Indian Stock Market News and Views.
Plan Your Child’s Future
A child as a new member is always an occasion for joy in the family. The parents has made another important milestone in their life. The dream of any parent would be to give best for their children and they also think that what the parents was not able to get in their childhood it should be given for their child. Many parents now start investing for the future of their child at early stages itself. Investing in your child’s future is what many parents does as soon as they are born which would help the parents to build a pillar of strength as the child grows.
Parents often make financial planning for the child future to meet specific needs like higher education and marriage. But we can never be certain about that there would be the need that is specific other than that in the future. So as a parent we should foresee the difficulties that we would face in the future, like inflation so that we need to make a capital savings of twice the amount that is spend today.
Normally people would invest in property, buy gold, shares. But now some even do it but many have sorted out new options for the child’s future. In Insurance there are mainly two variants the ULIP and the endowment plan. Many of the endowment plans would pay at different ages of the life of the child. ULIP gives you large sum at maturity of the child’s age. Most child plans are expensive so you should be aware of the of the costs evolved. Make sure that you choose the best performing plan.
Another good option is to invest in mutual fund, some of them even provide additional life cover. There is also PPF or the Public Provident Fund, which would enable you for tax free returns, only disadvantage is that there would be a maximum investment limit of Rs 70,000 per year. Another solid investment is Gold yes the same old yellow metal, ELSS Choose your plan wisely and make sure that you do your research well remember that its a long term investment for your child future.
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