This Independence Day, Secure A Self Reliant Future For Yourself!
Due to the exorbitantly high fee for higher education, the mere thought of why someone should consider a saving plan is out of the question. Parents have to plan for their children’s education expenses to ensure that their children can pursue whatever career they desire in the future. B-school tuition fees have risen 400% in recent years, with the annual rate of tuition growth reaching 20%. To succeed, a college student must be able to contribute at least 95 lakhs by 2025, which is surely not a small amount of money, especially for the middle-class population of India.
Therefore, if your goal is to make sure that the education of your child is covered properly, it’s clear that you need to choose a plan that helps you save money. However, with several options available in the market, it can be difficult to choose between them. So, let us take a look at some of the best child savings plans available in the market at present:
Bajaj Life Insurance Capital Guarantee Solution
The Bajaj Life Insurance Capital Guarantee Solution is a savings scheme that takes your money, invests it in guaranteed upfronts and market-linked products, and returns it to you with additional benefits accumulated from the investments. The fund is the best performing large-cap fund that has delivered an average annual return of 14% since 2011. The plan will help you build a financial cushion, which in turn will help you fulfill your family’s and your dreams. Therefore, make sure you check out this plan right away to plan for your child’s education.
Aviva I-Growth Plan
Aviva’s I-Growth plan is a unit-linked life insurance plan that provides you with combined insurance coverage and investment benefits. It is available for purchase from the age of eighteen years, and it can be renewed until the age of fifty. The plan has a maximum maturity age of 60 years. It provides policy terms of 10 years, 15 years, and 20 years. Moreover, it also offers three fund options to choose from. So, if you’re looking for flexibility in your investments, you should consider having a look at this plan.
ICICI Pru Guaranteed Income for Tomorrow
The Guaranteed Income for Tomorrow is a savings-focused life insurance plan that’s designed to cover any urgent expenses you might have in your life. It provides a steady income that will make sure that you won’t struggle financially to fulfill your child’s education needs. This option provides guaranteed income from the second year on, and you can choose when you want to receive it. Discounts and benefits are also available for women and non-smokers. You can choose a specific date to start receiving guaranteed income from your savings plan. This Life insurance is eligible for tax deductions under India’s income tax guidelines. The policy can be used to raise a loan by being used as collateral in banks if you need one. So, make sure that you have a look at this policy right away.
Canara HSBC Oriental Bank Of Commerce – INVEST 4G PLAN
INVEST 4G PLAN is an investment plan offered by Canara HSBC Oriental Bank Of Commerce, allowing you to save money for use in the future to help your children or other loved ones. It also allows you to save money for your retirement. This plan offers various customization options that allow you to align it as per your future goals. Moreover, it also offers flexibility in terms of premium payments and pay-out options. With the help of this plan, you can also enjoy tax benefits as per the norms of the Income Tax Act of India. Apart from this plan, there are several other plans offered by Canara HSBC OBC that can help fulfill your various financial needs such as a tax saving plan, endowment plan with whole life covers, and other child insurance plans.
Max Life Monthly Income Advantage Plan
If you would like to provide your family with a financially secure future, you might want to consider a participating and non-linked individual life insurance savings plan, such as the Monthly Income Advantage Plan by Max Life Insurance. Max Life gives you a monthly lump sum amount that helps your family sustain a regular lifestyle in case you die. There are many advantages to this plan, including that the premiums are required to be paid over many years, and it provides income for up to 30 years. Additionally, the policy comes with some additional benefits, such as a terminal bonus that makes it more efficient. It also has life insurance protection, which means that your chosen beneficiary will receive an amount of money if you pass away prematurely.
India First Life Cash Back Plan
IndiaFirst Life’s Cash Back Plan is a savings scheme that makes it easy to save your money for the future. You get guaranteed monthly payouts, so you never have to worry about saving again, which also makes it one of the most convenient savings plans for your child’s education as well. The policy is a good choice for a long-term investment because it allows you to pay premiums over time and offers tax benefits under the Income Tax Act. This plan is designed to save you money on the cost of your premiums and provide guaranteed benefits when the plan is used for a long-term goal like planning for your child’s education. If you are looking for a plan with assured benefits, then you should check out this savings plan because it will help you build a good financial corpus for the betterment of your loved ones.
Saving money is a good idea. It lets you buy more cool things, and it will help you reach financial stability quicker. But there are so many options out there for where to put your savings — which can make the decision even harder. However, if you consider this article as a resource to know about the best savings plans available presently, you can enjoy a completely hassle-free investment experience.