HDFC Children’s Plan | Features | Advantage

As a parent, your priority is your child’s future and being able to meet your child’s dreams and aspirations. With our HDFC Children’s Plan, you can start building your savings today and ensure a bright future for your child. This ‘With Profits’ plan is planned to secure your child’s future by giving your child (Beneficiary) a guaranteed lump sum on maturity or in case of your ill-timed demise, early into the policy term.

Features –

Choose Savings Targets –

This insurance plan gives you the flexibility to the structure an ideal plan for your child by letting you choose the amount of targeted savings and the policy term.

Choice of 3 plan options –

- Valuable financial protection for your child

- Choice of Multiple Benefit option

Benefit Option	Death Benefit (on death of insured parent during policy term)		Maturity Benefit
Accelerated Benefit Plan	Sum Assured payable immediately on death + Bonuses already attached to the policy.Policy terminates.	OR	Sum Assured + Bonuses attached to the policy.
Maturity Benefit Plan	No Need to pay future premiums.	AND	Sum Assured + Bonuses attached to the policy.
Double Benefit Plan	Sum Assured will be payable immediately on death + No need to pay future premiums	AND	Sum Assured + Bonuses attached to the policy.

You can choose only one benefit option. To Know more about other benefits, eligiblity and conditions please refer to the product brochure.

Age Limits –

Minimum entry age for this plan is 18 years and maximum age is 60 years. The maximum age limit at maturity is 75 years.

Bonuses –

This plan receives simple reversionary bonuses, which are usually added annually. At the end of the term, an additional terminal bonus may be paid depending on performance of underlying investment.

Term Limit-

Minimum term for this plan is 10 years and maximum term is 25 years.

Maturity Benefits –

Sum Assured and bonuses declared are payable by maturity.

Advantages

Lets you customize an ideal plan for your child and provide invaluable financial support
The Double Benefit Plan Option helps you secure your child’s immediate and future needs. In case of your unfortunate demise, we will pay the Sum Assured to your child (Beneficiary). Your family need not pay any further premiums and the policy continues. And on maturity of the plan, we will pay you the Sum Assured plus Bonuses Declared
You can choose to pay your premium as either Annually, Half-Yearly or Quarterly depending on your convenience. You also have a range of convenient auto premium payment options
Tax benefits are offered under section 80C and 10(10D) of the Income Tax Act, 1961

Tax Benefits –

Premiums paid are eligible for tax benefits under section 80C and section 10(10D) of the income tax act, 1961, Subject to the provisions contained therein.

- Under Section 80C, you can save up to Rs.30, 900 from your tax each year (calculated on the highest tax bracket on current rates) as premiums up to Rs.100,000 are allowed as a deduction from your taxable income.

- Under section 10 (10D), the benefits you receive from this policy are exempt from tax.

The above mentioned tax benefit are subject to change in the tax laws.

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Tags: HDFC Children Plan, HDFC Life Insurance