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In India, child education schemes are one of the most popular investment options to help fund higher education expenses.
These schemes are long -term investment to help you save money for children’s education expenses on policy term. As part of these schemes, parents are required to pay premium on monthly, quarterly, semi-year or annual basis, while they receive a lump sum amount at the time of maturity.
Depending on the types of available schemes, maturity amount is paid either in a lump sum when a child reaches a particular age or a periodic payment is made at various intervals of education or age.
To reach the CNBC TV18 investment calculator for more insight and to reach various investment calculators.
What are the best plans to save child education?
In India, child education schemes can be widely divided into certain categories depending on the type of payment offered by the insurance provider.
Child Ulip
These schemes usually make lump sum payments at the time of maturity of the policy term. Its major benefits include disciplined investment, high insurance coverage and equity market.
In most cases, the Child Education Scheme (ULIP) is paid after the completion of a child of 18 years of age. In addition, it was ensured that the child or his legal guardian is paid on the death of the parents.
Settlement plan
Under these schemes, stable returns are provided in the form of bonuses on the assured amount. This type of scheme provides guaranteed returns as well as life insurance coverage.
According to the ET Money report, these schemes usually pay four payments equal to 25% of the ensured ensured along with the bonus starting after the child starting 18 years old.
Insurance scheme
Similar to settlement schemes, these schemes usually come with regular returns at periodic intervals. It is often recommended as a great option for long term, such as for more than 10 years.
How to choose the best plan to save children’s education
This important financial decision made by parents has a major impact on the future of children. Therefore, there are many factors that need to be considered when selecting a suitable scheme for the child.
Insurance type: First, parents should find out whether they need a combination of insurance scheme, one education plan or both. These provide financial security to the child, especially at a time when parents die.
Total coverage zodiac: It depends on the type of type that the child wants to move forward. To consider this, you need to see the expenses living between the child’s tuition fees, inflation and other things.
Premium is to be paid: This is an important aspect of the scheme as it depends on the income of the parents. Always go for a plan that conforms to your budget and does not force you to do more than the limit.
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