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Best Investment Options For Your Kid

Child insurance plans to craft your child's secure financial future

Best Investment Options to Ensure Your Child's Future

Naam Kamana! PV Sindhu, Poorna style


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April 12, 2017

By : Bajaj Allianz Life

The star of the “Indian girl” is on the ascent. This is reflected in all spheres – be it sports, business, movies. For parents this is an encouraging sign, that their daughter could make it big someday with the right launch pad.

Parents like to see their children make a name for themselves, this is particularly true for the girl child. With a rise in general level of literacy and education, government driven push through programmes like ‘Beti Bachao’, deeper integration with diverse cultures throughout social media, the girl child is slowly but surely assuming a more prominent role in society.

Many areas dominated by males are seeing women claim their places.

Take Bollywood for instance, there are an increasing number of women centric movies.

We have Pink, Anarkali of Arrah and Akira to list a few.

In fact, we are even seeing female characters headlining movies viz. Naam Shabana, Poorna, and going by feedback, the audience is loving it.

In sports, we have already seen women bringing home the silver in the Rio 2016 Olympics, a first for the country.

Sakshi Malik bagged the bronze in the 58 kg wrestling.

P V Sindhu is now the second ranked player in women’s badminton post her victory in the Indian Open.

Last year, she came within striking distance of gold but had to settle for silver, becoming the first Indian woman to bag a silver in the Olympics and the youngest to finish on the podium in an individual event.

Your daughter could be up there too

With girls making a name for themselves in every sphere, it is natural for parents to wish the same for their daughters.

Girls are now venturing into areas/careers that were predominantly associated with males. They have the willingness and dedication to do what it takes to scale the highest summit.

The major support that they need from their parents is mainly in meeting their financial requirements.

Like it or not, education, sports or any other career option is as much about money as about dedication and toil.

Most of these options viz. medical degree, engineering, MBA (business degree) run into a few lakhs, at times, tens of lakhs, which is beyond the spending capacity of an average Indian household. If you inflate the cost to calculate the amount a few years later, when your child is ready for higher education, the amount is even more prohibitive.

  • For instance, education cost of a medical degree today at Rs 32 lakhs is already beyond most parents. Assuming a 5% inflation rate, ten years from now it will cost Rs 52 lakhs to fund your daughter’s medical degree. Twenty years from now it will be a whopping Rs 85 lakhs!
  • Likewise, the cost of an MBA can be in the region of Rs 10 lakhs at today’s cost. Assuming 5% inflation, the MBA degree will cost over Rs 26.5 lakhs twenty years from now.

Now if your daughter wants to opt for a professional degree in any of these fields, she will need considerable backing from you and we don’t mean the soft, emotional kind, but hard earned money.

Without adequate finances in her education kitty, your daughter may have to settle for something less than her aspirations.

Child education plans can help you get there

While it’s next to impossible to summon such large amounts for your daughter’s education, you can help her realize her goals with some long-term planning.

Here is where child education plans or simply child plans, can make a lot of difference.

Child insurance plans are tailor-made to meet the future financial needs of your children. You could invest in them to build a corpus for:

1. Your child’s education

2. Child’s marriage

3. A house that you wish to gift your child, among others

Child insurance plans are available in both forms – unit-linked insurance plans (ULIPs) and term insurance plans to suit individuals with varying risk profiles.

So, while the country is celebrating the success of the girl child, it’s for you to outline a plan for the success of your daughter. Talk to her and understand what she wants to achieve in her career. Assess the financial requirement of helping your daughter get there. Do not get cowed down by the financial demands of her chosen career option. As we have seen with careful planning and long-term savings, child education plans can prove useful in helping your daughter realize her aspirations.

Disclaimer:

References in the article to personalities / events / cinema are only for representation purposes and we are not responsible for any misrepresentation/misuse of the same. Opinions in the article are made without mala fide intention.

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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.