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How to Plan for the Future Expenses of your Child

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Invest in your child's future with Child insurance plans. Help your children live their dreams by investing systematically. – PowerPoint PPT presentation

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Title: How to Plan for the Future Expenses of your Child


1
Child Plans
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How to Plan for the Future Expenses of your Child
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  • Where to Invest when creating a Child Plan, and
    how much?
  • In the next few minutes, you should be clear
    about how a complete child plan can be made for
    your own child/children. And to do that, follow
    these steps.
  • First, start with the age of your child. We will
    use an illustration to simplify this. Say, you
    have a daughter who is 7 years old (if you have a
    younger child, even better since you get much
    more time). It is good that you are starting
    early, so you have 27-720 years for her
    marriage, 22-715 years for her post-graduation,
    and 18-711 years for her college expenses to
    kick off. Thats a great situation to be in.
  • Next, let us plan an amount. While there are
    several ways to do it, we will use a thumb rule
    here which is specific to India. i.e. Cost of
    the same for the parent, multiplied by 15. Your
    college expenses were probably about Rs. 1 lakh,
    Post-Graduation expenses were about Rs. 3 lakhs,
    and Marriage expenses were about Rs. 5 lakhs. So
    it will cost your daughter Rs. 15 lakhs, Rs. 45
    lakhs and Rs. 75 lakhs respectively. (Dont add
    them up, you need them at different times). Now
    these costs are for the kind of degree and
    education that you got. If your daughter makes
    it to an international university of repute, the
    cost of education (but not marriage) could (at
    least) double.

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  • So we now have a revised plan.
  • Rs. 30 lakhs for College after 11 years,
  • Rs. 90 lakhs for Post-Graduation after 15 years,
  • and Rs. 75 lakhs for Marriage after 20 years.
  • You can now proceed to do this calculation for
    your own child/children. If you find the amount
    that you need to invest too high, you can even
    opt to start with a lower contribution now and
    increase it every year by say 10 (in accordance
    with increase in your annual income).
  • You may even choose to buy a child plans from an
    insurance company which gives you a combination
    of life insurance and tax-free returns and is
    safe and guaranteed.

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6
Click to know more on Child Plans
https//www.bajajallianzlife.com/child-plans/child
-plans.jsp
Thank You
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