Financial liabilities are a part and parcel of life. But these responsibilities and liabilities increase tenfold when you become a parent. One of your biggest challenges as a parent is to nurture your child and prepare them to face their future and accomplish their dream. The ability to accomplish their dreams comes with the right education. A child education plan helps your child focus on their career without worrying about financial obligations. And given the increase in the educational expenses, choosing the best child plan is your chance to ensure a bright future for your child. If you haven’t invested in a child education plan or are hesitant to do so, here are a few benefits of a child education plan that will help you understand better and will persuade you to invest at the earliest.

  • You pay small and get more

When you regularly pay a fixed small amount for a long period of time, your investments get converted into a good sum in the future. The best child plan will help reduce the financial burden of making timely fee payments for your child’s college course.

  • Partial withdrawals

You can withdraw a certain amount of money during the policy term if you need to fund a special course for your child. You can also choose a child education plan that offers periodic payouts that can help pay the expenses of honing your child’s skills.

  • Meet your child’s goals even under unfortunate circumstances

Not only do these policies help grow your finances, but they are also well-prepared for contingencies such as the sudden death of a parent that pays the premium. Irrespective of whether the parent is alive or not, the child education plan continues to work towards providing for the higher education expenses for the insured child.

  • Your child can avoid education loans

The most common method of funding higher education is opting for education loans. But repaying a loan is a liability that may last for a very long time. Investing in the best child plan takes away the pressure of applying for additional loans.

  • Income tax benefits

As opposed to fixed deposits and equity shares, the premiums paid on a child education plan are eligible for tax deduction under section 80 C.

Don’t let your child’s dream remain unfulfilled due to the lack of funds. Invest in the best child plan today and avail benefits for your child as well as yourself