Save Money for Child in India

Why do we save? Simply because we can't predict the future. Therefore, the need to save money for the future is indispensable. Reasons for saving money vary from person to person as per their objectives. Some save for retirement, some for a new car or a house, some for vacations and likewise. Nowadays, people are becoming more concerned about the future of their children and they should be because of the skyrocketing tuition fees of schools & colleges. So, if you don't want to worry later on then start planning and saving to make the future of your children secure. 

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Investing in your child's future:A wise decision & a loving choice
  • Insurer pays premium in case of loss of life of parent

  • Create wealth for child’s aspirations

  • Tax Free maturity amount+

  • 12+ plans available

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  • Insurer pays premium in case of loss of life of parent

  • Create wealth for child’s aspirations

  • Tax Free maturity amount+

  • 12+ plans available

Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr Tax Free*

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We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

Methods to Save Money for Child

  1. Evaluate your Children's Future Needs

    You should consider and evaluate the needs of your children before preparing any financial plan. After evaluating this, start chasing those needs-based objectives. There can be some expenses which may arise in future so you should forecast them as well.

  2. Start Early to Save More and Invest Less

    For instance, Mr. Arora has a son who is 3 years old. His son will do his graduation after 15 years. In today's terms, the cost of graduation is Rs 5 lakhs. Take inflation rate to be 10% per annum. So, after 15 years, Mr. Arora will need Rs 20.88 lakhs for his son's graduation. If he starts investing now then he needs to invest Rs 4,180 per month but if he delays the investment and starts investing after over 5 years from now then he needs to invest Rs 9,079 i.e. almost double. Hence you can easily observe the benefit of investing earlier to achieve the same amount of money at the correct time. 

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  3. Saving Alone is not Sufficient

    If you want to earn high returns than saving money in your savings bank account is not the option. You should consider various investment options available in the market and choose the best suited to make your portfolio progress towards the financial goals you have set.

    Many companies have launched child plans These investment products take care of most of the expenses along with an insurance cover. It is important to understand these products precisely before hawking for them blindly. Don't get carried away by the names of financial products. Instead, before making any decision, evaluate the characteristics & viability of these products. 

  4. Take Help From an Expert Financial Planner

    Apart from the child's future, there are other priorities as well like retirement, medical expenses, housing rent, etc. You should never dip into the funds save for these priorities to invest for your child. Planning better would be sensible and for that you can take help from an expert financial planner. 

    By following these simple but effective methods, you can easily make the future of your children secure.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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