How to Save for Your Child's Education Smartly
Parenting comes with great responsibility, especially when it comes to securing your child's future. While creating a financial plan for your child's future can seem complex, it's entirely possible to design a child insurance plan that addresses all their needs and ensures their future is well taken care of.
A good education is one of the most precious legacies that we can leave with our children. However, quality education doesn’t come cheap, and is bound to get more expensive in the future. Good schools command higher fees. The costs only go up when the child goes in for higher education. That amount almost triples if the child decides to pursue higher education abroad. Many parents do not realize that paying for their ward’s education could be very challenging in the future. Due to lack of this lack of realization or awareness, they do not take adequate steps to plan a smooth path for their child’s education.
There are many ways one can plan to save and invest for his child’s education:
1. Equity plans:
This option is meant for investors having higher risk appetite. The gains on equities are tax free.
2. Balanced funds:
This is a good option for conservative investors as they have lower exposure to equity. 65% of the assets are invested in equities and the rest in debt securities.
3. Public provident fund:
This plan will let you enjoy tax benefits and the security of a government financial product.
4. Debt plans:
These involve instruments like short term and long term bonds, money market instruments etc. Investors who would not like to deal with market risk prefer to go for these options.
5. Insurance plans:
These are long term plans that offer both the benefits of insurance and investment; HDFC Life offers Insurance plans which parents can invest in depending on the criteria. HDFC Life Insurance plans offer a range of solutions that are relevant to different life stages, including planning for your child’s future requirements.
Related Articles
- Why Child Health Insurance Policy is Important?
- How to calculate the insurance required for your child's future
- How to Choose Child Insurance Plans
- How to Plan for Child's Future?
- How to choose the Best Child Education Plan?
ARN: ED/07/19/14608
Term Plan Articles
Investment Articles
Savings Articles
Life Insurance Articles
Tax Articles
Retirement Articles
ULIP Articles
Subscribe to get the latest articles directly in your inbox
Health Plans Articles
Child Plans Articles
Popular Calculators
Here's all you should know about life insurance.
We help you to make informed insurance decisions for a lifetime.
HDFC Life
Reviewed by Life Insurance Experts
HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER
We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.
Popular Searches
- Term Insurance Calculator
- Investment Plans
- Investment Calculator
- Investment for Beginners
- Best Short Term Investments
- Best Long Term Investments
- 5 year Investment Plan
- savings plan
- ulip plan
- retirement plans
- health plans
- child insurance plans
- group insurance plans
- income tax calculator
- bmi calculator
- compound interest calculator
- income tax slab
- Income Tax Return
- what is term insurance
- Ulip vs SIP
- tax planning for salaried employees
- HRA Calculator
- Annuity From NPS
- Retirement Calculator
- Pension Calculator
- nps vs ppf
- short term investment plans
- safest investment options
- one time investment plans
- types of investments
- best investment options
- best investment options in India
- Term Insurance for Housewife
- Money Back Policy
- 1 Crore Term Insurance
- life Insurance policy
- NPS Calculator
- Savings Calculator
- life Insurance
- Gratuity Calculator
- Zero Cost Term Insurance
- critical illness insurance
- itc claim
- deductions under 80C
- section 80d
- Whole Life Insurance
- benefits of term insurance
- types of life insurance
- types of term insurance
- Benefits of Life Insurance
- Endowment Policy
- Term Insurance for NRI
- Term Insurance for Women
- Term Insurance for Self Employed
- Benefits of Health Insurance
- Health Insurance for Senior Citizens
- Health Insurance for NRI
- Best Term Insurance Plan for 1 Crore
- personal accident insurance
- Annuity Calculator
- child investment plan