Creating a sizeable corpus for your child’s promising future

Parenthood is one of the most beautiful phases of your life. While it brings joy in one’s life, at the same time, it also brings a set of umpteen responsibilities. The upbringing of a child involves many expenses with the most significant being education. Higher education costs are skyrocketing in India, thereby making it unaffordable for a middle-class family. Currently, the cost of pursuing an MBA course from a private college is around Rs 30 lacs. Additionally, it is expected to touch Rs. 96 lakhs in the next 20 years, considering the annual inflation rate of 6%. Therefore, it becomes prudent to invest in the right financial instruments to build a huge corpus for your child’s future education and needs. 

Taking this into consideration, individuals should start planning when their child is say six months old so that when he/she turns 18 and pursue higher education, they  have the right corpus which can fulfill their educational needs. Further, one way you can create the right corpse is by investing in a child savings plan. One of the most appealing aspects of investing in child plans is that they have a unique benefit known as Waiver of Premium. This incredible function assures that your child's future is protected even in your absence. Further, in case of a sudden death of the policyholder, the insurer pays all future premiums, and the plan continues. 

Additionally, if you plan to buy these plans online, you have the benefit of comparing different options and picking the one which suits your needs. Also, under guaranteed return plans you get 3-4% extra maturity value.  Thus, it makes sense to buy these plans online.   

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