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Investment Planning for Children’s Future

Every child is precious to their parents. Every parent wishes for their child to get the best possible education and other amenities. This can be achieved by planning your investments and savings systematically. There are various ways in which a parent can secure their child’s future.

Investment plans also act as tax-planning tools, as many avenues help reduce tax liability. There are different types of investment plans, and by choosing the right one, you can invest according to your needs and grow your savings.Read Less

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Written ByPalak Bagadia
AboutPalak Bagadia
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Palak Bagadia, Associate – Digital Marketing at Bajaj Allianz Life, with experience spanning content and performance marketing, recruitment, employee engagement in the BFSI industry.
Reviewed ByRituraj Singh
AboutRituraj Singh
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Rituraj Singh,With over 6.5 years of experience in the insurance industry, Rituraj Singh, Manager- Product & Brand Marketing at Bajaj Allianz Life Insurance overlooks new product launches, compliance, and brand projects, leveraging artificial intelligence and technology to enhance outcomes.
Written on: 7th July 2024
Modified on: 7th July 2024
Reading Time: 15 Mins
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It’s advisable to start saving and investing at an early age, ideally even before you have a child. The earlier you start the more benefits you get, like – long term capital gains, longer term horizon which reduces the risk and also results in a higher corpus.

Now you would wonder how much to invest, where to invest and also how much you should save from your income. To achieve the desired goal for your child you need to save and invest regularly.

Here are a few things which one may consider while planning for a child’s future:

Savings – Savings are crucial when it comes to financial planning, because without savings you cannot invest. Also, one needs to have sufficient funds for emergency purposes; this sum is generally 3 times your monthly salary. This emergency fund can be in form of cash in a savings bank account. Savings should start at a young age and should be imbibed in a person as a habit.

Insurance – No one can predict the future. As the future is uncertain, one should always hedge the risk by insuring oneself as well as their child. This is the part where you need to combine a child plan and a term plan (as a pure protection plan). A children’s plan is crucial, because with ever-increasing inflation, it is necessary to get a child plan which will help in systematic savings as well as financial growth. It is also necessary for the parent to get a term plan which will be helpful to the family in case either parent dies or is rendered unable to earn due to some unfortunate event.

Inflation should always be taken into consideration while planning for your child’s future. Inflation actually erodes your hard earned money. Let us take an example – an MBA today from a reputed management school would cost around Rs.5 lakh. Ten years down the line this amount could become Rs.10 lakh if we take a 7% hike in the fees every year. We have taken 7% as an assumption and a replica for inflation, because over the period of a decade, inflation tends to average at 7%.

Investing – While it is important to save, making your money grow is equally crucial. One needs to systematically invest money in various instruments like fixed deposits, mutual funds, and physical gold. Investments should be made only after defining the risk appetite. A risk-taking investor may even invest in direct equity while a risk-averse investor may invest in FDs and RDs or even postal savings scheme.

One can either hire a financial planner to make a proper plan for their child’s future or even do it on their own by consulting bank managers, insurance agents and mutual fund advisors.

To conclude, preparing for your children’s future is a simple process – reduce your expenses, increase your savings, invest properly and regularly and get insured early!

Start building a corpus for your child’s future today! Click here to learn more about our child plan!

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~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

**Past performance is not indicative of future performance.

The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.

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Disclaimer

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

 

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%%Above illustration is for Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V03) considering Male aged 25 years | Non-Smoker | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 6,238. 2nd Year onwards premium is Rs. 6,659. Total Premium Paid is Rs. 1,99,349 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly installments (Lumpsum Payout Percentage : 45, Income Payout Percentage : 55) | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. This is inclusive of all the discounts mentioned above.

##Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

@Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^^The Return of Premium amount is total of all the premiums received, exclusive of extra premium, rider premium and GST & /any other applicable tax levied, subject to changes in tax laws
Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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Disclaimer

Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04)

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116


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