Articles
Why Child Education Plans Have Become a Necessity?
When it comes to your child’s future, its always the best, no compromise. So, when Jui and Vineet had a child, Jui of course started looking for options that delivered safety, well-being, career or financial security. She went right to the new mother playbook, the best diapers, the best milk for children, the best kindergarten.
However, in this pursuit, she overlooked something. Long-term financial and security plans for her child. And like most new parents she really didn’t think about it.
It was only when she met her sister Anushka, a mother of two, she realized the importance for planning their children’s higher education. Anushka kept on telling her the expenses she faced – school fees, tuition fees, extracurricular activity fees.
Jui could only wonder what more expenses would be up ahead -- higher education, medical emergencies and marriage. All of this could cost a fortune. And she couldn’t just let Rajesh take this burden on all by himself. Even she wanted to do her part in securing her child’s future. In fact, she wanted to secure her child’s future by herself.
She immediately met her personal advisor and told him her current predicament, hoping for a solution. He advised her to invest in a child education plan.
Child plans are not only beneficial in accumulating money but can also provide comprehensive protection for your child and family. The need to invest for your child’s education is a must, as the current inflation rate and the inevitable cost of education could be a major concern in the future. Take this as an example, if the current cost is Rs 10 lakh to Rs 18 lakh for an MBA course, can you imagine the cost in the next ten years?
A sound investment plan like children education plans or child planswill enable you to provide your children with proper resources at the right time so that they reach their career goals.
Additionally, investing in a child plan, which are generally ULIP or traditional insurance plans, would protect your child in the future, if at a time you weren’t there to take care of his or her needs.
Jui’s advisor further explained the benefits of a child education plan, and how such plans help overcome the onset of more expenditures in the future. Child education plans are multipurpose, which make them more exclusive your child’s educational needs. Eventually isn’t that what we truly want for our child.