HDFC life is a well-known company in the insurance business. The company aims to cater to the needs of its customers by providing innovative insurance plans. The company has various plans that serve people of all age groups and across all sections of society. The company offers plans such as term plans, health insurance plans, child savings plans, market-linked plans, retirement and pension plans.Read more
The customers can also purchase these plans online after calculating the premium rates using the online calculator.
A plan calculator is an online tool that helps the policyholder analyse the different types of plans available. The online tool helps calculate the child's premium for financing the child's future needs related to education, marriage, or even buying a car.
The online child plan calculator considers various factors such as interest rates, inflation rate, and the child's current age before calculating the premium rate.The online tool also informs the user about the amount of life cover needed and the sum assured that the customer would receive the policy term's maturity.
Some of the reasons why you should use a Child Plan Calculator
The insurer has programmed a customer-centric online child plan calculator. It is easy to use and accessible by the users on the insurer's official website, mobile app, and social media platforms. The process to use the child plan calculator is as follows:
The calculator will prompt the user to provide the essential details such as the first name, last name, date of birth of the policyholder, age of the policyholders’ child, dependents. It may also ask the customer if he/she has any smoking habits. Some plans may require the customers to reveal their NRI status.
The customer is redirected to the following link, where he/she needs to enter the sum assured.
The policyholder is then given the estimate of the premium rate along with the policy term. It is the crucial step of the process as the customer needs to decide judiciously based on the monthly earnings. The customer can recalculate the child plan calculator and finalize a premium rate that is affordable for him/her in the long term.
The key benefits of using a child plan are its accessibility to the customers at any given time. The plan calculator is found on the insurer's official website round the clock. The policyholder can browse through the insurer's website and get a clear idea about the premium payment and policy terms. Some of the advantages of the child plan calculator are as follows:
The online calculator's primary benefit is that it is programmed to compute the policyholder's inputs to calculate the premium rate, sum assured, and policy term. The customer can calculate the premium in a matter of a few mouse clicks.
The customer can quickly get real-time updates by following the insurer’s official social media page. The insurer had also integrated the plan calculator in the mobile application and the official social media page for the insurer to have a broad reach and stay connected with the customers in all possible ways. The presence of the online calculator in all online platforms makes it a time-saving option for the policyholders.
The online tool is available for free for all visitors to the insurer’s website. One can easily access information about premium payment round the clock rather than reaching out to the insurer’s office locations. The online calculator is available on the insurer's website even during the holidays.
The policyholder needs to have some basic details handy to utilize the calculator effectively. Some of the mandatory information required by the child plan calculator are as follows.
The child insurance plan is one of the most affordable plans for the masses. A parent can choose from a wide variety of plans that secures the child's future and looks after the child's financial needs even in the parent's absence. Some of the benefits of buying a child plan are as follows.
If the life insured has died due to unforeseen events, the life insured's nominee can avail death benefit with two options.
The policyholder is entitled to receive the sum assured at the end of the policy term and guaranteed additions and bonuses. The policyholder's sum assured can be deployed to meet the child’s milestones such as education and marriage.
The plan gives the policyholders an option for additional boosters if the premium payment term is ten years or more with the condition that the policy is in force.*The guaranteed additions for less than or equal to 19 years for policy term is 3% annually for the first five years and nil after that.* For policy terms greater than or equal to 20 years, the guaranteed additions are provided at 5% per annum for the first five policy years and nil after that.
A policyholder with a disciplined approach to investing in a child’s plan can end up accumulating a vast corpus to meet the child’s expenses, such as school tuition fees, college admission fees, marriage expenses. The plan will reward a patient and disciplined investor with ample wealth.
The customer can choose to pay the premium annually, quarterly or monthly, per the funds' availability. The customer can also extend the child plan's policy term for a longer duration to enjoy more benefits and accumulate more savings that the child can use to secure his/her future financially.
*Standard T&C Applies
The customer is spoilt with selecting a child's plan as there are plenty of child insurance plans available in the market. The HDFC child double benefit plan is a savings cum life cover plan available to the customers at a competitive rate. The customer needs to discern the right plan by considering factors such as the premium rate, sum assured, policy term, etc. The premium rates of the child double benefit plan depend on the following.
The child double benefit plan calculator can thus be utilized efficiently to calculate premium rates, maturity benefits, and sum assured at the policyholders' convenience. The use of the calculator is to provide a piece of detailed information about the plans available.