HDFC Life Child Plan

What is the HDFC Life Child Plan?

HDFC Life Child Plans are designed to be the best investment plan for securing a child's financial future by combining life insurance protection with systematic savings. These plans help parents build a strong corpus to meet their child’s higher education, marriage, and other life goals, even in unforeseen circumstances. With flexible premium options and guaranteed benefits, HDFC Life Child Plans ensure uninterrupted financial support for your child's dreams and aspirations. These plans also offer tax benefits under the Income Tax Act, making them a smart and secure choice for long-term investment.

Key Features of HDFC Child Plan

Below are the key features of HDFC Child Plans: 

• Triple Benefits in Case of Parent's Death:

  • Life insurance coverage is provided.

  • Maturity benefit is paid out.

  • Insurance premiums are covered by the insurer.

• Death Benefit: Protects your child financially in case of your unfortunate passing.

• Payment Options: Premiums can be paid monthly, semi-annually, annually, or as a one-time payment.

• Payout Options: Some plans offer different maturity benefit payout options to match your child's life goals (e.g., staggered payouts for education milestones).

• Child Benefit Option: In some plans, the child becomes the policyholder upon reaching a certain age, gaining control over the policy.

• Premium Waiver: If you pass away during the policy term, the insurer will cover the remaining premiums.

• Partial Withdrawals: Partial withdrawals are available from the 6th year onwards for funding student milestones.

Investment

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₹10,000/Month

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₹1 Crore^*

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Benefits of HDFC Child Plan

• Financial Security: In case of your demise, the plan provides a lump sum payout to the beneficiary, ensuring the child's financial needs are met.

• Maturity Benefits: Upon plan maturity, the child receives a lump sum amount that can be used for their future goals like education, marriage, or starting a business.

• Loyalty Additions: Some plans offer additional bonuses based on policy performance.

• Guaranteed Additions: Some plans offer guaranteed additions to the sum assured at specific intervals, boosting the maturity payout.

• Tax Benefits: Premiums paid towards the plan are eligible for tax deductions under Section 80C of the Income Tax Act.

• Rider Benefits: Additional benefits like critical illness cover, accidental disability cover, and waiver of premium rider can be added to enhance the plan's protection.

List of HDFC Life Child Plan

The list of HDFC Child Plans along with a brief description of each is mentioned below:

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Details of HDFC Life Child Plans

HDFC offers a variety of Child Plans to suit different needs and budgets. Below are the details of the ULIP plans for children by HDFC Life:

1. HDFC Life Click 2 Wealth

   Type: Unit Linked, Non-Participating Life Insurance Plan (ULIP).

   Key Features:

   • Option to choose from three plan variants: Invest Plus, Premium Waiver, and Golden Years Benefit.

   • Premium Waiver Option: Waives all future premiums in case of the proposer’s death, ensuring uninterrupted corpus growth for the child’s goals.

   • Special Additions: 101% of premiums allocated to the fund for the first 5 years.

   • Return of Mortality Charges at the end of policy year during or after the 70th birthday of the life assured.

   • Multiple fund options (up to 11) with unlimited switching.

   • Whole Life Coverage: Coverage available up to 99 years of age with Golden Years Benefit.

   • Flexible Payment: Single, limited, or regular pay modes.

   • Rupee cost averaging via systematic transfer plan.

   • Benefits: Market-linked returns, minimal charges, life cover protection, and tax advantages.

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2. HDFC Life Click 2 Achieve

   Type: Individual, Non-Participating, Non-Linked Savings Life Insurance Plan.

   Key Features:

   • Guaranteed Benefits: Lump-sum or regular income, as per the policyholder's choice.

   • Tailored Payouts: Options for lump sum, periodic income, or staggered money-back features.

   • Premium Offset: Option to use survival/guaranteed payouts to offset future premiums.

   • Built-in Premium Waiver: Waiver on death, critical illness, or total permanent disability, ensuring future goals are met.

   • Juvenile Coverage: Inclusion of critical illness riders for enhanced protection for children.

   • Flexible Policy and Premium Terms: Customizable as per financial needs.

   • Tax Benefits: Eligible under prevailing tax laws.

3. HDFC Life Sampoorn Nivesh

   Type: Unit Linked Insurance Plan (ULIP).

   Key Features:

   • Three Benefit Options: Classic Benefit, Classic Plus Benefit, and Classic Waiver Benefit, providing life cover, investment growth, and premium waiver respectively.

   • Flexible Investment Term: 10-35 years for single pay. For limited/regular pay, up to 85 minus age at entry.

   • Customizable Premium Payment: Options for single, limited, or regular premium.

   • Loyalty Additions: After 10 years, additions enhance fund value.

   • Reduced Charges: Lower premium allocation charges for higher premiums.

   • Multiple Fund Options: Choice of 10 funds suiting investor risk profiles.

   • Accidental Death Benefit and Short Medical Questionnaire available for smoother policy issuance.

Summing It Up

The HDFC Life Child Plan offers a comprehensive solution tailored to secure your child's future, providing financial protection, savings, and investment opportunities. With its flexible features and robust benefits, this plan empowers parents to safeguard their children's aspirations and ensure a bright and secure tomorrow.