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Why Child Education Plans Have Become A Necessity?

Jul 16, 2018 | 2 years ago | Read Time: 3 minutes | By iKnowledge Team

Child Education Plans

When it comes to securing your child’s future, compromising is never an option. Every parent desires to provide the best opportunities to their children be it safety, well-being, career or financial security. In the pursuit of fulfilling the basic necessities of their children, parents often overlook the long-term future plans. Expenditures like higher education, medical emergencies and marriage can cost a fortune. Therefore, to be prepared for such expenses and create a financially secured future for them, you need to start investing in a child education plan.

What are the benefits of a child education plan?

To get some financial help while paying for education can be a great relief. Since there is no escaping from the ever increasing cost of education; such investments help battle the onset of more expenditures in the future. Child education plans are multipurpose, which make them more exclusive. It gives various advantages like life cover, saving for your child’s future needs and also the option of integrating specific riders. There are a handful of rider options such as partial timely withdrawal which provides financial support to fund your child’s school fees and avail maturity benefits. These riders can help you customise the policy according to your needs.

Saving plans for your child are not only beneficial in acquiring right amount of money when needed, but also in offering comprehensive protection as well as a medium of savings. This is like a one-time investment plan for your child with a guarantee to give long term benefits.

Is there really a need for an education plan? Yes. There is. Keeping in mind the current inflation rate and the inevitable cost of education, it is something that will always be your concern. When your child wishes to pursue an MBA degree from a reputed college, the minimum expense will be around Rs. 8 lakhs. So imagine, 10 years from now when your child is about to initiate his or her MBA studies, the cost of the same would nearly be a minimum of Rs. 25 lakhs. To be able to provide your children with proper resources and give them the liberty to choose their favourite course or institute and ensure the program  justifies their capabilities, a sound investment plan from your end is the most minimum you can do. It is a necessity.

How to apply for a Child education plan?

While all Non-Banking Financial Companies (NBFCs) and banks offer investment plans for education, it is important to choose the right one. To begin with, you need to choose a base plan, which gives proper policy term and helps you save enough to meet all the study-related needs. There are plans available with added riders to provide extended benefits. If you are purchasing the plan for your child and want to be practical about any unforeseen circumstances, then the insurance rider is obligatory. It will give the guaranteed financial support to your children and help them realize their dreams.

Aegon Life offers many child investment plans to help your children live their dreams. These plans are tailor-made and ensure that your money is given to your children when they need it the most. The company provides a special plan for children under its Rising Star Insurance Plan. The earlier you choose a plan, the more the benefits.

Advt. No.: IA/Jul 2018/4170

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