Save for Your Child's Future

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Child Plans
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Save for Your Child's Future
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• When you're holding your little bundle of joy,
  remember that his or her future is also resting
  in your hands. You need to make sure that your
  child's future is well planned for. Be it a good
  education or marriage, your child needs to be
  economically secure. So how exactly do you go
  about securing your child's future? A child plan
  may be exactly what you're looking for. But while
  you're looking at children's plans, you need to
  make sure that the plan suits what you have in
  mind, and can fit into your budget. The first
  thing to think about is your child's need and the
  time frame when will be in need of money. For
  example, higher education may be around the late
  teens and early twenties. You need to look for a
  plan that matures around that time. But that's
  not all you need to look at.
• You should also have a general idea about the
  amount that you will need. At this point, you
  will need to look at the rate of inflation and
  how much an amount might be worth in the future
  as well. After all, prices tend to go up and
  education fees are no different. A sum that is
  enough today might not be enough tomorrow - make
  sure that you land on a safely large enough
  amount as maturity.

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• Naturally, the time or the amount of investment
  will change according to the final maturity
  amount. Keep in mind that each plan has its own
  features. But one of the general things to look
  out for is whether the plans you're look at are
  self-funding. If you are no longer able to
  provide for your child, your child plan needs to
  allow the plan to continue when you can't pay the
  required premium.

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• Children's plans that allow you to take out a
  partial amount are not to be missed out on. There
  may be times of emergency when you don't have
  enough cash at hand, and you need to be able to
  have access to funds. It is at such times that
  the income-expense circle shouldn't be disturbed.
  A plan which allows you to take money out
  partially can't be ideal for such situations.
• You need to place the money back in order for it
  to grow, though. Look for a plan that allows you
  to move your investment from your current fund to
  another - so that you can protect yourself
  against any volatility in the market. Also
  remember to look at whether there are any
  limitations to how many times or where you can
  move your investments.
• Make financial planning for your child future by
  selecting right child plan from different
  children plan.

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