As caring parents, providing the best for your child is priority, but rising costs often make you think twice. However such decisions should never be influenced by the lack of money, which is why you should start thinking today.
What cost Rs.5 lakhs today will cost you Rs.15 lakhs tomorrow! Will you be prepared to shell out that sort of money or will you choose to compromise on your child’s education? But as a caring parent wouldn’t you want to provide your child with the best possible education.
The best way to avoid such a situation is to start preparing from today itself! To prepare yourself you should:
Step 1 – Decide the corpus you wish to provide for your child’s future and the time when the same should be made available. While doing so you should consider various career specializations available. Also remember, that all professional courses will cost more tomorrow than today.
Step 2 – Select an investment amount that you will be comfortable paying monthly. After all you mustn’t forgo the present for the future.
Step 3 – Choose the level of protection you desire. This should be reflected in –
- the level of sum to be assured chosen by you;
- the riders you opt for with the base plan.
Some of the riders available under various child plans are:
- Comprehensive Health Benefit (CHB) rider – provides complete protection against critical illness and disability, by paying benefits otherwise payable on death.
- Income Benefit (IB) rider – pays income to your child in case of your death.
- Accident Death Benefit (ADB) rider – pays additional money in case of your accidental death.
- Dread Disease Rider (DDR) rider – Gives an additional benefit upon diagnosis of 10 critical diseases like – Heart Attack, Cancer, Stroke, CABG etc.
Your child’s future education and success depends on how well you plan today. Be prepared and everything will fall into place. One such device that can help you get started is the Aviva Educost (education cost calculator) that enables you to calculate the cost of future education and also helps you identify how much you would need to invest today to achieve that corpus.(source : Educationisinsurance.com initiative by Aviva Life Insurance)