Element AI for AI transformation journey
29 October 2019
When it comes to securing your child’s future, compromising is never an option. Leena and Gaurav decided to provide the best opportunities to their children be it safety, well-being, career or financial security. In the pursuit of fulfilling the basic necessities of their children, they were overlooking the long-term future plans. It was only when they met Gaurav’s elder brother Rajesh that’s when they decided to prepare for long-term financial planning for their children’s higher education. Rajesh explained to them that; expenditures like higher education, medical emergencies and marriage can cost a fortune. Therefore, to be prepared for such expenses and create a financially secured future for them, they need to start investing in a child education plan.
He further explained the benefits of a child education plan, & since there is no escaping from the ever increasing cost of education; such plans help overcome the onset of more expenditures in the future. Child education plans are multipurpose, which make them more exclusive. It gives various advantages like life cover and building a corpus for your child’s educational needs.
Child plans are not only beneficial in acquiring the right amount of money when needed, but also in offering comprehensive protection as well as a medium for investment. There is an urgent need for every parent to start investing for their child’s education as the current inflation rate and the inevitable cost of education could be a major concern in the future. If your child wishes to pursue an MBA degree from a reputed college, the minimum expense will be around Rs. 8 lakhs to Rs 15 lakhs now. So imagine, 10 years from now when your child is about to initiate his or her MBA studies, the cost of the same would nearly be a minimum of Rs. 30 lakhs. A sound investment plan will enable you to provide your children with proper resources at the right time so that they reach their career goals.
Rajesh further advised Gaurav and Leena to choose ULIPs for securing and building a corpus for their children’s future.