How to Plan for Child Education Expenses

Posted by Archana Singh
October 6, 2017

Self-Published

From the past few years due to inflation the cost of child education is sky rocketing. Due to day by day increasing cost of child education it has become extremely difficult for parents to meet the growing education fees and other associated cost related to it. So, it has become extremely important for parents to pre plan the future expenses of your child at early stage of life and secure the financial future of your children.

One of the best ways to fight back the growing expenses of your child is to have a child education plan. Having a child education plan by your side not only support the child financially till he/she is grown up but also protects them in the absence of the parents. It helps you to manage the expenses for child education, so that your children can achieve the major milestones in life.

As you know that it is must to have a child education plan to secure the financial future of your children, it is important to consider various different aspects prior zeroing down a policy. Here we have briefly discussed the aspects that should be kept in mind while buying a child plan

  1. Inflation-

Prior investing your money in a particular plan it is important to factor the inflation rate as the amount is required in the much later date and therefore with time it an inflate.

  1. Time of Return-

While planning your investment, it is important to know the exact time of receiving the return. Noticing the time of return, the buyers should analyze the plan and choose the most suitable plan according to your needs and affordability.

  1. Engage an Insurance Advisor-

While it may seem insignificant, taking advise of a reliable and competent insurance advisor at the initial stage of your purchase is a must do thing. Most of the customers get confused while buying an appropriate plan, an insurance advisor can help you to choose the best plan by sharing their expert advice and can help you to save bundles on your savings.

  1. Compare the Plan-

In order to choose the most beneficial plan according to your own requirements, it is very important to compare the different plans online. By comparing different plans you zero in on a plan that provides maximum coverage in minimum premium rate. Moreover, it also helps you to calculate the life cover you want to have for your children.

  1. Plan your other investments properly

It is sole responsibility of every parent to provide best of everything to their children. And thus, they should not compromise in the education of the children. Much before you plan to have kids after marriage plan you investment properly so that you can reap the benefits of the investment at the time when you will be needing money for your child’s future. Investing in child insurance plan is a good idea as it provides the dual benefit of investment cum insurance coverage to the policy holder.

  1. Choose for Premium Waiver Benefit-

If you are planning to buy a policy then don’t forget to choose for premium waiver benefit as in case of uncertain demise of the parent during the tenure of the policy the insurance company will waive of the entire premium of the policy and the coverage will continue till the completion of the policy tenure. This is very helpful as it provides an opportunity to the children to complete their education without any hindrances.

By keeping all these aspects in mind you can surely plan and fulfil your child education expenses by choosing the most suitable child education plan.

Youth Ki Awaaz is an open platform where anybody can publish. This post does not necessarily represent the platform's views and opinions.