Give your child a secured future with child plans

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Give your child a secured future with child plans
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• The arrival of your child brings a lot of
  happiness and enthusiasm in life. Parents may
  have just begun to rejoice the birth of their
  child and unknowingly years may pass by, which
  ultimately lead to worry about the future of
  their little ones. But you intend to give your
  child the best of everything and to attain this
  objective, you start investing in various
  instruments on your child's behalf. Looking at
  the escalating price of education, parents will
  have to start planning, save up a certain share
  of their income for further education of
  children. Education these days have become far
  too expensive, for which, one has to either move
  strategically or save money in advance so that
  low finances dont hinder childrens future.
  Well, there are many ways to secure your childs
  future such as savings, bonds, stock investments
  or mutual funds etc. but the one thing that
  insurance companies have introduced to capitalize
  the modern day parents' attention is Child
  plans. These plans have enticed many parents to
  invest on behalf of their children, with an
  ambition to secure their child's future.

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• Parents should understand that higher studies are
  like turning point of childs life, which would
  lead the child to build a career he or she is
  passionate about. Reserving your funds for a
  dedicated child education plan is something that
  the time demands. Child education plan is not an
  easy task and it needs proper planning and
  methodology with correct future projections so
  that your child doesnt lack behind in his or her
  education due to any financial insufficiencies.
  Since the child would be uncertain about the
  educational course they would want to pursue
  until they step into a degree college, parents
  have to be well prepared by then to spend on the
  desired course of their child.
• A target has to be set to achieve the financial
  goals. The first thing would be building the plan
  for your childs education funds and finding out
  the target date for the child education goal. If
  you consider an average age till your child
  pursing his or her studies is 25 years then you
  will have to think about setting at least 3 basic
  target dates for his or her education high
  school fees, college funds and higher studies
  which might be going abroad as well. Accordingly,
  to this, you need to instruct your fund
  investment channels to meet the required target.

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• Inflation rates, advanced lifestyle, and growing
  expenses have to be considered while setting up
  the financial goals. So determine how much does
  it cost in todays value for giving education to
  your child. All of us have different aspirations
  when it comes to our child education, courses
  like MBA, Engineering, Pilot, doctor, Software
  related courses are on our minds. An amount of
  around 5-10 lacs that you feel to invest today
  will shoot up to Rs 10-30 lacs considering the
  inflation rate of around 6 per year.
• Once you figure out the required amount that you
  need for your child education plan, start
  researching for good investment products which
  will help you build this corpus over the period
  of time. Also, dont forget to determine the rise
  in education cost per year. As per the recent
  year numbers, education costs are increasing at
  10 per annum. A decade ago you could have done
  an MBA at 1.25 or 1.5 lacs, but today it costs
  around 4-5 lacs. Education cost in our country
  has been increasing at the higher speed than
  other things.

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• There are several products in the market which
  claim to offer the best child plans. They are
  costly and complicated for most of the general
  investors. The simple concept would be proper
  financial planning is Dont invest if you dont
  understand it. Talk to your financial expert and
  take an advice. Child planning is not a childs
  play, it's about how well you play in the
  markets to build a secure education plan for your
  children.

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