Early Financial Planning - A Parenting Victory
PNB MetLife 12-09-2016 11:53:07 AM
In today’s times, a lot goes into planning a kid’s future even before they are born. Parents nowadays pay keen attention to every tiny aspect of their child’s upbringing and plan it beforehand. In recent years, the cost of raising kids has risen tremendously, with a huge chunk being directed towards educational expenses. Read More
A survey determines that child education is given top priority followed by medical expenses and retirement. But on the other hand, it is also noted that parents start planning their children’s education with a savings plan at quite a later stage because of other household priorities. Thus, it is advisable for parents to use up their child’s formative years to start a savings plan which provides for their education in the long run.
A child savings plan is essential for your kid’s future. The funds in a child savings plan can be used at periodic intervals to finance your child’s school, college, higher education and even marriage expenses. While some life insurance policies identify your child’s monetary requirements for certain milestones and thus offer regular payouts free of cost, ULIPs endow lump sum amount at the end of a policy term as a fund value which can be used to fulfil major goals of your child’s life.
As a parent, it is advisable to consult before planning your child’s financial security and choosing the best tax saving plan that would benefit the child as well as you in the long run.