HDFC Child Plan Calculator

About HDFC Child Plan Calculator

The HDFC Child Plan Calculator helps you decide the premiums against the desired coverage under the chosen HDFC child insurance plan. The tool further gives you an idea about the affordability of the child plan along with opportunities to compare different options. 

HDFC Life also offers a Child Education Planner that allows parents to estimate their child’s cost of education and then save accordingly. This is done by taking into consideration the age of the child, the parent’s current savings, potential earnings, etc. This child education expense planning calculator can help you decide the amount that you should secure against inflation to give your child the best education. 

How Does The HDFC Child Education Planner Work?

The HDFC child education planning calculator estimates the amount needed to fulfill a child’s education cost. It uses the concept of future value to calculate the monthly investment required to recover the estimated cost of education. It factors in the current rate of inflation and the anticipated returns on your current investments to arrive at the required corpus. 

Let’s take a sample to understand the HDFC child plan calculator better. Let’s assume that you have a child aged 5 who would want to pursue his/her choice of field at the age of 20. You have estimated that the current cost of pursuing that field is Rs. 15 Lakhs, and you have managed to save Rs. 3 Lakhs towards it. At 5% inflation and an expected return of 8%, you will have to create a corpus of Rs. 16,62,615 in 15 years. This brings you to a monthly savings of Rs. 9236.75. 

Steps To Use HDFC Child Plan Calculator

The HDFC online child plan calculator is easily accessible on the company’s website and its official mobile application. You can plan the expenses of your child’s higher education such as graduation or post-graduation once (s)he turns 18. Here’s is a step-by-step guide on how to use HDFC Child Education Expense Planning Calculator. 

• Visit the official website of HDFC Life. 

• Under Tools and Calculators, click on HDFC Child Education Planner. 

• You shall be asked about your child’s age. 

• If you have already estimated the cost of education, fill that in along with the amount that you have managed to save towards it. 

• Choose the rate of inflation and the rate of return on your investment. 

• Based on the details provided by you, the calculator will display the monthly amount you would have to save to reach the estimated cost of education. 

• If you haven’t already estimated the cost of education, you will be asked about the course your child might want to pursue, and your current savings to arrive at the results. 

Benefits Of Using HDFC Child Plan Calculator

The benefits of using this calculator are manifold. Here is why you should consider using it instead of basing your purchase on an independent assessment. 

• The child education planning calculator offers the accurate amount that you would require to save on a monthly basis. 

• The tool helps you decide if you should strengthen your current monthly savings towards the estimated expenses. 

• The results are displayed in an instant, saving you the time to visit a financial advisor. 

• You can personalize the details as many times as you want from the comfort of your home. 

• The tool is available for free and can be accessed by anyone with a device. 

• It takes into account different aspects pertaining to each user to compute the most accurate sum required. 

• Based on the displayed results, you can decide the insurance coverage if you happen to pass away without saving the required amount. 

• You can further decide to invest in other financial instruments if there is still room for more expenses in your current savings.