Getting a degree from the best educational institute requires a strong financial plan. An IIM Ahmedabad course fee has risen by 4 times in the last decade crossing the Rs 20 lac mark. If it keeps on growing at the current rate of 20% per annum, it will easily cross Rs 1 crore ten years later. The tuition fee for an under-graduate engineering student at IIT today is Rs 2 lakh per annum. It is hundred times more than what it was thirty years ago, and is expected to touch Rs 10 lakh per annum figure in the next five years. As per another 2018 report, an MBBS degree from a private college which now costs about Rs 25-30 lakh will go up to Rs 50 lakh over the next 10 years. So, if you want your child to graduate from a premium institution then not only should be your child bright enough to qualify, but you need to be rich or save systematically to pay for the classes.
When it comes to your Child’s education, it is a must to start saving as early as possible; to be financially prepared to support your Child’s dream. You could save up little by little every month, build up a fund over the long-term or you could start saving with a Child Education Plan, which not only gives guaranteed returns on your savings but also offers you a life cover. You can choose to get returns at important stages of your Child’s life. And you can make sure that your child gets the benefits of the Child Plan even when you’re not around, with the life cover it offers.
So, yes. You do need a Child Education Plan.