How To Plan For Child Education?

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How To Plan For Child Education
Plan your Child Education

  1. Decide your monthly budget.
  2. The earlier you start investing, the better it is.
  3. Avoid investments with low returns.
  4. ULIP Plans for child.
  5. PPF for Child future.
  6. Always keep a long-term investment option.
  7. Recognize your existing investments.

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What is a good educational plan?

Education Planning Planning for your children’s education is one of the most important goals you will have as a parent. Higher education can be an expensive prospect, so it is important to plan for it just as you would plan for your retirement or a house.

Education planning involves designing an investment strategy that specifically addresses the educational needs of your family. What Is the Meaning of Educational Planning? Educational planning is the process of preparing for your / your kids post-secondary education. Effective educational planning enables you to make a smooth transition from high school to college or further technical education.

A good educational plan will provide you and your family with a map of your future education and career goals. When to Begin Parents and students may begin planning for college and technical training as early as they would like to, but starting as early as middle school is not too soon.

  • As soon as you have a good idea of what you hope to accomplish with your college education, you should begin to plan which courses in middle school and high school you will need to take to prepare yourself for college.
  • Many students miss important educational opportunities because they delay making important educational decisions.

The Right School One of the most important decisions you will make in this process is deciding which college or technical school you will attend to prepare yourself for a career. You must decide which school will provide the best training for the profession you have chosen.

  • Other important issues are whether the school you are interested in is accredited by a recognized accrediting agency and if the school will be a good fit for your personal interests and talents.
  • Financial Considerations A college education requires significant financial expenditure each year you are in school.

If you wait until registration day to think about how your are going to pay for your / your kids education, you will find yourself facing a serious financial problem. The high cost of a college education makes effective educational planning imperative.

  • Potential students must consider the cost of tuition, books, housing, lab fees and vehicle expenses and fees over the entire period they plan to be in school.
  • Parents should start considering investing small amounts by way of SIP as early as possible to create a Pool of Funds for Higher Education of their kids.

Please glance through a simple illustration to get the perspective. : Education Planning
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What is the best age to start education?

Why is Preschool Important? – According to the MHRD, three years old is the ideal age to begin pre-school in India. A new concept has been observed in parents who delay the enrollment of their kids in formal schooling past the prescribed cut-off age. This is called “redshirting” or “academic redshirting”.

  1. Parents who feel their kids might be a better fit in the classroom might, ‘redshirt’ them a year later and enroll the following year.
  2. There is no concrete evidence that it increases academic efficiency in kids.
  3. However, it has been observed that kids who had been redshirted at kindergarten had better social skills in the later grades than their younger peers.

In addition to that, they were also seen to have greater cognitive learning capacity than their peers. So, here lies the importance of kindergarten. Different nations have different kindergarten entry requirements. For instance, in the U.S., it is five years plus for some kindergarten schools.
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What is the correct age to join LKG?

Does age of entry at school matter? Parents are keen to send their children to school as early as possible – sometimes even as young as 3 years for LKG. They believe they are “saving a year” for their child. However, parents need to think about the many advantages of being an older child at the time of school entry.

  1. Here is a common scenario.
  2. Arjun and Mithun (names changed) were class mates in STD I.
  3. Arjun quickly became the favourite of his teachers and made many friends in class.
  4. He learnt quickly and was bold.
  5. He was even good at many physical activities.
  6. His parents were pleased with his progress.
  7. Mithun on the other hand was the very opposite.

He was shy, was a below average performer in writing, reading and spelling tasks. He also found it a challenge to compete in co-curricular activities. His parents were told that their son was “slow to learn”. Why is there such a difference between the two? Well, very often parents (and schools) overlook the most fundamental factor that explains the difference.

  • Arjun was born in January and Mithun was born in December of the same year.
  • Arjun was 11 months older than Mithun! One year is a long time in the life of a 6 year old – Arjun was therefore physically and mentally far better developed than Mithun.
  • If Mithun had been in a class one year lower – he may have been an Arjun! Research from the Institute for Fiscal Studies (IFS), UK found that younger children scored substantially lower in national achievement tests and other measures.
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At the age of seven, they are more than three times as likely to be regarded as “below average” in reading, writing and maths. They are also more likely to be unhappy at school and to have experienced bullying. Will Mithun not catch up at some point? Increasingly, evidence from many studies implies that this early advantage has a lasting impact.

  1. Younger children are more likely to become labelled as low achievers and they often start to view themselves as such.
  2. A child’s self esteem and perception of himself in comparison with his peers develops in early child hood.
  3. A child who is too young for her class often comes to think of herself as less capable in comparison to her older peers.

It seems that what starts out as a developmental disadvantage becomes a real one as the older child gets selected for tournaments, competitions etc to represent his / her school. The child gets extra attention and coaching and eventually this becomes a real advantage.

  1. Faced with a choice of putting a child in an earlier or later class, the wise parent should choose the latter.
  2. The ideal age of entry to LKG should be 4 years and STD I at 6 years.
  3. There is the mistaken impression amongst people that their child will “lose a year” if they are put in a class lower than what they are officially eligible for.

In fact, the real truth is that these children are “gifted an extra year” by their parents – a year in which they dramatically increase their chances of being successful in their lives. : Does age of entry at school matter?
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Should I send my child to school at 4 or 5?

What are the legal requirements for starting school? – Each state and territory in Australia has its own compulsory starting date for formal schooling.

State or territory Compulsory school starting age
ACT Children must have turned five by 30th April to begin the school year. For more information on school starting age in the Australian Capital Territory click here,
NSW Children can begin compulsory Kindergarten at the beginning of the school year if they turn five on or before 31st July in that year. All children must be enrolled in school by the time they turn six. For more information on school starting age in NSW click here,
NT Children can start Transition (non-compulsory) at the start of the school year if they turn five by 30 June that year. To enter Year 1 (compulsory) children must turn six before 30th June that year. For more information on school starting age in the Northern Territory click here,
QLD Children can start Prep (non-compulsory) if they turn five by 30th June that year. Children must start year 1 (compulsory) if they turn six by 30th June that year. For more information on school starting age in Queensland click here,
SA Children must start school by six years. If a child turns five before 1 May they will start school on the first day of term one in that year. If a child turns five on or after 1 May, they will start school on the first day of term one the following year. For more information on school starting age in South Australia click here,
TAS Children may attend Kindergarten (non-compulsory) they turn four on or before 1 January of the year they start. Children must turn five by 1 January to start Prep, the first year of formal school. For more information on school starting age in Tasmania click here,
VIC Children must turn five by 30 April to attend school that year. For more information on school starting age in Victoria click here,
WA Children must start school if they have turned 5 after the 30th June in the year prior or if they will turn 5 before the 30th June in the current school year. For more information on school starting age in Western Australia click here,

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Is 3 years old too early for school?

How Old Are Preschoolers? – The Center for Disease Control and Prevention defines the preschool age range as being between three and five years old. However, there are no hard and fast rules. Some preschools enroll children at three years old; others take children at four.

The average starting age is between three and four. The majority of kindergarten programs start at the age of five. However, some children may still be in preschool at age five, depending on when their birthday falls and when they are due to start at kindergarten. Age and entry criteria will vary at different preschools.

The best course of action is to contact your local preschool and find out what age children can enroll.
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How do child education plans work?

Buy Best Child Education Plans & Child Insurance Plans Online in 2022 How To Plan For Child Education

IN UNIT LINKED PLANS, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Give your child’s dreams the power of guarantee with the benefit of life cover

  • Benefits received may be tax-free as per prevailing tax laws ^
  • Life cover
  • Tax ^ savings on premiums paid under section 80C
  • Up to 3.5% Additional Maturity Benefit ~ on buying online

Grow money for your child’s dreams while also protecting them with a life cover IN UNIT LINKED PLANS, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER

  • Tax-free ^ market-linked returns
  • Partial/regular withdrawals + without any cost
  • Life cover till 99 years of age
  • Tax ^ savings on premiums paid, under section 80C
  • 0% premium allocation charge ++ on buying online
  • Children are the world to parents!
  • This plan will help grow your money to fulfill your beloved child’s dreams and aspirations
  • In ULIP,the investment risk in the investment portfolio is borne by the policyholder
  • Grow your money mainifold for child’s big day with market investment
  • Take out money ⴕ anytime and fulfill crucial requirements of your child
  • Future premiums ` will be paid by company in your absence

W/II/4519/2021-22 One of the many benefits of child education plans is the waiver of premium benefit ^^, It comes inbuilt with our child education plan, the ICICI Pru Smart Kid Plan. If the policyholder of the plan is no more, this benefit ensures that the insurer pays all the future premiums on behalf of the policyholder. This will allow the policy to continue even in case of any unfortunate event. This ensures that the child’s education continues, no matter what. A Child Life Coverage is a predetermined lump-sum amount that the nominee receives in the case of policyholder’s death within the policy term. It is very simple to buy a Child Insurance Plan online with iciciprulife.com. Just click on, Select your desired amount, your preferable premium mode and fill in your details. Here are the ways to withdraw money from a child insurance plan:

  • Partial withdrawals can be made from a child plan depending on the plan chosen. For instance, the ICICI Pru Signature plan and the ICICI Pru Smart Life plan give easy access to money for unforeseen financial circumstances during the policy term. Up to 20% of the fund value can be withdrawn after completion of the 5th year from the purchase of the policy +
  • These partial withdrawals + can be made free of cost with no penalty. They also do not impact the sum assured amount. Hence, even if a partial withdrawal from the plan has been made previously, the child stays financially protected in case of an unfortunate event and receives the entire sum assured amount
  • The benefits received are also tax-free ^ subject to conditions under Section 10(10D) of the Income Tax Act, 1961
  • Yes, a child plan can be purchased for a 10-year-old. The money can be used at the end of the policy term for the child’s expenses and future needs. In case of an unfortunate event, the child will also receive the entire sum assured. However, it may be beneficial for the child if the plan is purchased sooner. Financial experts recommend investing in a child plan as soon as the child is born.

    1. Here are the eligibility criteria to buy a child insurance plan.
    2. If the plan is being purchased with the child as the insured person:
  • The child must be a citizen of India
  • Various types of plans have their own minimum and maximum age at entry
    1. 1. ICICI Pru Signature for Child has a starting age of 0 years to a maximum of 60 years
    2. 2. Similarly, ICICI Pru Guaranteed Income for Tomorrow, a guaranteed return plan has a starting age of 3 years to a maximum of 60 years
    3. 3. ICICI Pru Smart Life plan has a starting age of 20 years to a maximum of 54 years #

    If the plan is being purchased with the child as the nominee:

  • The parent/legal guardian must be a citizen of India to buy the plan
  • Various types of plans have their own minimum and maximum age at entry
  • ICICI Pru Signature for Child has a starting age from 0 years to a maximum of 60 years
  • Similarly, ICICI Pru Guaranteed Income for Tomorrow, a guaranteed return plan has a starting age from 3 years
  • ICICI Pru Smart Life plan has a starting age from 20 years to a maximum of 54 years #
  • A Child Education Plan is an insurance plan that helps you protect your savings and safeguard your child’s future. The plan provides you with options to invest your savings and then use them for your child’s education, in parts or one single withdrawal. The ICICI Pru Smart Kid Plan under ICICI Pru Smart Life Plan works as a great plan for people who want to secure their children’s education even when they are not around. The plan provides children with life cover in case of policyholder’s death. Otherwise, the plan offers lump-sum tax-free^ payouts at the end of the term subject to conditions under section 10(10D) Yes, you can choose as many add-ons or rider benefits while purchasing a child education plan. In most plans, you have to pay an extra premium to get the additional rider benefits. However, with the ICICI Pru Smart Kid plan, you get rider benefits inbuilt with the plan along with the dual benefit of growing your investment and life insurance protection. For instance, the plan provides you with a waiver of premium benefit ^^, In case of an unfortunate event, this benefit ensures that all future premiums are paid by the insurer so that your children complete their education without any worry. Another such rider is the unit-linked accidental death benefit ~~, Under this rider benefit, in case of an unfortunate event with the policy holder due to an accident during the tenure of the policy, an additional amount is paid to the child over and above the base cover amount provided by the policy. One of the many benefits of child education plans is the waiver of premium benefit ^^, It comes inbuilt with our child education plan, the ICICI Pru Smart Kid Plan. If the policyholder of the plan is no more, this benefit ensures that the insurer pays all the future premiums on behalf of the policyholder. This will allow the policy to continue even in case of any unfortunate event. This ensures that the child’s education continues, no matter what. A Child Life Coverage is a predetermined lump-sum amount that the nominee receives in the case of policyholder’s death within the policy term. It is very simple to buy a Child Insurance Plan online with iciciprulife.com. Just click on, Select your desired amount, your preferable premium mode and fill in your details. Here are the ways to withdraw money from a child insurance plan:

  • Partial withdrawals can be made from a child plan depending on the plan chosen. For instance, the ICICI Pru Signature plan and the ICICI Pru Smart Life plan give easy access to money for unforeseen financial circumstances during the policy term. Up to 20% of the fund value can be withdrawn after completion of the 5th year from the purchase of the policy +
  • These partial withdrawals + can be made free of cost with no penalty. They also do not impact the sum assured amount. Hence, even if a partial withdrawal from the plan has been made previously, the child stays financially protected in case of an unfortunate event and receives the entire sum assured amount
  • The benefits received are also tax-free ^ subject to conditions under Section 10(10D) of the Income Tax Act, 1961
  • Yes, a child plan can be purchased for a 10-year-old. The money can be used at the end of the policy term for the child’s expenses and future needs. In case of an unfortunate event, the child will also receive the entire sum assured. However, it may be beneficial for the child if the plan is purchased sooner. Financial experts recommend investing in a child plan as soon as the child is born.

    • Here are the eligibility criteria to buy a child insurance plan.
    • If the plan is being purchased with the child as the insured person:
  • The child must be a citizen of India
  • Various types of plans have their own minimum and maximum age at entry
    1. 1. ICICI Pru Signature for Child has a starting age of 0 years to a maximum of 60 years
    2. 2. Similarly, ICICI Pru Guaranteed Income for Tomorrow, a guaranteed return plan has a starting age of 3 years to a maximum of 60 years
    3. 3. ICICI Pru Smart Life plan has a starting age of 20 years to a maximum of 54 years #

    If the plan is being purchased with the child as the nominee:

  • The parent/legal guardian must be a citizen of India to buy the plan
  • Various types of plans have their own minimum and maximum age at entry
  • ICICI Pru Signature for Child has a starting age from 0 years to a maximum of 60 years
  • Similarly, ICICI Pru Guaranteed Income for Tomorrow, a guaranteed return plan has a starting age from 3 years
  • ICICI Pru Smart Life plan has a starting age from 20 years to a maximum of 54 years #
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    How much should I save for child’s education?

    How much should I save for college monthly? – You should save as much as you can afford for your child’s education, without hurting your quality of life. Ideally, you should save at least $250 per month if you anticipate your child attending an in-state college (four years, public), $450 per month for an out-of-state public four-year college, and $550 per month for a private non-profit four-year college, from birth to college enrollment.
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    What is best investment for child?

    Different investment options for your child – Conventional products like fixed deposits may be insufficient to meet your child’s education expenses. You need to consider other products, such as equity funds, balanced funds, and shares. Based on the time horizon, you may choose among the following investment plans.

    1. If your child will require the corpus within a period of five years, opting for debt mutual funds is advisable. Such funds are able to deliver returns that are higher than the inflation quotient while offering liquidity.
    2. For long-term goals, you may combine different financial instruments. You may choose to invest in debt, equities, and gold. Exposure to the stock market is risky; however, equities offer the opportunity to earn higher returns in the long-term.
    3. Public provident fund (PPF) is also one of the best investment plans for child education. However, you must start this early and invest consistently in building a large corpus.
    4. Several insurance companies offer various children-focused products. You may opt for policies that mature when your child requires the money to pursue higher education.

    It is also important to inculcate saving habits since early childhood. Teaching kids the basics of financial planning and involving them in the process is recommended. When planning to build an education fund, it is important that you evaluate the features, risks, and terms and conditions before making any decision.
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    Which one is the best method to teach children?

    BEST TEACHING METHODS One of the best teaching methods is to motivate children by modeling enthusiasm and curiosity. Motivation comes from within (intrinsic) and from outside (extrinsic). Model curiosity and asking questions about the topics studied. Young children are generally motivated to learn about everything.

    Unless they have often been made fun of when investigating or presenting their knowledge, they usually have a strong desire to find out and share information. Making too much fuss of any one child can result in a competitive attitude in the class. Reinforce thinking processes rather than praising the child.

    Try, “That is an interesting way that you sorted your blocks. Tell me what you were thinking.” Then, “Sarah sorted her blocks in a different way. Both ways of sorting are interesting.”
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