Having their children learn from diverse cultures in the company of students from across the globe under the supervision of the brilliant minds that are shaping the next generation’s Albert Einsteins, Neil Armstrongs, and Christopher Nolans is most urban Indian parents’ dream. But how many of them are able to give their children such a dream education?
Statistically speaking, out of a population of 1.3 billion people, about 5.53 lakh young Indians are currently pursuing education across 86 different countries, as stated in a report by factly.in. This is a measly 0.004% of the population that’s currently pursuing foreign education.
Quality education is important. While most Indian universities focus on tradition-bound educational programmes – Medicine, Engineering, and Accountancy – Indian parents have realized that if they were aiming for something great and unique for their children, education in foreign universities is what they are looking for. But how to go about saving enough money for it?
The cost of education abroad is constantly increasing, just like in India. It shouldn’t come as a surprise if we tell you that education in a decent university in the US comes at a cost of USD 30,000 + collateral expenses (close to INR 21 lakhs), and this is the bare minimum. Of course, the cost will be lower in other countries, but it is still too high according to Indian standards. Does this mean you should just let go of your child’s foreign education dream?
While you may want to depend on scholarship programmes, the competition out there is extremely tough to get through, and as parents, you certainly don’t want to compromise on your child’s dreams.
Thankfully, there are a number of child plans that will help you plan your child’s foreign education dream effectively and meticulously.
A child plan is basically an investment plan in which you invest small sums regularly to eventually help it grow into a huge corpus that could assist you in funding your child’s education when the time comes.
But again, there are way too many options to zero in on the best possible plan without the aid of an expert. At OneInsure, we have a dedicated team of subject matter experts who have helped thousands of families select child plans that best meet their requirements. With their help, we have prepared a list of top four child plans available in India currently. And since you have reached this far, it is safe to assume that you too are looking to secure your child’s foreign education dream. Any of these plans can be bought by visiting the OneInsure website here.
- HDFC Life Young Star Udaan
At a monthly premium of INR 10,000 and policy term of 15 years, you receive INR 6.18 lakhs for 5 years from the 11th to the 14th policy year and INR 9.23 lakhs on maturity. Should something happen to you while the policy is active, your family will receive death benefit of minimum INR 12 lakhs and up to a maximum of 19 lakhs. The maturity amount and death benefit can be increased by paying a higher premium amount.
- Future Generali Assured Education Plan
For a policy term of 15 years and a monthly premium of INR 10,000, you receive INR 25.86 lakhs on maturity to take care of your child’s foreign education dream. If something untoward happens to you during the course of the policy, your family will be paid a death benefit of INR 19.45 lakhs. The maturity amount and death benefit can be increased by paying a higher premium amount.
- Aditya Birla Vision Star
At a monthly premium of INR 10,000 and policy term of 15 years, you receive INR 6.52 lakhs for 4 years from the 11th to the 14th policy year and a maturity benefit of INR 9.64 lakhs. In case of untimely death of the life insured, a death benefit of INR 12 lakhs is paid to the family immediately. The maturity amount and death benefit can be increased by paying a higher premium amount.
- Bharti AXA Life Insurance Child Advantage
This plan pays the policyholder a maturity benefit of INR 31.08 lakhs for a policy term of 17 years. In case the life insured meets an untimely end at any time during the policy term, a death benefit of INR 31 lakhs is paid to the family immediately. The maturity amount and death benefit can be increased by paying a higher premium amount.
That’s it! If you need assistance in getting any of these plans or need guidance in selecting a plan, feel free to reach OneInsure. Write to us at email@example.com or call 86559-86559. You could also join our WhatsApp broadcast list and receive weekly financial tips to become better at making financial decisions. Send “Start” through WhatsApp on 98202-25238 to get started today.