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Date : Feb 12, 2009

Question

Hi Harsh I want to take the best Child plan for my new born son for his higher studies which i expect to cost me around 3 Lac per annum for 4 years starting from the age of 17. Please let me know what is the best plan with a mix of security and high return. Thanks! Yogesh Joshi

Answer

As far as your son is concerned we believe that first you have to take health insurance of an amount of Rs. 50000/- atleast and you need to buy term insurance plan which would protect your child's education in case of uncertainties.

Instead of buying Children`s Policy, invest into PPF in minors account and also think of investing into mutual fund in the form of systematic investment plan.

But for your information there are various children`s policies available in the market. These policies are designed to provide a quality higher education to the child. It also ensures that the child is taken care even in the absence of their parents. Many policies have a benefit of premium waiver. There are payout options at various pre-determined tenure of the policy to meet specific needs of the child.
In most of these policies the life insured is the parent where the beneficiary is the child. The premium of the policy depends on the age of the proposer parent or guardian and the child.

 

 

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