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As parents, we aspire to offer our children the best-of-everything. While we provide a healthy and holistic day-to-day environment, much more detailed planning is required for their academic and professional future. Make sure your plan encompasses these small yet important steps:
Identify the Future Financial Needs
The first step should be to identify a broad financial range basis your child's interests and aspirations (the amount of money you will need). Go beyond just the course fee to include costs towards extra-curricular activities, travel, lodging and boarding (for foreign education), etc. Use this future expense calculator to ascertain the inflation-adjusted amount you should plan for.
Start Early
Saving and investing is a habit that should be inculcated as early as possible. These days most parents, or even to-be parents, start saving for their child's future from an early stage. Small amounts invested over a span of 15-20 years can add up to a substantially large corpus. Several child-focused wealth creation plans allow you to start with small monthly amounts and expand as you go along.
Have Adequate Insurance
They say - Everything Works Out In The End. However, the success of this thought lies solely on "you being there till the end". What happens if you are no longer around to build the corpus for your child? This is where a Life Insurance plan can help.
A child plan offers the dual advantage of insurance and investment. This will help you ensure that your child's future is secure even if you are not there. Start early and reap the long-term benefits like pay-outs during important milestones, Maturity benefits (or Death Benefit) and above all peace of mind.
Learn more about the Max Life Shiksha Plus Super Plan and start investing soon. Time will pass away quickly as your child crosses his teenage years and is ready to enter the graduate college of his dreams.
Max Life Shiksha Plus Super (UIN: 104L084V04) is a Unit-Linked Non-Participating Individual Life Insurance Plan
Life insurance coverage is available in this product. In this policy, the investment risk in the investment portfolio is borne by the policyholder. The linked insurance products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender/withdraw the monies invested in linked insurance products completely or partially till the end of the fifth year.
Unit Linked Insurance Products (ULIPs) are different from the traditional insurance products and are subject to the risk factors. The premium paid in the Unit Linked Life Insurance Policies is subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Max Life Insurance is only the name of the insurance company and <Product Name> is only the name of the unit-linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges from your Insurance agent or the Intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these funds, their future prospects or returns.
ARN:-Jul21/BG/19
