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Aditya Birla Sun Life Insurance Company Limited
Aditya Birla Sun Life Insurance Company Limited
Why is it Important to Use a Child Plan Calculator?
Using a child savings plan calculator is crucial because it helps you understand and plan for the future financial needs of your child. By making use of this tool, you can
Get a clear idea of the specific amount of money you should save for your child’s future, reducing any uncertainties about your financial situation.
By considering the impact of inflation, it helps you account for the increasing costs of education, and other expenses over time. This ensures that your financial plans remain practical and attainable, even as economic conditions change.
It aids you in developing effective saving strategies. It provides valuable insights into how much you need to save on a regular basis. This way, you can make informed decisions and maximise your savings for your child's future goals.
Benefits of Using a Child Plan Calculator
When it comes to planning for your child's future expenses, using a child investment plan calculator can offer several advantages -
Informed Decision Making
A child plan calculator empowers you to make well-informed decisions regarding the type and amount of investment needed to fulfil your child's future expenses. You can compare various investment options for children and select the one that aligns with your financial goals and risk tolerance.
Financial Planning
Before choosing a children investment plan, it is essential to understand your needs and budget. Using a child plan calculator can assist you in effectively planning your finances and creating a robust budget to cater to your child’s specific needs.
Considers Inflation
When planning for your child's future goals like education or marriage, it's crucial to remember that costs tend to increase over time due to inflation. This means that the amount of money you'll need to fulfil those goals will be higher in the future than it is today. To combat the effects of inflation, it is important to incorporate inflation-adjusted savings and investment strategies into your plans.
A child plan calculator considers the rising inflation over time, making sure that your savings goals are in line with the future financial scenario. This helps you plan effectively and stay prepared for the increasing expenses associated with your child's future aspirations.
Easy to Use H2
The child plan calculator is a free tool that is accessible to everyone. You can instantly get calculated results without the need to manually perform complex calculations, thus saving time and effort.
Customisation and Personalisation
Every child has different future goals and financial situations. With a child plan calculator, you have the flexibility to customise and personalise your savings plan according to your unique circumstances. This tool allows you to tailor the plan to meet your specific needs and aspirations, ensuring that your financial goals align with your child's individual requirements.
What are the Steps to Use the ABSLI Child Plan Calculator?
You can use the ABSLI child plan calculators on our website to figure out how much investment is needed for your child's future needs. First, you will have to decide whether you want to use the Child Education Plan Calculator or the Child Future Planning Calculator.
And then, follow the steps below –
Step 1
You will be asked about the goals you want to plan for your child's future. You can choose between education and marriage and then enter your child's current age.
Step 2
In this step, you will need to provide specific details based on your chosen goal.
- If you select 'Education' as the goal type, you will need to choose the type of education course you want to save for, such as higher education, graduation, or post-graduation.
- If you choose 'Marriage,' you will be asked to enter the desired age for your child's wedding.
Step 3
If you select 'Higher Education' in the previous step, you will need to choose an option from science, commerce, or arts. For 'Graduation' and 'Post Graduation,' the options may include MBA, Doctor, Engineer, Designer, Architect, and others.
Else, if you choose ‘Marriage” as the goal, the next step will ask for financial details. Here, you will need to enter the amount of money you would spend if you were to get your child married today.
Step 4
For the Education Goal:
- If you select higher education, you need to click on the place where your child will study. The available options include Mumbai, Ahmedabad, Chennai, Pune, Bengaluru, and others.
- If you choose graduation or post-graduation, you need to click on the country where your child will study. The options include India, the USA, Australia, the UK, Singapore, and others.
For the Marriage Goal: If you select marriage as the goal, you will be asked to enter the total amount of savings you have currently and how much you are already saving towards this goal.
Step 5
If you choose the education option, you need to provide financial details like the estimated cost of your child's education as of today and the projected cost when your child will need the funds.
If you choose the marriage option, you will have to provide an estimated rate of interest.
Step 6
This is the final step for the marriage option – simply click the 'Next' button, and voila! The child marriage plan calculator will generate the results in no time.
For the education option, you will further need to enter your total savings and how much you are currently saving to meet this goal.
Step 7
After entering the details of your savings, you will then be asked to enter the estimated rate of interest.
Step 8
Now, click the 'Next' button, and within minutes, your results will be displayed.
Child Plan Calculator FAQs
Child Education Planning is all about getting yourself prepared and ensuring you have enough money to pay for your child's education. With the right planning, the costs of their schooling from when they are little all the way through college or university can be taken care of comfortably. This involves setting goals, figuring out how much money you will need in the future, and coming up with a plan to make sure you can afford it.
There isn't a one-size-fits-all formula for a Child Education Plan because it depends on each person's unique situation and choices. To determine how much you should invest, you can use our calculator. It will help you discover the right amount needed to invest in order to support your child's aspirations.
Finding the "best" plan for child education depends on different things like how much money you have, how much risk you can handle, how long you have to save, and what you prefer. There isn't a single plan that's right for everyone because what's good for one family might not be good for another. However, you can take a look at our ABSLI Child Future Assured Plan [UIN: 109N124V01] and ABSLI Vision Star Plan [109N096V03] as options to consider.
Investing in a child plan can be a good idea because it helps you save money in a structured way for your child's education. However, it is important to consider factors like any rules or limitations, the different types of investments available, the costs you might have to pay, and how flexible the plan is before you decide to invest.
ABSLI Child Future Assured Plan [UIN: 109N124V01] is a non-linked non – participating individual life insurance savings plan.
ABSLI Vision Star Plan [109N096V03] is a non-linked participating life insurance plan
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