For us Indians, our commitment to our children never truly ends. Aside from the imperative of providing a good living for them, financial responsibility comes at a very young age. Pre-primary education has become more expensive in recent years as a result of the proliferation of toddler activities and play schools aimed at getting children into the best schools. With the entrance of private colleges offering world-class facilities over the last two decades, the cost of providing basic education has risen tremendously. Then there’s higher education, which is prohibitively expensive but unavoidable because it’s the most significant component of a child’s life, increasing his or her future professional chances. Many children want to extend their views or explore alternative career choices.
As a result, financial preparation is critical for every parent. However, it is not everyone’s strong suit, and parents are frequently pressed for time. The duty continues with the child’s marriage — the traditional Indian wedding method. Then there’s the matter of getting them settled. Some parents even go so far as to save to ensure that their children inherit a decent fortune.
This may sound a little far-fetched, yet these are genuine feelings that any parent can identify with. Nothing compares to the anguish that a parent feels when he or she is unable to provide something that their child wishes, especially if the youngster deserves it.
Introducing Child Plan
This is where child plans come in handy. A child plan is a financial instrument designed with careful consideration to keep a child financially secure. All the parents have to do is customize it according to their capacity, requirements, and preferences. This entails deciding how many years they want to invest and how much they can invest on a regular basis while keeping in mind the corpus they want to build for a specific milestone in the child’s life.
A child plan not only alleviates the burden of efficient planning but also allows parents to save systematically. Furthermore, the insurance feature ensures that the child does not suffer financially in the event of the insured parent’s untimely death. In such a circumstance, the family receives an immediate lump-sum death payment. In addition, all future premiums are waived, and the plan continues to provide all required benefits.
Saving for your child, like any other financial aim, should be done in accordance with your financial objectives. This includes selecting the correct goods to allow your money to grow at a suitable rate while also ensuring that it is there when you need it for your child.
By investing in child plans, the child’s future financial security is guaranteed, as are the parents’ goals for their child, allowing the family to be genuine
So, if you’re wondering if it’s worth it to get a child plan, don’t hesitate. However, you should always think carefully about your plan and compare it to those of other firms to see which one best meets your demands. While a child education plan can address your child’s most basic need-education, additional plans can assist you with a variety of other future needs and requirements.