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Why Investing in Child Education Plan is Important

Wednesday, November 30, 2016

The future of children is definitely one of the highest priorities of all the parents across all sections of the society and there is hardly any day in the life of a parent that passes without thinking of the future of their children, their dreams and aspirations. In the current scenario, the cost of living is scaling phenomenal height and everything is getting more expensive with each passing day.

With the ever increasing inflation and shooting up cost of living, it is impossible to imagine the price of a common and trivial commodity like bread ten years down the line. Not to speak of the price of the cost of the child's education that has dramatically quadrupled in a span of just five to six years. Child education plans are just a one stop solution for different sets of customers.


Keeping in view the contemporary scenario, it becomes imperative to secure your child's future against the risk of growing inflation and save some money to cover the key milestones of your wards career for a bright and future proof tomorrow and that is where child education insurance comes handy. Children's education insurance plans go a long way in reducing your financial burden. By investing in your child's educational insurance, you ensure that your child gets the best of what life has to offer even if you are not around.

There are a number of traditional and mixed child's educational plans that help you in building up a steady corpus of money over a period of time for your child's future requirements. Not only that but these child insurance plans come with certain tax benefits. There are lots of companies that provide term cover policies which offer the flexibility of altering the premium of the policy at any point of time, if the need arises due to the loss of income or death of the bread winner. Some of the policies also have the option of returns at prefixed intervals which may be put to a use at different stages of the child's education.

In addition to that, different riders can be attached to the policy which insures returns in case of loss of income; there are Unit Linked Insurance Plans (ULIP's) which give you the independence of the withdrawal of the 20% sum assured just after five years from the effective date of the policy. There are also some Insurance companies which offer the benefits of premium waiver in case of death of the parent and all the future premiums are paid in lump sum.

We cannot predict future. You might lose a job, face a recession or other obstacles due to which you might not end up saving enough for child. Your spouse will have to shoulder the burden. So, it is better to start early. You might not have ample of money to start with, but it is advisable start with little amount and once you earn high you can pool the money towards your child education plan. Start securing your child’s future today with child insurance plans.
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