Overview

Child planning is a mixture of investment and insurance that is usually helpful in financial planning for the future needs of children and needs at the right age. You can protect and secure your child's future with child education plans. Under a child policy, the life term is available as a lump sum payment at the end of the policy term. It is not that; These kinds of plans provide your child with coverage on important milestones of education with flexible payments.

Child planning is a mixture of investment and insurance that is usually helpful in financial planning for the future needs of children and needs at the right age. You can protect and secure your child's future with child education plans. Under a child policy, the life term is available as a lump sum payment at the end of the policy term. It is not that; These kinds of plans provide your child with coverage on important milestones of education with flexible payments.

Compare best plan

A wise mother once said, "Your child will keep building castles in the air; you will start buying bricks for those artists today." Loving your child comes naturally, but as a responsible parent, you have certain obligations towards your child.

Obtaining a child education plan is one such obligation; In fact, the most important one. If you are reading this, you have already proved that you are an anxious parent to secure the future of your child.

Benefits

A child education scheme offers a variety of exciting and unique benefits to the policyholder. It provides a comprehensive maturity benefit with a life cover to protect the future of the policy financially. A child's education plan should be in your kitty, with amazing advantages.

A child education plan will help your child save from running from pillar to post without any savings.

Let's have a look at the benefits provided by the child education scheme.

✶ Corpus for child education

In today's time, it is important to have a corpus for a bright and fruitful future of your choice and should not be overlooked. A child plan helps you create a fund for your child and save enough for the time to come. The lump sum will help the child to meet the educational expenses without any stress or financial burden, with premium payments made from time to time.

A child's education plan is sufficient to pay for college education, and even higher education in a foreign country. The amount available from the child education scheme depends on the terms and conditions of the scheme and the amount on which someone has put a premium in it.

✶ A kitty for the medical treatment of the child

Child plans also allow the option to withdraw funds during the tenure of child investment plans. It can be used for medical treatment of a child when he falls ill. Such partial withdrawal occurs when the child is hospitalized due to illness, minor accident or serious medical condition. The best child plan helps reduce the financial burden caused by medical expenses and such payments act as an add-on to one's health insurance plan.

✶ Supports the child in the absence of a parent

Death does not come with an invitation and there can be no amount of preparation for such an event. The results are more for the innocent child. The death of a parent causes a child severe trauma and may hang his future with a thread. If the parent (ie, the insured) dies during the policy term of the child education scheme, the insurance company offers a premium waiver.

Premium rebate benefits are often inbuilt with the best child education plan. If not, one should opt for this rider. The child is promised a lump sum at the time of purchasing the best child plan and does not have to pay a balanced premium.

This enables the rider to continue the policy without a break and pays the remaining premium the financial burden of the insurer.

✶ Income Protection

Some child savings schemes provide regular income to children, which is equal to 1% of the sum insured if the parents are not there to pay the premium.

✶ act as collateral for loans for higher education

Higher education is expensive, whether one is planning to send a child to a private college or university in India or abroad. International education is quite expensive. If one wants to secure a loan for higher education, the child scheme comes in handy because they are used collaterally. They can also be used as collateral for other child related borrowings.

A child plan is a great education policy and the best investment plan for a child. The child education scheme also provides discipline and helps to create a habit of saving to secure the child's future.

✶ Partial withdrawal

If your child has a special talent such as playing an instrument or acting, you can encourage your child to pursue it so that it is partially removed from the child education plan. In addition, some plans offer periodic payment options that can be used to meet expenses incurred while advancing a child's talent.

✶ Options for choosing riders

Some child insurance plans offer inbuilt rider benefits of premium discounts. Under this option, in case of death of the insured, the entire premium of the policy paid during the policy term is waived. Likewise, some child insurance plans also offer the option of a personal accident rider.

Key Features:

A child insurance plan is loaded with an array of useful features to ensure rewarding returns and protection. As expected, a child education policy is very important for every parent.

Often, a child insurance plan is designed to provide protection to children in case of financial crisis while making any important decision in life. Child plans are available in both non-linked and linked types.

Here is a brief overview of some of the many useful and useful features of the child education scheme:

✶ Premium benefit waiver

Premium Waiver (WoP) is an inherent feature of the child education scheme. This facility is applicable if the parent dies within a certain period of time. In such a case, the sum assured will be paid to the nominee beneficiary, while the premium payable for the remaining policy term is paid by the insurance company.

At the time of maturity of the policy, the child is entitled to receive the maturity amount mentioned in the policy document. If this feature is not part of the plan, it is recommended to include it without fail.

✶ Partial clearance

It is often seen that in order to mature the policy, parents prefer to withdraw the fund value in several pieces whenever needed, rather than holding back. It is often chosen to meet the financial needs of the child at certain critical moments. Many children plan to have partial liquidity option after the child turns 18.

✶ even assured

The sum assured in the child education scheme is the amount that is paid in the event of an unfortunate or untimely demise of the parents. Most of the time, the sum insured should be more than 10 times the current gross earnings of the policyholder.

insurance amount should not be less than 10 times of your current income.

• Pay premium regularly - For this method of premium payment, you have to pay premium regularly, ie. Annual, half-yearly or quarterly.
• Single Premium - Under this mode of premium payment, the premium is paid only once.

✶ High Return Beating Inflation

All market-linked child plans offer over 10–12% returns. Most government schemes such as Sukanya Samriddhi schemes provide very low returns that do not beat inflation. What's more, closing yourself in Sukanya Samriddhi Yojana carries the risk of fluctuating interest rate every quarter.

✶ tax benefit

All children fall in the highest bracket ie E-E-E category of plan tax exemption. This is the highest grade of tax benefit availed by Indian tax laws for schemes like PPF.

✶ immediate financial security

In case of death of a parent, the child plan pays a lump sum in case of the death of the earning member paying the premium for the child's plan. This money is completely tax-free and usually sufficient to pay off any immediate debt so that child education is not affected.

With the recent coronavirus crisis, the government reduced the interest rates of Sukanya Samriddhi Yojana from 8.4% to 7.6% in a quarter. The interest rates for all these schemes are already falling and are only going to fall further as India is moving fast on the path of becoming a developed economy. The current interest rates apply to all policyholders in the Sukanya Samriddhi account, including those investing in the policy prior to the declaration of deduction.

✶ Maturity amount

You should choose the maturity amount keeping an eye on your child's future. You can consult a financial advisor and remember the rate of inflation along with interest rates and all other factors, plan the maturity amount you will need at policy maturity. You can get the maturity amount as a lump sum pay-out or more than 5 years.

Also, child education plans like single premium plans may not offer proper maturity facilities and benefits, so go through the fine print of the policy document before applying.

✶ policy term

When you find out that your child should sit on his or her feet, the policy is the best time to mature. Choose the term policy to complete the exact term. For example, if your children are 10 years old, choose a policy term of 8 years.

✶ premium amount

This is subject to the Sum Insured and the Maturity Benefit amount you choose. You can choose to pay the premium amount often at regular intervals or for a fixed period. Most life insurance providers offer options such as annual, half-yearly, quarterly and monthly payment options. The premium amount varies depending on the amount you choose in the case of traditional child plans.

✶ Funds Choice

A child education scheme such as enables you to choose the type of fund to invest in (money market, hybrid, debt and equity). You have also given the option of dynamic fund allocation and systematic transfer scheme.

✶ additional riders

There are some riders available, which give you more than a simple life insurance policy These riders are available in three sub-categories:

• Accidental Death and Disability Benefit - Accidental Death and Disability Rider benefits pay the additional amount that may cause death or disability in your unfortunate accident.
• Premium Waiver Benefit - This rider can already be added to the Best Child Education Scheme, so check your policy in this regard.
• Critical Illness Rider Benefit - The Critical Illness Rider Benefit provides coverage for a pre-determined set of critical illnesses.

✶ Loan Benefit

You can also avail secured loans against a child education plan.

Types of Child Plans

Mostly all the insurance providers offer child insurance policies as a vital insurance product in the portfolio. These child plans may vary on different parameters basis the individual priorities and needs and come handy with customized and tailor-made features.

Different types of Child Plans in India are:

✶ Single-Premium Child Plan

The policyholder pays a lump sum amount in the form of a single premium for the entire policy term and stays worry-free from remembering the due dates of premium payment. You’ll not have to come across any hassles of arranging finances for the premium payment. Some insurance providers additionally offer appealing discounts or reduce the premium on child plans.

✶ Regular Premium Child Plan

Unlike a single premium child education plan, regular premium child policy offers you flexibility on payment of premium. You can pay the premium monthly, quarterly, half-yearly, or yearly.

✶ Child ULIP

Child ULIP plan gives you a three-prolonged benefit, along with higher insurance coverage, contribution in the equity market, and disciplined investments. Three benefits mean that the nominated beneficiary, i.e. the child receives the sum assured on the demise of the insured parent or guardian. The future premiums are waived off and the maturity amount is paid when the policy matures, making sure that the future dream of your children is fulfilled.

✶ Traditional Child Endowment Plan

When it comes to the child endowment plans it is essentially a traditional life insurance plan that provides security and savings. It enables you to save over some time and on policy maturity receive the lump sum amount. A child endowment plan will act as a financial wherein the financial objectives for the benefit of your child will be fulfilled. The premium is invested in debt instruments while the decision is kept with the insurance company. The bonus payable at maturity decides the returns.

Best Child Plans in India

Different between Term and child Plan.

Premium benefit

If you are not aware, premium waiver (WoP) is an intrinsic feature of the child education scheme. Also, if you look forward to including the premium waiver in the child plan, then there is no need to make any additional payment.

During the term of the policy, if the parent dies, the waiver of premium is likely to apply in such a situation. Further, under such condition, future premiums are paid by the insurance provider and the child will receive the maturity amount discussed during the beginning of the policy.

Need for child education plan

Here's why - at the current rate of inflation, the rising cost of education worries us all.

Do you know that 65% of parents spend half of their annual income on their child's education and extra-curricular activities?

According to a survey of young parents "wary of the rising education costs of their children" for their child's education, the average spending on a single child in primary or secondary education on expenses excluding tuition fees It is learned that it has increased from Rs 65,000 in 2011 to Rs 1 lakh in 2019 (approx).

Critics of child education plans argue that these plans come at a higher cost than a term insurance plan. They say that instead of allocating a large amount as premium for child insurance, a parent should have a term plan with a sum assured for them and invest the remaining amount in a mutual fund. After the policy matures, it will have a larger and larger financial fund.

However, they miss very important and important details.

What happens when a parent suffers an unfortunate and untimely death five years after purchasing the plan?

The term insurance plan will provide a lump sum for the immediate needs and needs of the policyholder's family and the mutual fund investment will also stop. However, the Best Child Education Scheme will not only pay a lump sum, but will also continue to invest on behalf of the insured.

The insurance companies believe that the premium exemption in child education plan is the key to the benefit as it does not allow the death of the insured out of the investment plan for the child.

Required Documents

Here’s a list of documents that will be required while buying a child policy:

✶ Proof of Age

â–º Birth Certificate, 10th /12th Mark sheet, and Passport.

✶ Proof of Identity

â–º Aadhaar card, Passport, PAN Card, Voter ID

✶ Proof of Income

â–º Proof of income showing the income of the buyer of the insurance.

✶ Proof of Address

â–º Telephone bill, Electricity bill, Ration card, Passport, Driving License

✶ Proposal Form

â–º Duly filled proposal form.

How does it Work?

A child education plan can work as an Endowment Policy, a ULIP, or money-back. The money-back plan is so far the most sought after the plan. This scheme makes sure that your child will get survival benefit at regular interval of time. These plans are highly useful for individuals who need a lump sum money at regular intervals and help in life stage planning. The disadvantage of using the money-back only is that sometimes the returns from this investment may not match the rate of inflation, especially when you plan to it for the education of your child. Cost of education is rising at around 12 per cent in comparison to this, money-back plans would give you approx. 4-8 per cent, leaving you underfunded at the time of the goal.

Moreover, money back plans have steep premiums. Then again, ULIP plans are non-traditional plans and the returns depend on the market condition. In case of the demise of the parent, the sum assured would be received by the child as a lump sum. This will include the waiver of all the future premiums and the fund value upon its maturity.

Do not forget that ULIP plans to deliver a wide variety of funds ranging from aggressive too conservative. ULIP schemes give you an option of switching funds from equity to debt and vice versa without paying tax on it.

The third operational child plan instrument could be the Endowment Policy. This policy is where you will receive the lump sum amount on maturity along with bonuses. This is beneficial as it gives space for preparation of your child’s expenses like higher education, etc. However, this is different from ULIPs, since it allows for a least guaranteed payment.

Let us Take Examples and Understand the Working of all Kinds of Child Education Plan:

Imagine, Mr Gupta has a child of 5 years and he would need money when his child would turn 20 for higher education. He, thus, purchases a child policy for 15 years.

Option 1:

Mr Gupta needs a financial corpus of Rs 10 Lakh. So, he purchases a traditional endowment plan with a Sum Assured of Rs 10 Lakh for 15 years and pays premium every year. If during the policy term (i.e. 15 years), Mr Gupta dies in the 8th year, the policy would not end. The insurance provider would pay a death benefit (generally the SA of Rs 10 Lakh) immediately and waive off the future premiums. This policy would then continue for the remaining 7 years. After completing 15 years of the policy term, the policy would mature and pay maturity benefit of Rs 10 Lakh. Hence, the child policy pays the financial corpus, which Mr Gupta would require after the completion of 15 years for the higher education of his child. M. Sharma’s dream gets fulfilled even when he’s not around.

Option 2:

Mr Gupta buys a money-back policy that promises to pay around 20 per cent of the Sum Assured after the completion of every 5 years. After completing the first 5 years of this child education plan, Mr Gupta gets Rs 2 Lakh (where SA is Rs 10 Lakh). Henceforth, in the 10th year also, he receives another Rs 2 Lakh. In the 12th year, Mr Gupta faces an unfortunate death. This policy pays the total SA of Rs 10 Lakh regardless of the money-back benefits already paid. The insurer will waive off the premiums for the next 3 years and the plan continues. Upon the maturity of the best child policy chosen by him, the guaranteed maturity benefit, i.e. 60 per cent of the SA is again paid.

Option 3:

Mr Gupta purchases a ULIP plan and pays a premium of Rs 1 Lakh every year for 15 years. In case of his demise during the policy term of the child education plan, the insurance company will give the death benefit. Moreover, the insurer will waive off the premiums and the child education plan would continue. On maturity of the plan, the insurer will pay the fund value that would aid Mr Gupta’s family to send his child abroad for higher education.

Claim Process

You should purchase a child insurance plan for your child from an insurance provider, which has a high claim settlement ratio. This will ensure quick and smooth claim process and settlement in times of crisis. Here is the general claim process for almost every insurance provider:

• For any situation that requires you to file a claim, inform the insurance provider about the incident ASAP. You can pay by sending this email online or by calling the toll-free number of your insurer or visiting the nearest branch office.
• It is also necessary to submit a duly filled claim form with all the minutes and necessary details such as the cause and date of the incident, the name of the nominee, etc.
• Once you file a claim with the insurer, provide the necessary and supporting documents along with the report.
• The insurance provider will appoint a surveyor to verify the case and supporting documents.
• If approved, and no further investigation, the insurance company transfers the claim benefit with 30 days of the documents submitted.

Documents Required for Claim Process

You would require the following documents while filing a claim for child plan:

• Duly filled claim form
• Policy document
• Medical certificate
• Death certificate
• Diagnostic reports, prescriptions
• Post-mortem report (in case of unnatural demise),
• FIR copy (in case of unnatural demise)
• NEFT details
• KYC of the nominee and the policyholder

The insurance provider does not offer coverage in the event of death under certain circumstances. They are known as exclusions. Child insurance plans do not include the following:

If the policyholder dies due to drug overdose or alcohol abuse, the nominee does not receive any benefit. / />

The nominee beneficiary does not receive any claim amount in case of death due to suicide within one year of purchasing the child policy.

If an insured participates in any adventure or risky sports such as skydiving, rock-climbing, racing, etc., then the insurance provider does not entertain claims.

The cause of death for any criminal or illegal act or war is also not covered under the child scheme.

• Exclusion of child insurance scheme
• Drug or alcohol abuse
• suicide or suicide
• Adventurers or Risky Sports
• criminal activities

Cost Structure of Education

Assuming that the rate of inflation is equal to 10%.

Now saying so, in today's time the cost of a person wishing to do engineering in any major college of the country would be around Rs 10, 00, 00. And, then in the coming years, it has to be said that 15 years is somewhere between 40 to 50 lakhs.

Similarly, if a private medical college charges Rs 25, 00, 00, you can easily calculate that you should have a corpus of around one crore rupees in the next fifteen years.

India is one of the most developing countries worldwide. Gone are the days when India was limited only to its rich culture and traditions. Today, it has also earned a name by coming into the educational field.

Today, in India, we have a plethora of options available in terms of schools, colleges and universities and are tailored to your needs. However, it is prudent to understand the factors, which affect the cost of education in India.

Read below!

Housing: Today most Indian universities / colleges provide accommodation within the campus for both Indian and non-Indian citizens. In case, you are preparing yourself to enroll in college, which does not have housing facilities, there is nothing to be worried about. One can easily seek individual accommodation.

Depending on suitability, one can opt for a private flat with a rented flat or shared room facilities. The option of private accommodation has its advantages. One can easily find a room between Rs.10, 000 and the amount calculated annually will be around Rs.1, 20,000.

Additional expenses (every week) include:

• Outside Eating: Rs 1500 to Rs 4500
• Public Transportation: Rs 50 to Rs 100
• Private Transportation: Rs 500 to Rs 1000
• Miscellaneous: Rs 200 to Rs 500
• Leisure Activities: Rs 500 to Rs 1000

Undoubtedly, parenting a child is not an easy task. As the child grows, similarly the amount being spent on them also increases.

Primary Education: Generally, if a student is studying in the government school somewhere aged between 6 to 14 years the cost of education is almost negligible sometimes almost free. On the contrary, when it comes to private schooling the school mostly charges let's just say towards a lower end Rs 1200 to Rs 2, 000 every month.

Secondary Higher Education: The secondary higher education essentially covers children who are aged between 12 to 18 years. So, if a student is in a government school for 6 years at a stretch it would cost him approx Rs 30, 600 and in private schools, the parents would end up paying approximately Rs 3, 96,000.

In case, if the child is put up in a boarding school, the parents would end up paying Rs 18, 00, 000 for the coming 6 years. As per a survey conducted by Assocham, 169% has been the ascent in inflation in regards to both primary and secondary education from 2005 to 2011.

• ✶ The Expense of Graduation and Post Graduation Education in India
  • Government College/ University: Rs 5, 00,000 to Rs 6, 00,000
  • Private College/ University: Rs 8, 00,000 to Rs 10, 00,000
  • International College/ University: Rs 1, 00, 00,000
• ✶ The Expense of Medical Studies in India
  • Government College/ University: Rs 5, 00,000 to Rs 10, 00,000
  • Private College/ University: Rs 18, 00,000 to Rs 20, 00,000
  • International College/ University: Rs 1, 00, 00,000
• ✶ The Expense of Commerce and Arts/Humanities in India
  • Government College/ University: Rs 2,000 to Rs 15,000
  • Private College/ University: Rs 2, 50, 000 to Rs 5, 00, 000
  • International College/ University: Rs 50, 00,000
• ✶ The Expense of Engineering in India

Engineering courses are considered to be one of the most demanding career choices made by most students in India. In addition, it is one of the reputed and well-paid jobs. The US Silicon Valley consists of Indian based engineers.

For a four-year engineering course, a student pays Rs.1, 25,000 to Rs.5, 00,000. And when it comes to the best engineering colleges in India like IIT, NIT, Pilani of BIT, etc., the parents are paid Rs. 10,00,000 respectively. 15,00,000 will have to be paid.

For Post Graduation -

Like engineering expenses, you can consider similar expenses.

The most cherished dream for any medical aspirant is becoming a doctor. Becoming a doctor is something that takes a lot of hard work and honesty and is something to be proud of in the extreme. In India, medical seats are limited and competition is high.

In terms of fee structure and other expenses, government colleges / universities have a reasonable structure of less than Rs 10, 00,000. However, in private colleges / universities, the fees can easily go up to Rs 50, 00,000 for equivalent.

And, if one is willing to pursue a masters degree in the same field, one must be mentally and financially stable to spend around Rs 30, 00,000 in a private institution.

As discussed earlier, raising a child is not a trivial task and raising a child in the best way is of utmost importance to a financial plan. In case, as a parent you still wonder about the importance of the plan then we will help you.

The table below contains the basic and necessary educational expenses incurred on raising one or two children:

Process

Many child plans are offered by insurance providers; However, there are some things to be considered while choosing the best child plan to ensure the best future for your child. The suggestions below help in making a wise decision to meet the child's needs.

• ✶ Start Early

  It is recommended that you start investing as soon as possible for your child's future as it helps to build a larger fund, which in turn gives more freedom in making any financial decisions. .

  Most child plans offer maturity benefits and begin paying payouts at important milestones in life after the child turns 18. If a person starts investing early, the overall benefit of the best child education plan is higher.

  This tip cannot be emphasized enough as most people are unaware that each additional year of investment means a large fund. Starting a child education plan when the child states that he / she is 5 years old or when he / she is 10 years old can eventually translate to taking a loan to pay tuition or college fees in the latter case.

  Early start helps because the investment for a single plan starts a few years later and the same amount can mean a difference of a few lakhs.

• ✶ Factors in Economic Diversity

  It is important to understand that savings and investments will be taken advantage of in the coming years for your child. Several economic variables need to be factored in when deciding to ensure a reasonable amount.

  Inflation, increase in the cost of education and health care, among other economic factors, if properly accounted for, will provide adequate funding for the child in the future. The best child education plan can help you fight it.

• ✶ Pay special attention to the terms and conditions

  You should check the fine print and properly understand the terms and conditions of the policy document of child education schemes. The best child plan has unique characteristics and it is important to interpret them correctly. This will prevent confusion at the time of maturity and / or payment.

  It will also help in selecting the best education plan according to individual needs, which is best for the child's needs. It makes sense to use our site to compare various plans in detail and to choose a child education plan that meets the requirements.

• ✶ Choose the Premium Waiver Benefit

  In the event of your unfortunate death during the policy tenure, insurance companies often offer to waive the premium. This is known as premium waiver benefit or self-funding of premium. It helps in continuing the policy without straining the family including the child for premium payments.

  The child receives the full benefit at maturity, promised at the beginning while purchasing the policy. This feature is normally built into child plans; if not, then you should go for this rider.

• ✶ Opt for Partial Withdrawals Clause

  Emergencies can happen at any time and the child may require financial aid to tide over emergency cash requirement situations. The provision of partial withdrawals allows withdrawal of partial sums of money from the best child education plan to meet unforeseen expenses.

  This prevents any emergencies from causing any sort of financial instability in the family or the child's education or dreams. Partial withdrawals help in not disturbing financial planning and not resorting to regular income to pay off the requirements.

• ✶ Choice of Funds

  Child plans usually invest money collected from policyholders in the capital market to earn higher returns. However, they provide an option for the insured or policyholder to choose the type of fund to invest their money based on individual investment appetite and risk-taking ability.

  Those who are risk-averse want their funds to be allocated in debt, which provides greater stability against market fluctuations. Those who want to earn more return on investment can put their investment in equity.

  Investment options like Systematic Transfer Plan and Dynamic Fund Allocation help in securing investment against market volatility. These child schemes allow higher investment by investing in equity-oriented firms in the early years and switching to more secure debt funds for stable loans in later years.

  Most insurance companies ensure that the allocation is automatic and that parents do not have to worry about securing significant capital to meet their loved one's upcoming future expenses.

  These tips are just a few hints, which will help in choosing the best hair plan. It pays to start early to secure the child's future. In addition, reading about child plans on our site and the websites of insurance companies will make sure you know your ABC before choosing the right plan.

• ✶ A Word of Caution

  It is important to choose a trusted appointee for the best child plan selected by you. Your appointee must be someone you share a strong relationship with and someone you can count on, as your child must be taken care of when you are absent. In case of an unfortunate event, the claim amount is received by the appointee till the child gets matured and capable of handling the lump-sum payout of sum assured. In case the appointee fails to take care of the child and turns out to be excessively careless, there are chances that the amount of money being exhausted before the child reaches the age when he/she needs it the most. So, it is best to be double sure before you choose an appointee for the policy.

• ✶ Illustration

  You bought the best Child Plan for your 6-year-old child with 10 years of the policy term and expecting to receive the maturity benefit of Rs 20, 00,000. You opted for a life cover of Rs 25, 00,000. Unfortunately, you died after 4 years the policy began. The insurer is liable to pay the appointee a sum of Rs 25, 00,000 and also to bear the premium to be paid for the rest of the policy term left, i.e. 6 years. The child will also get the maturity benefit of Rs 20, 00,000 once he reaches the age of 16 years.

Child Plan vs Sukanya Samridhi Yojana vs PPF

Disclaimer: Servzone does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer. Tax benefit is subject to changes in tax laws. *Standard T&C Apply

Cost of Delay

Therefore, if you have a child who is 5 years old. If you start saving money today compared to the next year then look at the cost of the delay.

The following values are calculated at an expected rate of return of 9%.