Need more security and move with more for uninterrupted children’s education...
Expenses for educating children are rising day by day. Are we ready to ensure all the expenses? Did we ever questioned? Do we have enough financial capability for completion of children’s higher education.
In India, 72 percent of parents gave at most importance to children’s education was stated by Aviva life insurance IMRB survey, but with growing standard of living and tuition fees many parents are worried about investing for education. At present in States to study Medical course it is estimated as about 93.6 lakhs is required where after next 20 years it will reach 2.45 crores chances and at present 48 lakhs for MBA in foreign land and it will reach to 1.27 crores in future. Not to access situation on current expenses but foresee the future expenditure to save for child’s education, due to inflation in market value for rupee reduces.
For example:- A work which is done with 5 lakhs but after next 20 years the same work needs 15 lakhs to be done.
Many parents are showing interest to invest in their children’s education. But 81 percent of people don’t have knowledge about the disbursal in the future for the above stated courses. Annually Middleclass people saves 26 thousand for a child education, by this way without any investment in 18 years it becomes Rs.4,68,000. Even though with annual savings its not possible to bare the expenditure for higher education with all the investments. In this highly competitive world, people are not stopping at studying in schools and colleges. Special courses and tutoring classes became mandatory. For every ten persons one person desire their children to study in foreign country as per survey, So one should think about all these expenses in future.
People who are wishing to study in foreign countries should foresee expenses for living along with tuition fees there. In recent times not only engineering, medical, management like traditional courses other courses are also available. Journalism, film industry, animation, designing, like wise so many special courses are available. Nowadays parents are encouraging their children to perceive courses of their interest and children are also trying to succeed in them.
Majority of people are thinking a great deal of time is left…. it is necessary from now to save? But when the goal has come it may require to invest in huge amounts. What are policies for children’s higher education Is it possible to guess the expenses required in next 15 years? Is the doubt for every parent. How to calculate? How much is it required for a particular course? It is not difficult to calculate by taking child’s age and inflation into account. Presently fixed deposits , insurance policies, national savings documents, mutual funds ect are available. One should decide which is apt for child’s education to bare the expenses. But with number of policies available it is difficult to choose the right one. Do Situational analysis and not to depend on others opinion. If necessary take advice for financial planners. Benefits and risks Let’s see the good and bad in each policy.
Fixed deposit offers safety but the income we get is not sufficient to stick out with inflation, though mutual funds offers high income there is risk in loss but regular investing is needed. So it is accurate to take up the policy especially established for children and if any unforeseen incident happens to the investor also child’s education is not set-back, wherefores if the investor of the child’s education plan met with any adverse accidents there is no need to pay further premium to the company, Insurance company will pay to the policy. Until the child reaches 18 years some amount of money is paid to the child annually. It is insured only in this kind of policy. Variations of these policies are available.
Choose Policy considering Risk to Loss, Premium, Time Span
During policy selection premium waiver rider should be adopted. This rider is helpful if policy’s holder is unable to pay due to serious illness, disability or deceased , waives off left out premium along with this income benefit rider can be picked out and at the time of claiming this policy, company have to pay till the time period of the policy is reached. After completion of policy, fund is presented to nominee.It is important to plan for financial goals. Children’s education should be given at most importance. This ensures colorful future for your children and to accomplish your aspirations.
Expenses for educating children are rising day by day. Are we ready to ensure all the expenses? Did we ever questioned? Do we have enough financial capability for completion of children’s higher education.
For example:- A work which is done with 5 lakhs but after next 20 years the same work needs 15 lakhs to be done.
Many parents are showing interest to invest in their children’s education. But 81 percent of people don’t have knowledge about the disbursal in the future for the above stated courses. Annually Middleclass people saves 26 thousand for a child education, by this way without any investment in 18 years it becomes Rs.4,68,000. Even though with annual savings its not possible to bare the expenditure for higher education with all the investments. In this highly competitive world, people are not stopping at studying in schools and colleges. Special courses and tutoring classes became mandatory. For every ten persons one person desire their children to study in foreign country as per survey, So one should think about all these expenses in future.
People who are wishing to study in foreign countries should foresee expenses for living along with tuition fees there. In recent times not only engineering, medical, management like traditional courses other courses are also available. Journalism, film industry, animation, designing, like wise so many special courses are available. Nowadays parents are encouraging their children to perceive courses of their interest and children are also trying to succeed in them.
Majority of people are thinking a great deal of time is left…. it is necessary from now to save? But when the goal has come it may require to invest in huge amounts. What are policies for children’s higher education Is it possible to guess the expenses required in next 15 years? Is the doubt for every parent. How to calculate? How much is it required for a particular course? It is not difficult to calculate by taking child’s age and inflation into account. Presently fixed deposits , insurance policies, national savings documents, mutual funds ect are available. One should decide which is apt for child’s education to bare the expenses. But with number of policies available it is difficult to choose the right one. Do Situational analysis and not to depend on others opinion. If necessary take advice for financial planners. Benefits and risks Let’s see the good and bad in each policy.
Fixed deposit offers safety but the income we get is not sufficient to stick out with inflation, though mutual funds offers high income there is risk in loss but regular investing is needed. So it is accurate to take up the policy especially established for children and if any unforeseen incident happens to the investor also child’s education is not set-back, wherefores if the investor of the child’s education plan met with any adverse accidents there is no need to pay further premium to the company, Insurance company will pay to the policy. Until the child reaches 18 years some amount of money is paid to the child annually. It is insured only in this kind of policy. Variations of these policies are available.
Choose Policy considering Risk to Loss, Premium, Time Span
During policy selection premium waiver rider should be adopted. This rider is helpful if policy’s holder is unable to pay due to serious illness, disability or deceased , waives off left out premium along with this income benefit rider can be picked out and at the time of claiming this policy, company have to pay till the time period of the policy is reached. After completion of policy, fund is presented to nominee.It is important to plan for financial goals. Children’s education should be given at most importance. This ensures colorful future for your children and to accomplish your aspirations.
No comments:
Post a Comment