All your gifts to your child need not be materialistic

The most expensive gift you can give your child is that of a good education. Taking a child education plan can help you do this.

As parents, we shower our children with gifts. We get them expensive clothes, toys, books and education material even before they ask for it. If a new electronic gadget catches their fancy, we buy it for them on our way home from work. We keep telling ourselves, “I am spending on my beloved child. Who else do I work so hard for?”

But as your child grows up and begins school life, you are faced with umpteen education-related expenses. School tuition fees, transport fees, extra-curricular activities, projects, class trips and so many other expenses demand your attention. You spare money for everything lovingly – but at the back of your mind, you are slightly uneasy about the future. If school education is so expensive, you wonder, how much will higher education cost?

It is not necessary to spend less on your children – on the contrary, the best gift a parent can bestow on the child is the gift of a good education. Often, a sound basis in learning separates one child from another. The access to educational opportunities that you provide will form the foundation of your child’s future.

However, you need to help yourself in the process, too – as your child grows up, you are also ageing. Though your income may grow every year, so do the household expenses. Apart from your child’s education, you must also pay daily living costs, save for your own retirement, set aside funds for emergency medical expenses, and so on. How will you pay for your child’s education in the midst of this, without compromising on some other expense head?

Many parents are forced to dip into their savings or take a loan to fund their children’s further education. Instead, they can easily circumvent this situation by taking an excellent investment plan for the child – known as child education plan. The best child plan in India offers a large sum of money for the child’s future education. It takes the pressure off the parents who wish to help their children achieve their educational goals, without causing debt. It helps the child secure his future dreams and achieve all his ambitions.

The best child plan will provide for a large corpus for the child when he or she reaches the age of higher education. The money can be used to fund a course in a foreign university, or even as seed money for start-up that your child wants to initiate while still studying. The point is that the money is a useful addition to your efforts in providing the best education for your child.

Children are like White Boards Needing Nurturing, Advice and Guidance

“Children close their eyes to advice but always open their senses for guidance,” goes a popular saying. Every child’s mind is like a clean slate. Parents have the all important job of creating lasting impressions on these young minds, so that they can shape up their lives in the right manner. And, of course, it is also a parent’s duty to provide for their children’s basic and allied needs. A fair amount of planning goes into this. There are child insurance plans that can be utilized to help you nurture your child for success.

Parenting is a full time job and the styles will keep changing as your child grows up. However, here are some simple tips that might help you raise successful, responsible individuals.

Universal Parenting Tips

Nurturing children and instilling the right values in them could seem like a tough call if you do not tread the right path. Here are some guidelines that can help:

•  Start Early: Young children are exceptionally perceptive. So, begin with value education and goal alignment early on. Teach them to differentiate between the “good” and the “bad”. Ask questions to ascertain whether they have understood or not. Keep it simple and relate real life events to these value lessons for a perfect understanding.
• Choose Rewards Carefully: We all know rewarding children is the best way to keep them motivated. However, choosing rewards carefully is important. Always gifting them their favorite things could make them greedy and opportunistic in the long run. Rewards should involve bonding activities, such as telling them their favourite stories, spending time playing their choicest sport and so on.
• Set Examples: Children follow examples. And parents are their natural role models. So, the manner in which you conduct yourself when you are around them is where they will pick their habits and mannerisms. If you want your child to respect elders, for instance, you will need to show them that you do the same, irrespective of the social or economic stature of the person in question.
• Never Compare: Comparing child insurance plans for the securing the best one for the benefit of your child is a great move. You could even compare schools and curriculums and what not for ensuring the best for your child. However, never compare your little one to anyone else. Comparison with peers dents the confidence of your child. 

Remember, every child is special in his or her own way. Knowing your child’s potential and doing every bit to nurture it is the best thing you can do for him or her. Of course, the resources provided by your child insurance plan will have a huge role to play here.

Term Insurance - What Is In It For The Family?

The first year premium collection of life insurers rose by 9.5 percent to stand at Rs 11,026.82 crore in December 2015, as compared to Rs 10,071.80 crore in December 2014, says an article published in The Economic Times in January 2016. A life insurance policy is possibly the most important investment that you would make during your entire lifetime. It protects you and your loved ones against the uncertainties of life.

Why Buy a Term Plan?

Term plans have been gaining popularity in India as a pure life insurance product. Since it is a pure vanilla product, you get a high cover at a low cost. Moreover, online term insurance is cheaper than its offline counterparts, primarily due to the absence of third party/agent involvement. At the same time, you should be aware that it does not offer any survival benefits. However, it is most the appropriate product when it comes to securing your family’s financial future. It is fairly risk-free and lets you buy a higher policy at a fraction of the premium you would pay for other policies.

How Can a Term Policy Help You Secure Your Family’s Financial Future?

Term insurance can help you plan your family’s financial security, keeping in mind various factors such as daily expenses, child’s education and marriage, loan repayments and much more. To ensure that you do so, you must choose a cover that will be adequate to take care of every expense you can think of. Ideally, you should buy a cover at least 10 to 12 your annual income.

You must also factor in your family’s standard of living and the inflation rate. This would ensure that your family would not have to compromise on their needs due to a paucity of funds after your demise. The tenure of the policy is the second most important determinant of how well you secure your family’s financial future. It is essential to buy a policy that covers you at least till retirement. You can also choose a tenure by the end of which you expect your kids to become independent. You must choose a minimum tenure during which you expect to repay all your loans as well.

Buy a term policy and gain peace of mind that your family wouldn’t have to struggle financially after your demise. You can buy an online term plan within minutes. All you need to do is fill in the relevant details, upload your KYC documents, pay online and you are done. You can also use the premium calculator to choose the right online term insurance. It can help you calculate the most affordable premium amount.