#Child Plans | 12 MIN READ

Invest in a Child Plan for a bright, fearless tomorrow

‘You can buy a BMW or raise a child’ reads the opening statement of an online article detailing the exponential rise in the expense incurred on a single child from conception to marriage. A rather nasty thing to say to any parent because the joy and bliss of having children and seeing them grow every day can never be equated with any materialistic pleasure in the world.Children are the most valuable assets of any parent. And it goes without saying that parents always aspire to give them the best.

For us Indians, our responsibility towards our children almost never ends. Apart from the necessity of giving them a good lifestyle, the financial responsibility begins from a very young age. Pre-primary education today has become more expensive considering the toddler activities and playschools that have sprung up which are focused on getting kids into the best schools. The cost of providing primary education too, has gone up exponentially over the last two decades with an influx of private institutions offering world-class facilities. Then comes higher education, where the costs are mind boggling but non-negotiable as this is the most important aspect of the child’s life, enhancing his/her future career prospects. With children looking to broaden their horizons or explore career paths in different areas, many also choose to study at universities or institutes in foreign countries.

The responsibility continues with getting the child married – the big fat Indian wedding way. And then getting them settled. Some parents even go to the extent of saving to ensure that they leave a good fortune for their kids to inherit…phew!

This may sound a little farfetched but these are real emotions that every parent can relate to. There is nothing like the misery that a parent goes through when he/she is unable to afford something that the child desires and more so, if the child deserves it.

Financial planning is hence very important for every parent. But it is not everyone’s forte and also parents are usually strained for time. This is where Child Plans come to the rescue. A Child Plan is a financial instrument structured with thoughtful planning towards keeping a child financially secure. All that the parents need to do is personalize it as per their capacity, needs and priorities. This means deciding the number of years that they would want to invest for and the amount that they can invest on a regular basis, keeping in mind the corpus they want to create towards a particular milestone of the child’s life.

A Child Plan not only takes away the hassle of planning efficiently but also enables the parents to save systematically. Plus the insurance aspect ensures that the child does not suffer financially in case of the insured parent’s unfortunate demise. In such a case, a lump sum death benefit is paid out immediately to the family. Also, all future premiums due are waived off and the plan continues with all due benefits.

By investing in Child Plans, the child’s future stays financially secure always and so do the parents’ dreams for their child, thus enabling the family to be truly #FutureFearless.