Top 4 Things to Do As Soon As You Become a Parent

  • Child Insurance Articles

When a baby is born, it brings unconditional love in the life of its parents. However, along with the joy of becoming a parent, comes a gamut of responsibilities; financially and otherwise. Of course, every parent wishes to provide his/her child with the best upbringing, which includes proper healthcare and quality education. Read on to know what you must do to make this possible.

With inflation on one side and the steady decline of Rupee on the other, you need to save more if you are planning for your child's higher education overseas. If you wish to provide your child with the best education, you must consider investing in a child education plan at the earliest. Also known as a child savings plan, it can help you create a corpus for your child’s higher education.

The Best You Can Offer to Your Child

It's normal for your child to take centre stage in your life. You may want to do everything that you can to provide him/her with the best lifestyle and education. Here are a few things that you can do for your child to provide him/her the best care and upbringing.

  • Make your home child proof: As your baby grows, there would be a lot of crawling around and touching of different objects and of course, these dirty hands will find their way into your baby's mouth. Thus, it's extremely important to disinfect your house on a regular basis. You must also keep all electrical sockets, appliances, and sharp objects out of reach of your child. You can also use baby-friendly, anti-toxic wall paints.

  • Organise Yourself: Parenthood is like a full-time job and you might feel overwhelmed with all the responsibilities of looking after your child. You must set your priorities straight and divide your time between looking after your child and your job or household work. This holds true for both the partners.

  • Get your finances in order: In order to provide your child with the best facilities, you must have a strong financial backing. Clear your credit card dues and other debts. Make a budget both for monthly expenses and child care. Keep a dedicated sum aside for your child's care.

  • Get a Child Plan: You must invest in a child plan as soon as your child is born. Also called the child future plan, this is an insurance policy that will help you to fund your child's higher education, even if you're not there to support him/her in future. The earlier you start saving in a child savings plan, the better it would be. You can withdraw money invested in a child education plan at important milestones of your child's life, such as when he/she is ready for college.

Moreover, you as a parent can receive a significant sum of money upon the maturity of this plan . This sum can help you in financing child’s higher education, marriage, or even funding for a new business venture. In case of the death of the policyholder, the future premiums are waived off by the insurer and the beneficiary enjoys policy benefits on maturity.

ADV/7/20-21/614

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Child Plans

ABSLI Child’s Future Assured Plan

This plan offers assured benefits to take care of the important milestones in your child’s life- Education and Marriage UIN: 109N124V01

  • Guaranteed2 returns on death/maturity
  • Flexibility to save for child’s life goals
  • Option to avail of Enhanced Insurance Cover

ABSLI Vision Star Plan

This plan helps you nurture and fulfil every dream of your child. UIN: 109N096V03

  • Flexibility to choose sum assured
  • Accrued bonuses3 to augment your savings
  • Waiver of premium benefit

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