With inflation on one side and the steady decline in the Rupee on the other, Indian
parents need to save more for their child's higher education overseas. If you wish
to provide your child with the best education, you must consider getting a child
insurance plan. When a baby is born, he/she brings unconditional love in your life.
Along with the joy of becoming a parent comes a whole gamut of responsibilities;
financially and otherwise. Of course, you wish to provide your child with the best
upbringing, which includes proper healthcare and quality education. Read on to know
what you must do to make this possible.
The Best You Can Offer Your Child
It's normal for your child to take centre stage in your life. Here are a few things
that you can do to provide your loved one with the best of 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 to your baby's mouth. Thus it's extremely important to disinfect the entire
house on a regular basis. You must also cover all electrical sockets and keep electrical
appliances and sharp objects out of reach. You might also want to use baby-friendly
anti-toxic wall paints.
Organise Yourself: Parenthood is 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 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.
Get a Child Plan It is an insurance policy that can help you fund your child's higher
education even when you are not there. The earlier you start saving, the better
off you are. You can withdraw money at important milestones of your child's life,
such as when he/she is ready for college. Moreover, your child would receive a significant
amount upon maturity of the plan. This sum assured can help finance higher education,
business venture, marriage or even setting up your child in a new city. In case
of death of the policyholder, the plan stands intact.
The Aditya Birla Sun Life Vision Star Plan is among the best child insurance plans
in India. The policy has two options for two different plans. Regular bonuses are
accrued at the end of each year. Apart from general benefits, you can also take
a loan against the policy.