This is easier said than done given the challenges and competition in the field of education today.
Apart from the challenges of education, which is for the child to grapple with, parents have their own hurdles to overcome i.e. sharply rising cost of education.
As a parent if you are not adequately geared to meet this particular challenge your child could well miss the bus on a solid degree regardless of his/her skill and aptitude.
Consider this – a 2-year MBA course at a premier management institution today would cost you nearly Rs 4 lakhs.
At an inflation of rate of 10% for education, this amount would bloat to Rs 2,691,000 after 20 years when your child will sign up for the MBA course.
The good news is that help is at hand in the form of child life insurance plans which are tailor-made to meet the future financial needs of your children.
Child life insurance plans are available in both forms – unit-linked plans and traditional plans to suit individuals with varying risk profiles.
A sum invested regularly in the plan can help accumulate a corpus that will secure your child’s financial future. The amount of contribution will depend on how much you plan to save.
Your financial planner can be of assistance in chalking out an ideal financial plan for your child’s future.
Curated from How to Plan right for your Child’s Education?