Child Insurance cum education Plans

POSTED BY prashant joshi ON March 4, 2011 5:10 pm COMMENTS (2)

We are blessed with a daughter last december and i want to buy a insurance cum investment for her which on maturity can also give me the lump sum amount for her higher education. I have already bought Anmol Jeevan with cover of 5 lakhs for my son who is 4 yrs old. But i did not like the duration when they pay the maturity amount. I mean the maturity money we get is when child is 18,20,22,24 yrs old though the maximum amout for education is needed when the child is 18-22 years old.

2 replies on this article “Child Insurance cum education Plans”

  1. ashal jauhari says:

    Dear Prashant, Please confirm the name of the policy you had already invested in. It’s Komal Jeevan I think not the anmol jeevan as posted by you.

    Regarding the need for saving enough for your children education need, I’ll ask you to do some home work.

    First calculate, how much money you need today if both children require the money now. This is today’s value. Calculate how much inflated vlue you require after 15-20Y, when the actual goal arrives.

    Once there is a clear figure that you require after 15-20 years, calculate how much money you require to invest on mly or yly basis & for a given rate of interest to reach your target.

    You may take help of financial calculators of jagoinvestor to calculate all these nos.

    Once all this data is ready, select the product based upon your requirement.

    Thanks

    Ashal

  2. Ajay says:

    @prashant – nice timing on the query…
    I just read the comments on the thread
    http://localhost/jagoforum2/child-plan-why-not/279/

    Suggest reading this and take a call on whether you want to go for child plan or a MF + term combo…

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