HDFC Child Plan Calculator Benefits and How to Use It
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For new parents looking for lucrative child plans, the HDFC Child plan calculator is the most effective tool to consider. If you want to know about the benefits and functioning of the calculator, read on. In this blog, we will discuss the HDFC child plan calculator to let you know how you can use the child life plan calculator and whether and how the calculator fulfills your requirements.
What is the HDFC Child Plan Calculator?
A calculator is a tool to calculate the premium amount that you need to pay to secure your child’s future with a good investment policy. The child plan calculator from HDFC assists parents to decide the rate of premium they need to pay against the desired protection that they want to seek under the child insurance plan from HDFC.
Moreover, the tool also helps you know if you would be able to afford the specific child plan that you are interested in investing in. And it also provides options for you to easily compare between policies to choose the best one.
The HDFC Life Child plan is one of the best policies from the insurer that allows parents to have a Child Education Planner. This planner enables parents to estimate the expenses that they might have to incur in the education of the child. This way, the parents can save as per the estimate to be able to afford good and desired higher education for their child. The education planner takes into account different factors like the child’s age, income and savings of the parents, their likely potential and so on.
This way, the planner allows parents to consider a particular amount that they should allocate towards the education of their child taking into account the inflation rate and other factors.
The Functioning of the HDFC Child Education Planner:
The planner of the HDFC child education plan calculates the required funds that parents of a child must save for his/her education in the future. The concept that the planner uses to estimate the cost of the child’s education is future value through which the investment that is needed per month is calculated. This investment amount is necessary to recover the likely cost of education which is arrived at by considering aspects like present inflation rate as well as likely returns on the investment that parents have already done.
For instance, let’s assume you are thinking about the HDFC Child Insurance plan for your 5 year old daughter so that she can pursue her dream education when she turns 20. Now, as per projection the cost of pursuing that field is suppose rupees 20 Lakh and you are investing on a plan that allows you to save 3.5 lakh for your daughter’s education. Now, considering the likely inflation rate and the return on investment, you would require to create an amount equivalent to 30 lakh or more in 15 years.
How to use HDFC Child Plan Calculator?
The HDFC child education plan calculator can be accessed easily on HDFCs official portal and mobile app. This app is extremely helpful in letting you estimate the costs to be incurred in your child’s higher education plans.
Below is the step-wise guidance on how to use the HDFC Child Education Plan Calculator.
- Go to the official portal of HDFC Life.
- Press the button-‘HDFC Child Education Planner’ under the Tools and Calculators section.
- Submit your child’s age.
- Now fill the amount you have saved towards your child’s education along with the estimate of the total cost (if you have calculated) that you might require.
- Now, add the inflation rate and the rate of return that you are likely to get on your investment.
- As per the details you offer, the education planner calculator will show the amount that you need to save per month so that you can save enough to cover the likely education cost of your child.
- On the other hand, if you haven’t calculated the likely cost of education then the calculator might ask you the program that your child would like to pursue and the savings that you have to estimate the results of your calculation.
Advantages of Using HDFC Child Plan Calculator
There are multiple benefits of using the HDFC child plan calculator for estimating education plans of your child, such as;
- It offers a prediction of the accurate amount that you might need to save on a month on month basis.
- It also helps in letting parents know that they need to fortify their savings per month to be able to save enough for the estimated costs.
- Further, you can see the results instantly, which help you save time and money that you might be wasting by visiting a financial advisor.
- The calculator can be used to customize details and can be used multiple times online from anywhere you want.
- This is a free tool and can be used by anyone.
- It considers several factors to compute the sum accurately.
- As per the results displayed by the calculator, you can plan to buy insurance to secure your family in case you die suddenly and can’t save the required sum.
- Also, the result will also allow you the knowledge if you need to invest in any other investment policies that you can do from your current savings.
The HDFC kid plan calculator assists you in estimating how much money you will need to save for your child's future requirements, such as schooling, marriage, and other costs. You may use the calculator to assess the premium amount required to meet your financial objectives. You may also select from a variety of HDFC kid plans according on your budget, risk tolerance, and financial objectives.
The HDFC child plan calculator is based on the information you enter, such as your child's age, the estimated age of marriage or further education, the amount of money you wish to save, and the length of the policy. Based on these parameters, the calculator determines the premium amount required to meet your financial objectives. The calculator also displays the predicted returns on your investment, the maturity amount, and other policy data.
To use the HDFC child plan calculator, follow these simple steps:
Step 1: Go to the HDFC website's kid plan area.
Step 2: Choose the kid plan in which you wish to invest.
Step 3: Choose the "Calculate Premium" option.
Step 4: Enter the necessary information, such as your child's age, the estimated age of marriage or further education, the amount of money you wish to save, and the policy's length.
Step 5: Choose the "Calculate" option.
Step 6: The calculator will display the premium amount, estimated returns, and other policy data.
Step 7: You may experiment with different inputs to observe how they influence the premium amount and predicted returns.
Step 8: After you're pleased with the results, you may go ahead and buy the policy.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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