You, as your family’s anchor, need to make sure your child has a livable present and a prosperous future. Higher education plays a vital role in ensuring bright future of your child. However, it is not a hidden secret that higher education costs us more than our pockets could pay. The escalating education fees are burning a hole in the pockets.
As a parent, it is your responsibility to make a difference in your child’s life. There are a few ways that will ensure that your efforts to make a change in his life have a fruitful result at the end. To make this happen, you can start saving early, plan a smart investment with a child education plan or get a life cover insurance.
Let’s look at some of the excellent ways to ensure the best quality higher education for your child:
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Estimate the Cost of Higher Education
Today, higher education nearly costs approximately 10-15 lakhs rupees in India. Imagine the fees ten years ahead in time, which would be most likely to be higher than the present one. This is one reason why saving for your child’s higher education is a formidable goal that requires strategic planning.
Let’s assume that the cost of a management course is INR 18 lakhs, and you will need that money after 18 years. If education cost grows moderately at the rate of 6 percent per year, then you’ll be looking at a target of INR 51.37 lakhs. Hence, it is crucial to estimate the amount for your child’s higher educations.
Estimating the amount of money you will need later in time to pay for your child’s higher education will help you immensely.
Start Saving Early
Long-term planning for your child’s higher education is a must in today’s world where the inflation rate is higher than ever before. You can start saving for higher education of your child since his birth. Planning for higher education costs for your child may seem like a distant need when you become a parent. However, the reality is that early savings make a difference in making your money grow for your child’s better future.
Plan Your Investments Smartly
As a concerned parent, you must be fretted about fees for higher studies for your child. This is where a smart investment like a child education plan comes into play.
Planning your investments is like planting a seed that can help you to build a corpus for your child’s bright future. The most valuable aspect of a child plan is that it not only offers financial support at numerous growth stages of your child but also continues to provide financial security in case of an unfortunate demise of the insured.
There are a lot of child education plans available online as well as offline in the market. If you are baffled about which child policy is beneficial for you, then a reputable financial advisor like FinEdge can help you out.
Get Yourself Insured
Buying a life insurance product has become a necessity in life. You can opt for insurance like a term plan or a life insurance plan to secure your child’s future. Such a plan will bring financial stability to your family’s life, even in your absence. Alongside, the plan is also capable of fulfilling future needs, such as your child’s higher education, child’s marriage, and so much more. That is possible since being insured with a term plan provides comprehensive financial coverage against premiums paid for a limited period to the beneficiary of the policy. In case of the demise of the insurer during the policy time, the coverage of the term plan is paid to his family as the death benefit.
At last, being a parent, you must plan well to ensure your child and family won’t face financial constraints in the future.