As a parent, you would want to give the best possible future to your children. This includes good education and security, in case of any eventuality. Soon, your little child will grow up, and it will be time to provide for his or her higher education and wedding.
The purpose of Children's Future Solution is to create an adequate amount for future expenditures such as those on higher education and wedding, and to provide for an adequate security cover during their growing years.
Children's Future Solution acquires added importance because children's education and wedding are high priority life goals, which can neither be postponed nor can there be a compromise on the amount.
Good education has always been necessary for a secure future. Today, career opportunities have grown exponentially, and there are many professional courses that your child can aspire for. However, costs of higher education have also increased manifold.
Regular savings alone for your child is no longer enough, as savings alone will not even beat inflation, forget giving you good returns. For ensuring adequate funding of your child's education, you as a parent, need to do two things:
It is never too early or too late to start saving and investing for your child's future. Especially in today's context. For example, the cost of a professional degree today is approximately Rs 2.5 lakhs. If your child is one-year-old today, after 17 years when he/she goes to college, you may require a sum of Rs 6.3 lakhs, assuming an annual rate of inflation of 6%.
There are many products which we can use to achieve the above objectives. For example, we could suggest a Children's Future Plan offered by any good insurance company, to build a corpus for your child's higher education, and provide for a security cover in the event of the parent's unfortunate demise. We could also suggest high performing Mutual Fund in the form of a Systematic Investment Plan.