Child Plan Calculator

Child insurance policies are insurance cum investment plans that help secure the financial future of your children and fulfill needs like higher education or marriage. With the help of a child insurance calculator, you can plan for your finances to safeguard your child's bright future.Let us read further to know in detail about the child savings plan calculator.

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Investing in your child's future:A wise decision & a loving choice
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  • Create wealth for child’s aspirations

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  • 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

What Is a Child Plan Calculator?

A child plan calculator is an online tool specifically designed to provide an idea of the fund they would require to fulfil future life goals of their children. 

Creating a strong financial backup for your children becomes hassle-free with the use of a child savings plan calculator. 

You can estimate the maturity amount of your policy. This way, you can judge whether the sum generated by your child education plan is sufficient to fulfil the future needs of your ward.

Why Is It Important To Use Child Plan Calculator?

Long-term goals like a child's higher education or marriage require a substantial amount of money with proper financial planning. With the help of a child savings plan calculator, an individual can estimate the monthly investment they will require to build the desired corpus. 

Here are some of the reasons to consider using a child plan calculator:

  1. Helps fulfil specific goals

    To fulfil the needs of your child wants to pursue any specific career or study abroad, you will need to plan and set aside a specific sum. 

    A child education plan calculator helps you evaluate and analyse the amount of money needed to fulfil such goals.

  2. Helps plan monthly finance

    Before investing in a child insurance plan, it is important to understand the financial requirements and budgeting. 

    With the help of a child plan calculator, you can plan your monthly finances properly and create a strong budget for specific needs of your family. 

  3. Inflation check

    A child plan calculator also considers important factors like inflation rise, annual income; the age of the policyholder, etc. to estimate the size of funds required. 

    The inflation rate deteriorates the effective maturity benefits required to secure the child's financial future. Thus, it becomes imperative to consider the inflation rate while doing the calculation.

  4. Facilitates informed decision-making

    Using a child education plan calculator allows you to make informed decisions about the type and amount of investment required to meet your child's future expenses. 

    You can compare different investment options, and choose the best one that suits your financial goals, and risk appetite.

  5. Helps track progress 

    A child plan calculator allows you to track the progress of your investments over time. You can see how your investments are performing, whether you are on track to meet your goals and make adjustments as needed.

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₹10,000/Month
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₹1 Crore*
*Standard T & C Apply

How a Child Education Plan Calculator Works?

Let us learn the working of a child plan calculator from the list mentioned below:

  • Input your child's age: determines the time horizon for your investments

  • Estimate the future expenses: Helps you to estimate the future expenses you expect to incur for your child, such as education, marriage, or other significant life events

  • Determine the time horizon: Based on your child's age and the estimated future expenses

  • Determine the investment amount: Calculator will determine the amount of money you need to save and invest each month to meet your child's future expenses

  • Compare investment options: Allows to compare different investment options, such as mutual funds, savings accounts, or insurance plans, based on their expected returns and risk levels

  • Make adjustments: You can adjust your investment amount or interest rate based on your financial goals and risk appetite.

How To Use Child Plan Calculator?

Follow the below-mentioned few simple steps to use a child savings plan calculator:

Step 1: Visit Policybazaar Child Plan Calculator

Step 2: Enter the following details in the Child Savings Plan Calculator:

  • Child's Name

  • Age of the Child

Step 3: Click on the “Submit” button

Step 4: Select the future career goals of your child among the following:

  • MBA

  • Doctor

  • Engineer

  • Others

Step 5: Select the type of college/ university you want your child to study:

  • Premier Colleges

  • Private Colleges

  • Study Abroad

Step 6: The child plan will give you the following details upon calculation:

  • Education fee in 2023

  • Inflation rate per year

  • Estimated Amount of Funds in Future (required by the time your child wants to go for higher studies)

  • Monthly Premium Amount Need to Invest (sum required to reach the education goals)

Invest More Get More
Invest ₹10K/Month YOU GET ₹1 Crores* For Your Child View Plans
Invest ₹8K/Month YOU GET ₹80 Lakhs* For Your Child View Plans
Invest ₹5K/Month YOU GET ₹50 Lakhs* For Your Child View Plans
Standard T&C Apply *

Benefits of Using a Child Plan Calculator

Here are some of the key benefits of a child education plan calculator:

  • Accurately estimates the amount of money you need to invest, considering all the involved factors

  • Allows you to create a customized plan that meets your child's specific financial needs

  • Helps you to compare different investment options to your financial goals and risk appetite

  • Can save you time by doing complex calculations for you

  • allows you to track the performance, adjustments, and progress of your investments over time

In Brief

A child plan calculator allows you to get accurate estimates of the amount of money you need to invest, customize the investment plans, and save time in tracking their progress. 

By using this online calculator, a parent can ensure that they are making informed investment decisions and are on track to meet their child's financial needs in the future.

FAQ's

  • What is the formula for a child education plan?

    The formula to calculate the future value in a child plan calculator is as follows:
    FV = PV x (1 + r)^n
    Where: FV = Future Value PV = Present value (the amount of money you need to save and invest) r = Expected rate of return n = Time horizon (number of years until the expense is due)

    This formula is used to determine the present value of the amount needed to meet future expenses based on your expected rate of return and time horizon. 
  • Which is the best plan for child education?

    The table mentioned below lists the best child education plans in India in 2023:
    Child Plan Entry Age Maximum Maturity Age Minimum Annual Premium Minimum Sum assured
    AEGON Life Rising Star Insurance Plan 18 years -48 years 65 years of age Rs. 20000 10* Regular Annual Premium
    Aviva Young Scholar Secure 21 years -50 years 71 years of age Rs. 50000 10* Annual premium
    Bajaj Allianz Young Assure 18 years -50 years  60 years of age NA 10* Annualized Premium
    Bharti AXA Life Child Advantage Plan 18 years -55 years 76 years of age Based on Minimum Sum Assured Rs. 25000
    Birla Sun Life Insurance Vision Star Plus 18-55years 75 years of age NA Rs. lakh
  • Is it good to invest in a child plan?

    Yes, investing in a child plan is a good option for parents who want to save and invest for their child's future financial needs, such as education expenses, marriage, or other important milestones.
    Some of the benefits of investing in a child plan:
    • A child plan is designed specifically to meet a child's financial needs
    • Investing in a child plan allows parents to take advantage of compounding benefits over time
    • Many child plans offer tax benefits, such as tax-free withdrawals or deductions on investments
    • Some child plans offer life insurance coverage, which can help protect the child's financial future in case of unforeseen circumstances
  • What is the SBI child plan?

    SBI offers two types of child plans, which are as follows:
    SBI Life Smart Champ Insurance Plan: 
    • A traditional participating child insurance plan
    • Provides life insurance coverage along with savings and investment opportunities
    • Designed to help parents save for their child's future education expenses
    • Offers guaranteed additions and bonuses
    • Provides tax benefits under Section 80C and Section 10(10D) of the Income Tax Act of 1961
    SBI Life Smart Scholar Plan:
    • A Unit Linked Insurance Plan (ULIP)
    • Offers investment opportunities along with life insurance coverage
    • Flexibility to choose from various investment options, such as equity, debt, or a combination of both
    Offers tax benefits under Section 80C and Section 10(10D) of the Income Tax Act

*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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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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