Which plan is best for child education?

Plans Entry Age Minimum Annual Premium
Future Generali Assured Education Plan 21-50 years Rs 20,000/-
HDFC SL YoungStar Super Premium 18-65 years Rs 15,000/-
ICICI Pru SmartKid Solution 20-54 years Rs 48,000/-
IndiaFirst Happy India Plan 18-50 years Rs 12,000/-

Which plan is best for child?

Best Child Investment Plans

Plan Name Entry Age
HDFC SL Youngstar Super Premium Child Plan Life option- 18/65 years Life & Health Option-18/55 years
ICICI Pru Smart Kid’s Regular Premium 20/54 years
Kotak Head start Child Assure Plan 18/60 years
LIC – New Children’s Money Back Plan 0/12 years

How do I choose a child plan?

How to choose the best child education plan?

  1. Invest in plans that offer premium waiver benefit. …
  2. If you have the risk appetite then go for equity-linked plans. …
  3. If you do not have the risk appetite, go for simple endowment plans.

What is the minimum age of the child for getting child insurance?

For any child insurance plan, there is no such strict entry age to purchase child plan as it differs from insurer to insurer. However, an ideal age to avail a child insurance plan is 18 years.

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How do you plan a child’s education and marriage?

How to plan for your child’s future?

  1. Secure your child. When you start financial planning for your child, the first thing you should do is think about investing for him/her. …
  2. Consider inflation. …
  3. Factor in all your expenses. …
  4. Do not ignore your goals or short term expenses.

How do I plan for my child education fund?

5 Financial Planning Tips for Your Child’s Education

  1. Inculcate the discipline of savings, chart out a monthly budget. …
  2. The early you start, the better it is. …
  3. Always keep a long-term investment horizon. …
  4. Spend on when required. …
  5. Identify your existing investments.

How much money do I need for kids education?

Our rule of thumb suggests a savings target of approximately $2,000 multiplied by your child’s current age, assuming attendance at a 4-year public college (at $22,180/year), and your family aims to cover approximately 50% of college costs from savings.

Which scheme is best for boy child?

Which Scheme is Best for a Boy Child?

  • Ponmagan Podhuvaippu Nidhi Scheme.
  • Kisan Vikas Patra (KVP)
  • Post Office Monthly Income Scheme (POMIS)
  • Public Provident Fund.

How much do you need for child education?

After accounting for a 12% escalation in annual education costs, the expense comes to around ₹14 lakh on an average and upwards. This means that you need a sum upwards of ₹4.5 lakh each year for three years to fund higher education for your child.”

Can I double my money in 5 years?

Assuming your investment in a Fixed Deposit at an interest rate of 6% p.a. then according to Rule 72, the formula is 72/6 = 12 years. … Let’s apply Thumb rule in a reverse way, if you wish to double your money say in 5 years, then you will have to invest money at the rate of 72/5 = 14.40% p.a. to achieve your target.

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How do I invest money for my child’s future?

6 ways to save and invest money for kids

  1. Use a bank savings account. An FDIC-insured bank savings account is one of the safest places to squirrel away money for a child’s future. …
  2. Open a 529 college savings plan. …
  3. Enroll in a 529 prepaid tuition plan. …
  4. Use a UGMA/UTMA account. …
  5. Get a life insurance policy.

Which is better MIS or FD?

A fixed deposit offers the lowest risk of any investment option whereas a MIS almost always carries some risk as a portion of the investment is in equities. On the plus side, you may get better than expected returns based on how the equities perform.