In Part 1 & 2, we covered what should be the EXPENSES that you need to plan for, and what should be the APPROACH when you plan for the future expenses of your child. You now need to go ahead and make the decision – where to invest, how much and when? In this concluding part, know how to calculate how much you need to invest and where, to ensure a plan that is guaranteed to work for your child/children.
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In Part 1, we covered WHAT should be the expenses that you need to plan for. You only get one chance in a lifetime to get this right. If you do not use the right technique, you could fall short of your requirements by a long long way.
In Part 2, we will answer the question – “What should be the approach when planning the future expenses of our child?”
These kind of term insurance plans return all your premiums back in case you don’t die during the entire term of the policy. Sounds too good to be true, but check out the numbers – decide for yourself if you are better off with or without it.
Imagine you are 60 years old and have Rs. 1 crore as savings including Bank balances, FD, MF, shares, etc. and excluding your house and land. Your income has stopped because you have retired from service now. You now want to use your savings to generate income every month. This is where an annuity plan comes in.
Planning for the future of our children is not just important but also challenging. There is a lot of confusion in the market on what is the best way to do it. Child Plans or Education Insurance plans are a good option, provided you know how it works and what it can deliver for you. Most importantly, don’t bank on them alone. Read on…
So you are ready to buy Term Plans but are now confused which one to buy? Don’t worry – this is a good confusion to have. That is because it is better than many who just go and buy the wrong type of term plans simply because his/her friend also bought the same. Remember […]