Financial Planning For Child Future

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Financial Planning For Child Future

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Financial Planning For Child Future

Financial Planning For Child Future

If you feel your children’s happiness is so important, then the financial planning for them is essential. Higher education, marriage, financial security of our children is some of the most important milestones that we all save for. 

Parents make many plans for their children's happiness and bright future. According to the ‘Life‌-2015’ survey conducted by Nielsen, the main reason why a large percentage of people take out life insurance is to think about their children's future. 

  • How do I secure my child's financial future?
  • Which is the best investment plan for child?
  • How do I plan for my financial future?

According to another study, the level of awareness on child insurance is 99 percent. But the number of those who take it is only 16 per cent. The number of those who want to take it is only 12 per cent. 

That is, there is no correlation between the number of people who are aware of the child plan and the number of people who are actually taking it. Well .. aside from that .. why are child insurance plans and life insurance plans more popular when so many financial instruments are currently available in the market?

This is because the intention is that there should be no impediment to the crucial education for children to join the appropriate profession. The Child Plan also provides comprehensive coverage for rising education costs, professional education costs, and simple wedding expenses. It is basically a savings tool that can be used for the future needs of children. 

In case of any untoward incident to the parent the beneficiary will get the specified sum assured immediately. Even if the subsequent premiums are not paid (Weaver of premium) the policy will continue till maturity. The premiums related to this The insurance company will pay on behalf of the policyholder until the policy matures. 

Investing in one of these schemes will not only increase the savings significantly in the long run but also contribute to the educational goals of the children, professional career and overall financial stability. These plans also have some flexibility to receive a certain amount of money at certain intervals in relation to the child’s education.

Plans for a child's future should begin as early as possible. Investments should start as soon as possible. Saving a certain amount of money over a period of time can save a considerable amount of money in the long run. Compounding‌ benefits can also be obtained (since the actual interest also increases with increasing). Here are some things to look for when selecting a child insurance plan.

  • The period of time required to accumulate a certain amount
  • The money will be needed from time to time
  • How much savings will be required to raise the fund

Roughly speaking tuition costs are running like racehorses. With so many specialized courses coming up, studying is becoming a huge burden for the common man. But without too much fear Set a niche goal. 

When calculating how much money is needed .. also consider inflation. Start saving as soon as possible. No matter how much funding is provided, it can be greatly reduced in the end. But it can be replaced with educational loans. But not all times are the same. 

Even if something big happens in the house there is nothing you can do if the financial situation goes awry it is not a good idea to rely entirely on yours for loans. However, the ideas for the golden future of the child should not be matched with mere plans.

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Santosh Kumar
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