Child Expense Calculator

A child education plan is a combination of investment and life insurance under a single policy that is meant to secure the interests of your child or a minor below the age of 18 years. While the life cover ensures a secure future for the child in case of the parent’s untimely demise, the investment aspect can help fulfil the child’s future goals with a financial corpus.

If you want to save for your child’s education, you can use child education planning calculators to determine the various educational expenses. This can help you save and accumulate the financial resources for your child’s future education. Depending on how much you want to save, you can choose an appropriate child education plan to meet the savings goals.

To understand the monthly savings needed for your child’s education, you can use child education planning calculators. Generally, the cost of education should be calculated after considering the quality of the educational institution, the educational degree, extra-curricular activities, and any other essential educational needs.

The child education plan calculator can help you get a fair estimate of how much you should save monthly to meet these goals.

Broadly speaking, a range of factors are considered while calculating the cost of a child’s education. This will depend on the choice of the school/college they are to attend as well as the nature of the degree or educational qualification they have to achieve. Inflation also plays a major role while calculating this cost and should be factored in.

Child education planning calculators are available online and can significantly simplify the process of calculating the cost of a child’s education.

A child education plan offers a flexible choice of coverage, policy terms and premium paying terms which can help you choose and save enough funds as per your child’s future education needs. Such a plan is specifically designed to meet your child’s education costs and any other related expenses.

The right time to buy a child education plan would be at least 5 years before your child starts school. You can purchase a suitable plan based on a policy term that is long enough, and that will allow you to save enough money for your child’s future education needs.

The best child education plan is the one that meets your needs perfectly and allows you to save and invest the funds at your convenience. You can always use a child education plan calculator to compare various plans based on the sum assured, policy term and premium payment modes and terms.

For instance, you can start planning a child policy soon after your child's birth so that you have about 5-10 years of savings and investments to fund your child’s future education. The financial planning for your child’s future education should give you an investment tenure long enough to accumulate the desired funds so that there is no shortage of financial resources in the future.

Using a child education plan calculator, you can not only calculate your child’s future expenses but also consider and compare various child education plans to check which option offers the most suitable coverage.

Consider how much coverage the plan can provide when purchasing a child education plan. Since the calculation of the cost is for the child’s education in the future, it is quite likely that the coverage you choose today may not be adequate 10 years down the line. Factor in the cost of inflation as well as any other education-related expenses in case your child wants to pursue any specialised degree or wants to study abroad.

If you are a parent wanting to save or invest money for your child’s education, right from schooling to college education, a child plan can help you accumulate the funds in a disciplined manner in advance. 

Since education and tuition fees as well as the cost of extracurricular activities can be quite expensive, a child education policy can keep you from dipping into your emergency savings; instead, such a plan will dedicate the entire sum assured for your child’s benefit.

Yes, child plans are important as they make it easier for parents to save or enough funds for their child’s future. With a choice of different policy terms, premium paying terms and coverage options, the parents can obtain the desired coverage they need to secure their child’s future and education.

In case of an unfortunate occurrence leading to the demise of the parents, the child education plan will ensure that the lack of financial resources does not hamper the child’s future educational aspirations.

A child plan will cost as much as the coverage or sum assured you choose for your child’s future educational endeavours. While there is generally a fixed minimum sum assured for the child education policy, the higher limit will depend on your preference, subject to the life insurance company’s guidelines.

The premium amount will depend on the premium paying term and the policy term of the child education policy.

Yes! You can get income tax^# benefits when you purchase a savings plan and save tax up to Rs 46,800⁺.

A child education plan can help you effectively save for your child’s future as it comprises a savings and investment component as a life cover.

Yes, with a life insurance policy, planning your child’s future can become easier. If you want to secure their future educational goals and aspirations, the life cover can provide them with financial stability in case of your absence. 

Moreover, if you have been saving a financial corpus through your policy years down the line, the maturity amount can help your child fulfil all their educational needs.