help create a corpus for crucial stages in the child’s life
Have you ever estimated how much you would need to save to be able to comfortably meet the future expenses related to higher education and marriage of your children? Today, a post-graduation degree, from an institute of repute could cost you between Rs 10 lakhs to 30 lakhs. The cost of a decent marriage is anywhere between Rs 7 lakhs to 20 lakhs. The exact costs would vary for each child, as a lot depends upon where you want your child to study and the amount of money you would like to spend on his or her marriage.
Mind you, the amount that we discussed is what you need today, and we all know inflation has been hitting all of us hard. With government subsidies slowly phasing out, the cost of education has grown much faster than the average rate of inflation. Assuming a 6% annual inflation rate, and if there is still 10 years to go before you would need the money, the amount that you would need at that point in time would be more than twice that you need today. So, if the estimated cost at current price is 30 lakhs today, you would need more than 60 lakhs at the point in time, when you would actually need to spare the money out of your pocket. So, basically you would have to be prepared for 60 lakhs.
In order to successfully meet your child’s needs, it is best to start planning today. If you delay, your financial goals will be going out of reach. The best way to approach the situation is to opt for a child insurance plan today. A child plan would require you to pay an annual premium, and this would assure you that your child receives the money when it’s needed most, like at the time he or she would need to go for further education or for his marriage.
The early you buy a child policy, the less you have to allocate annually towards it. The later you start, the more you will have to spend towards the annual premium. Starting too late would mean the annual premiums that you would have to shell out would probably be out of your reach and hence you would be left with no savings option that would help you reach your goal.
There are many variants in a child plan and if you need to learn about the plan that would meet your financial goals at the lowest cost, you can compare child plan online. Choose the best child plan that meets your need and buy it online.