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CHILD PLAN/ or Alternatives

Hello readers,
Your views/ suggestions on child plans or other investment option for the future of our 4 month girl and another we may plan to have in 2-3 yrs. Investment time frame: 15 yrs approx.

a. Is CHILD plan the only way to invest. What are its pro and cons in terms of charges/ taxes/ returns, etc
b. Can we invest in something else which is equally if not better reliable in terms of better returns.
c. What is the merit in the alternative plans.

Thanks.

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