Parenting may seem like child’s play, but it is far from it. After all, you are in charge of raising another human and taking care of their needs. Whether it is their nutrition, education, or other expenses, parents always try to leave no stone unturned in providing their children with the best of everything. But how is it possible if you aren’t financially secure?

Let us elucidate this further with an example. Paritosh Sahay (34), a young parent, had a flourishing career in marketing with a top multinational company. As someone who ‘never believed in savings’, he lived life, one day at a time. He was living a comfortable life until the pandemic struck. Due to the instability brought on by Covid-19, Paritosh lost his job, and so did his spouse. Unfortunately, this had a direct impact on their three-year-old son, who had to discontinue his education for a while. While others attended online classes, his child would sit idle all day and that led to a setback in his development. 

What is the best way for parents to secure the future of their children? Let us go through some tips that are sure to help you. 

How to be financially secure for your children

As we have already discussed, parenting is certainly not easy. One has to ensure the all-round development of their children, and this is only possible if your finances are in place. It’s essential to remember that in this uncertain global scenario that has caused inflation to peak, having a contingency plan is of utmost importance, both for you and your family. That’s because raising a child can be an expensive affair. 

Where can you begin? Have a monthly budget for your child that takes into account all his needs. If you feel that you need to reduce your expenses for the sake of your child, go ahead and do it. The next step is to create an emergency corpus that can last for at least a year, in case certain events throw your finances off track. 

Last but not the least, having a life insurance plan is not enough. You need to have an adequate cover that considers all your current expenses and liabilities. In this case, your best bet is a term insurance plan that can be your companion in times of need, even when you are not around. You can also invest in child plans that can provide security to your children so that they never have to compromise!

Why you should invest in the HDFC Life YoungStar Udaan plan

You may be spoilt for choice today, but it is essential to zero in on the right plan that caters to all the needs of your child. The HDFC Life YoungStar Udaan plan is the perfect plan that not only covers your child’s college education, college fees, and miscellaneous expenses that you may incur, but also anything that is needed prior to this stage. In case you find yourself confused at any point, you could always speak to advisors at HDFC Life to assist you in systematically planning and investing in your child’s future.

As part of this plan, policyholders can enjoy a money-back plan with multiple options.

• Aspiration option: This is a lump sum amount that is paid at maturity to provide for the larger responsibilities of life.
• Academia option: This is a planned option for your child’s education needs. As part of this option, payouts are given, only in the last 5 years, before maturity.
• Career option: If you want to jumpstart your child’s career, this is the only option you need. Even in this option, payouts are given in the last 5 years before maturity.

What’s more, as a policyholder, you can also have access to certain maturity and death benefits. You can also choose your policy term from 15 to 25 years, based on your child’s future needs.

If you opt for the Classic Death Benefit option, the death benefit will be higher than the sum assured on death, or 105% of total premiums paid. On the other hand, in the Classic Waiver Death Benefit option, the death benefit shall be higher than the sum assured on death, or 105% of total premiums paid.

Here are some highlights of the policy:

• A participating endowment and moneyback plan with multiple options
• Three maturity benefit options based on your child’s aspirations
• Under Classic Waiver Option, all future installment premiums will not be required to be paid
• Boost your payments with guaranteed additions, accruing in the first 5 years of your policy, payable at maturity
• Insurance coverage throughout the policy term by paying premiums for a limited period

With so much on offer, why wait to invest in this policy? Secure your finances and in turn, your child’s dreams!