published
BrandStudio
2 min read
Factors To Consider When Planning A Child And Family
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“You must choose. What is your priority, your career or family?” Most millennials grew up hearing tales of how their mothers had to give up their ambitions because they had to raise their children. It is a big decision and the paradigm shift comes with added financial responsibilities when considering family planning. Many women are thus, skeptical when asked for their views on childbearing.

But it is not all doom and gloom for couples dreaming of having a balanced life and yearning to go home to a child. Family planning has become easier today with paternity and maternity leaves, access to childcare services, and financial policies that help you build your child’s corpus and secure your assets. But it is critical that you have a roadmap and must account for all factors around inflation, job stability, health expenses, and your other wishes when you begin thinking about welcoming a new member to your lives.

Thankfully, there is a raft of financial schemes and insurance policies to assist you with every step. HDFC Life YoungStar Udaan policy can be one of your options. It is a non-linked participating life insurance plan with a customizable moneyback option for your child’s various life goals. It can help you with everything from covering their education expenses to help them buy their first home after their wedding.

Key features of the policy:

  • 3 maturity benefit options to match the key milestones of your child’s future.

  • Pay premium(s) for a limited period and enjoy coverage throughout the policy term.

  • Boost your benefits with Guaranteed Additions (GA).

  • Under Classic Waiver Option, all future installment premiums will not be required to be paid

  • Policy loan available.

The policy has three options: Endowment option termed as Aspiration, and Moneyback options in the form of Academia and Career. You can select from either of the three options.

1. Aspiration – As part of the endowment option, this plan offers instant support for the bigger responsibilities of life where a lumpsum is paid at maturity.

2. Academia – This plan will help you realise your child’s academic dreams. It will help you cover everything from course fees to hostel expenses besides their pocket money.

3. Career – This plan helps you fuel your child’s entrepreneurial dreams right from when they are in school. The payouts can cover their primary and secondary education and fund their college expenses.

But before thinking about investing in your child’s future, it would be wise to take note of your financial state. Are you really at a stage where you can not only fulfil your own desires and aspirations but also provide for another non-earning member? Most financial pundits would advise that you discuss these questions with your partner, tallied your assets, and learnt if you are both ready for the change. If you feel you need more time to build on your wealth and are struggling with ways of growing your corpus, then you can look at HDFC Life’s Click 2 Wealth as a prudent choice. But, if you feel like now is the best time, then you must get started with a nursery for your child along side a piggy bank for their future.

Visit here to learn more about the eligibility, benefits, and process of getting HDFC Life YoungStar Udaan policy.

(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)

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