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Ref. No. KLI/22-23/E-BB/492
The sooner you start investing in your child's education fund, the larger your corpus will become and help your child fulfill their dreams without financial woe. Here's a step-by-step guide to ensure that your children's education is not compromised due to
Starting early is the key to building a significant education fund for your children. Along with an early start, diversification of your investment portfolio is also important so that you do not miss out on the financial goals you have set for your children’s education. The sooner you start investing in your child’s education fund, the larger the corpus will become and help your child fulfill their dreams without financial woe.
Planning education finance, especially for your children, can be a tough task and, at the same time, a highly tricky move. You are unaware of various factors that might influence the education of your little one in future years. However, the best you can do is save enough for your children’s education so that they never have to compromise on education and educational choices due to financial problems in the future.
It must be clear that it is not wise to invest if you are cutting costs from your basic needs like food, shelter, and other necessary expenses, including health and medicine.
Thus, it is important to analyze where you stand financially. It is suggested to take out an estimate of your income and all the current and future assets. Once you know your financial resources, you can plan your next move accordingly without compromising your present goals.
Once you know your current financial status, you can easily finalize the corpus amount you want to secure for your child’s education based on the current inflation rate. Once you have considered all these factors, it’s time to identify your child’s financial requirements based on his current age and what he will require in the future.
With the pace at which the world is moving today, we have no idea what comes next. Thus, experts advise that a plan of action must be ready for your child in case of your absence or an untimely demise.
Many investment options can lure you towards them for planning education finance. However, plans like ULIP are highly flexible and will help you set a firm plan of action for your child’s education finance.
Once you are clear about your current financial status, your financial requirements, and your child’s financial requirements, it is time to choose the right investment option for your child.
Education planning/financial planning is a little tricky. First, you will have to choose a suitable child insurance plan like ULIPs that cater properly to your children’s educational needs. In addition to this, ULIPs also offer waiver premiums in case of parents’ demise. The only thing that you need to understand is that your investment is going in sync with the market trends and their growth.
We all know that from primary school to college, education costs are soaring to new heights every day. The above-mentioned important steps will help you efficiently plan education finance for your child’s future, even in your absence.
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
In this policy, the investment risk in the investment portfolio is borne by the policyholder.
Kotak e-Invest
Features
Ref. No. KLI/22-23/E-BB/521
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
