Child PlansAs a parent, one of your biggest responsibilities is to make sure that your child has adequate financial assistance for all the significant milestones of their life. But to build a considerable corpus for your child, you need to start saving and investing as early in life as possible.
Fortunately, there are several child investment plans that can deliver considerable returns in the long run.
Why is Investing in a Child Plan Important?
To Secure Your Kid’s Future
Child investment plans can enable you to secure your kid’s future. If an unfortunate event destroys your financial capabilities, then the child plan can provide the funds required for your child to get an education, pay for daily expenses, etc.
Building a Corpus
A child plan can allow you to accumulate a corpus. This corpus can be used for funding higher education, pay for marriage expenses, etc.
Things to Keep in Mind Before Investing
- Investment Goal Before starting the investments, you need to first decide the investment goal. Once you know the goal, you’ll understand the amount of money required to achieve the objective. Hence, you’ll know which investment options can help you accumulate the funds.
- Returns Investments that offer great returns are crucial for securing a child’s future. Furthermore, it is important for you to stay invested for a longer duration to increase your returns. Hence, you need to look for long-term investment options that offer good returns.
- Risk Most investment instruments have some risk. For example, equity mutual funds invest in the equity markets, which tend to fluctuate a lot. Hence, investing in such investment options can be risky. Therefore, you should make investments based on your risk appetite.
- Tenure One of the most important factors to consider while making an investment plan is tenure. The longer the tenure, the higher the returns can be. Furthermore, to secure your child’s future, you might require a huge amount of money, and longer tenure can help you build a financial corpus. Therefore, you should consider investing in a child plan for a longer tenure.
- Expenses To invest in most investment plans, you’ll have to pay a few charges. Thus, you need to search for investment instruments that allow you to generate good returns as well as reduce your expenses.
Here are a few investment options that can provide good returns if you stay invested for a longer term-
1. Direct Equity InvestmentEquity markets are known to outperform all other types of investments in the long run. But the high returns potential comes with considerable risk. Make sure that you have adequate knowledge about the equity markets if you are considering it for your child.
2. Mutual FundsCurrently, one of the most popular investment options in India is mutual funds. For long-term goals like child's education, you can consider investing in equity mutual funds. You can start investing with as little as Rs. 1,000 per month.
3. Public Provident Fund (PPF)Another excellent investment option for long-term goals is the Public Provident Fund. Your investment in PPF earns a fixed rate of interest (currently 7.9% p.a.). It has a lock-in period of 15 years, but you can increase the tenure further in blocks of 5 years.
4. Gold SavingsGold too is a proven long-term investment option. But rather than going for physical gold which comes with a lot of risk and additional expenses, consider Gold ETFs (Exchange Traded Funds) or SGB (Sovereign Gold Bond). These are electronic variants of gold.
5. Child Life InsuranceThese are invest-cum-insurance plans that help you build a corpus for your child while also offering life coverage. So, the best child insurance plan will help you ensure that the financial needs of your child are well taken care of even in your absence.
6. Bank Fixed DepositBank FDs are also very popular in India for the safety and risk-free returns they offer. Some of the banks now also offer 5-year FDs. On maturity, you can renew your FD (principal + interest) for long-term capital growth.
7. Sukanya Samriddhi Account (SSA)For a girl child under 10 years, Sukanya Samriddhi Account (SSA) can be a great choice. It generates fixed returns (currently at 8.50% p.a.) on the deposit every year. The minimum deposit amount is only Rs. 250 and the maximum amount is Rs. 1.5 lakhs for a fixed tenure of 21 years.
Making a Decision
There is no shortage of investment plans that you can consider for the future of your child. To decide, consider factors like your age, risk appetite, investment tenure, available capital, and child’s age and ambition.
You can always consult a professional financial planner to help you make the decision.
Is There Any Age Limit for a Child Plan?The age limit depends on the investment plan you have selected. For instance, you can invest in a ULIP until your child becomes 18 years of age. In case of mutual funds, you can make investments on behalf of your kid.
Which Policy is the Best for a Child’s Plan?There are various factors that you need to consider before choosing an investment plan, such as the risk, returns, tenure, etc. You should understand all the factors and then make a decision on which plan allows you to achieve your investment goals.
Are There Any Tax Benefits on Child Plans?A lot of child plans provide tax benefits. For example, an investment made in a ULIP is eligible for a tax deduction under Section 80C.
Can a Child Invest in Mutual Funds?A child is allowed to invest in mutual funds via a parent or guardian. However, once the child becomes 18 years of age, the parent or guardian can’t operate the investment. The child can stop the investments or submit the request to change the status.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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Similarly Aditya Birla Money Insurance Advisory Services Limited and Aditya Birla Insurance Brokers Limited are insurance intermediaries and engaged in the distribution of Insurance Products and it may services may include products of Aditya Birla Sun Life Insurance Company Limited and Aditya Birla Health Insurance Company Limited. However there is no conflict on these services and commissions if any payable are in accordance of the extant regulations.
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