This Children’s Day, Set your Kids up for Academic & Financial Success
The bond between a parent and child is the primary bond and can be considered as one of the strongest connections in nature. It doesn’t really matter whether you’re the father or mother, the love you feel towards your child is a fundamental part of you and seemingly unbreakable.
When a child enters your world, it’s a time for celebrations. It's also a time when your entire world can turn upside down as you have new financial obligations to take care off as you’re responsible for people other than yourself. It can prove to be a massive responsibility but the bond we have with our children makes it one we willingly shoulder.
Instead of stressing out, taking timely steps to secure your child’s financial future from the get-go will go a long way in assisting them in the transition from childhood to adulthood. Supporting them financially during their formative years is not just a duty, but also a way to express your love and trust in them! Investing in a child plan helps you do just that by chalking out a sound financial layout for the betterment of their future. Here are a few ways how a child plan can help get you started on your journey towards securing your child’s future which, in turn, will ease your financial burden.
· Tuition Fee Assistance
Education is something that’s close to the hearts of many parents and it begins with higher secondary school education. Undoubtedly, you would want your child to have the best education possible to prepare them for the future. The reality is that the costs of secondary school education are on a constant rise and it could easily be one of your family’s biggest expenses. Tuition Fee assistance from a Child Plan gives you an annual payout for five years between the age 13-17, which can help you to save for your children’s future and further ensure your child's dreams turn into reality.
· College Admission Fees
When families talk about the topic of college, the subject of money is never far behind. However, the truth of the matter is that the cost of university/college in India is skyrocketing. For instance, tuition fees for students seeking an undergraduate education in the IITs increased from Rs. 90,000 per annum to Rs. 2 lakhs per annum in 2016
(Source: The Indian Express). This trend is not going to buck anytime soon and if you take inflation, investment, and growth rate into consideration, these figures are going to keep rising. Investing in a sound child plan in advance will make sure that you're well prepared with a guaranteed payout when your child turns 18. This further ensures that you achieve the desired benefits and returns when your child comes of age.
· Higher Education Reserve
Today, just having a college degree won't cut it. Getting a post-graduate degree is paramount to ensuring that your child lands good jobs with higher earning power than if they just had a college degree alone. Besides the fees, there’s also the additional headache of investing in expensive academic books, exams, and living costs which you need to factor in as well. Higher Education Reserve provided by a Child Plan at the age of 21 will go a long way in ensuring you achieve these targets within the expected deadlines.
You should have a contingency plan in place beforehand to ensure that your child has a happy and prosperous life. Aviva’s Young Scholar Secure is a traditional life insurance plan designed specially to help families set a savings goal for their child and achieve it. Moreover, the plan is well structured to ensure all payouts are guaranteed to be made at the designated intervals thus removing any uncertainty from your child’s formative years.
With benefits such as guaranteed money back, waiver of future premiums in case something untoward happens to the parent along with the advantage of tax benefits on all premiums paid, you can safeguard your child from any financial hardships in the future. This children’s day, we urge all of you to invest in Aviva’s Young Scholar Secure Plan and gift your children a way to make their future better, secure and happier!
Disclaimer: Aviva Young Scholar Secure is a non-Linked non-participatory life insurance policy.
For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. Riders are not mandatory and are available for a nominal extra cost. Please read respective rider brochure before taking a decision.
AN Nov 04/17