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Readers ask: Children education plan india?

  • What is Child Education Plan? Child education plans are investment cum insurance plans that help to plan children’s future financial requirements by creating funds over a period of time. A child plan ensures payment of a lump-sum amount to a child on maturity to cover the child’s college fees or marriage expenses. Best Child Plans in India

Child education plans are investment cum insurance plans that help to plan children’s future financial requirements by creating funds over a period of time. A child plan ensures payment of a lump-sum amount to a child on maturity to cover the child’s college fees or marriage expenses. Best Child Plans in India

Which is the best child education plan in India?

Best Child Plans in India

Plans Entry Age Minimum Sum assured
Birla Sun Life Insurance Vision Star Plus 18-55years Rs 1 Lakh
Edelweiss Tokio Life EduSave 18-45 years Rs 2.25 Lakh
Exide Life Mera Aashirvad 21-50 years Rs 3.5 Lakh
Future Generali Assured Education Plan 21-50 years N/A
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How can I plan for child education in India?

Here are some simple steps to take while planning your child’s education fund.

  1. Waste no time. Planning for your child’s education is a long-term financial goal.
  2. Plan for inflation.
  3. Avoid low returns investments.
  4. Start small and step up.
  5. Insure yourself.

What is child education plan?

A Child Education Plan is an insurance policy that offers protection as well as an opportunity for saving money to ensure a secure future for your child. It makes sure that your child receives the education he/she desires with a lump-sum payout at maturity or when any unfortunate event occurs to you.

Which LIC policy is best for child education?

The premium under the LIC child plan is to be paid for a limited term only.

LIC Jeevan Tarun.

Minimum Maximum
Policy Term 25 years – the entry age of the child
Sum Assured Rs.1 lakh No limit
Annual Premium Amount Rs.24, 000 No limit
Premium Payment Term 10 years, 5 years or (term – 5) years

Which plan is best for child?

Best Child Investment Plans

Plan Name Entry Age Maturity Age
Bajaj Allianz Young Assurance Child Plan 18/50 years 60 years
Bharti AXA Life Child Advantage Plan Regular Pay- 18/50 years Limited Pay- 18/55 years Regular Pay- 71 years Limited Pay- 76 years
Canara HSBC Child Plan 18/50 years 70 years

Which scheme is best for boy child?

The following schemes are available for a boy child:

  • National Saving Certificate (NSC).
  • Post Office Recurring Deposit.
  • Kisan Vikas Patra (KVP).
  • Public Provident Fund (PPF).
  • Post Office Monthly Income Scheme (POMIS).
  • Ponmagan Podhuvaippu Nidhi Scheme.
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How can kids save education?

Start a systematic transfer plan from your equity fund to a short-term debt fund (average maturity of 1-3 years). Rego emphasises the need to act conservatively when you are saving for a crucial goal that cannot be postponed. Keep in mind that the date of your child’s admission to college is fixed.

How much does a child education cost?

He estimates that the average annual fee for college is Rs 1,50,000 a year for a degree course. This means a four-year course will cost Rs 6,00,000. Upon graduation, Akshat assumes Akshara will study for an MBA at a top B-school, which currently costs Rs 15 lakh altogether.

How much should I spend on my childs education?

“The cost of the child’s education should fall in the 30% of your expenses from your overall income which includes your rent and other expenses. If it exceeds the 30% limit, you are overspending, which means you have to either earn more or cut down the expense,” said Agarwal.

What is a child plan?

The plan should include information about services to be provided to meet the care, education and health needs of the child, responsibilities of all involved, arrangements for accommodation, and contact between the child and their parents. A care plan will form part of a Child’s Plan.

How do I plan my child’s future?

Invest in direct mutual funds

  1. Use the Power of Compounding To Your Advantage.
  2. Start Early.
  3. Have A Comprehensive Insurance Policy In Place.
  4. Take Inflation Into Account While Planning.
  5. Protect And Prioritise Vital Goals.
  6. Select A Premium Waiver Plan.
  7. Invest In High Yielding Schemes.
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What is the minimum age of the child for getting child insurance?

Q1. What should be the minimum age to buy child insurance plan? For any child insurance plan, there is no such strict entry age to purchase child plan as it differs from insurer to insurer. However, an ideal age to avail a child insurance plan is 18 years.

Is LIC better than FD?

Fixed deposits are best for both short and medium term investments whereas life insurance plans are designed for long term investments. You can invest for a period of as low as 7 days in fixed deposits unlike a life insurance plan wherein you need to invest for at least 10 years.

Which is better PPF or LIC?

While LIC policies serve the purpose of insurance, a PPF serves the purpose of savings. PPF is a Public Provident Fund meant for long-term savings and retirement.

PPF VS LIC.

Points LIC PPF
Tenure Flexible 15 years
Premature closure Premature closure allowed with penalties. Premature closure not allowed.

Which LIC plan is best?

Best LIC Plans

LIC Policies Plan Type Policy Term
LIC Jeevan Umang Whole Life Insurance 100 years minus(-) the age at entry
LIC Jeevan Amar Term Assurance Plan 10 years-40 years
LIC Money Back 25 years Money Back Policy 25 years
LIC New Jeevan Anand Endowment Plan 15 years-35 years
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