Child Education Policy: How to Plan for the Inflationary Costs?
Many parents are worried about the rising cost of education in India. They stretch out their budget to meet the expenses, but that doesn’t end here. They realised they would need to plan well in advance for their child’s higher education, or the fees will be too excessive considering the rampant education inflation.
There is no more excellent gift than securing your child's future monetarily. To help you better, here's how you can plan for your child's child education policy:
- It will enable you to fulfil your child’s dreams
You can see the trend of increasing fees that are going to be even more inflated. But if you have got a child plan, you can let your child liberally pick up the field he wants to pursue.
This way, the fees won't be a deterrent, and your child will fulfil his dreams and career goals with the amount of sum insured.
Hence, a sensible investment today can let you build an adequate fund to pay for the overpriced college fees. At the end of the policy duration, your child will get the maturity benefits that will guarantee that all his dreams are turned into reality.
- Pay for college fees with the maturity amount
As you can witness the college fee is rising at a rate higher than the overall inflation; it is logical now to save for your child’s future. With a basic engineering course costing up to Rs. 2 lakhs, it becomes crucial to invest in a child saving plan to guarantee that your child meets all his educational milestones.
- Financial security for unpredictable situations
Your child education policy would also ensure that your child is financially secure even after your sudden demise. Your child will get most of the insured amount. The best part is that the policy can pay off the higher education costs, along with the maturity amount being around ten times the cost of the premium.
- Fund your child's school fees
If a parent dies, the insurance company will instantly pay a specific portion of the insured amount, and your child will receive timely payments until the end of the child investment plan. With this money, the insured child can pay the school fees even if the parents are not present.
So, this is how you can plan for your child’s future and the rising cost of education in India. By investing in a good investment plan, you can safeguard your child's future. The investments that you will do now will help you to be financially ready for any challenges and help your child build his career without worrying. These small investments can make you and your child’s future bright.