Life goals like children’s education or marriage require a substantial amount, which is not possible for a common person to accumulate in a few months. It requires years of savings and investments to generate enough wealth to ensure quality education for children. A child insurance plan calculator can help one to get an idea of the monthly investments that would be required to achieve their children’s life goals. A child plan calculator has several other utilities.
1. Estimated projection
Making an estimate of the amount required to fulfil a goal is not a complicated task.Depending on the inclination of the child, one can get an idea of the amount that will be required to fund his/her higher education. Similarly, one can make a fair estimate of the amount required for the child’s marriage. However, deciding the amount is half the work. A child calculator helps you get an idea of the estimated amount you need to save to achieve the financial goal. It takes into account various factors like investment horizon, rate of return and inflation rate to generate the projection.
2. Helps fulfil specific goals
It is important to plan for your child’s future, as savings will exhaust eventually. Investment in the right plans can help you accumulate sufficient corpus to fund your child’s higher education. Child investment plans are designed to fulfil children-specific life goals.
3. Helps plan monthly finances
Understanding one’s requirements and budgeting before opting for a children investment plan is important. A child insurance plan calculator is an efficient tool that helps you get an idea of the monthly outgo required to achieve a financial goal. With a child calculator, you can plan your monthly finances properly.
Understanding one’s requirements and budgeting before opting for a children investment plan is important. A child insurance plan calculator is an efficient tool that helps you get an idea of the monthly outgo required to achieve a financial goal. With a child calculator, you can plan your monthly finances properly.
4. Provides protection against unforeseen circumstances
Life is unpredictable and having a plan in place for unforeseen circumstances is crucial for a stable future. In case of the sudden demise of the parent, the insurer generally waives the remaining premiums for the child’s education plan. Planning for the child’s future ensures that the child’s education remains immune to unforeseen circumstances.
5. Helps figure out the child’s education needs
Education and skilling have undergone a drastic change in the last few decades. Children require comprehensive education to succeed in a competitive globalised world. Investing in a child education plan ensures that one has financing flexibility while the child is studying. Child calculator helps in planning as per the budget and the needs of the child.