Study In Usa For Various Courses

Child Education is a matter of great worry for every parent

. With private education getting costlier, it is advisable to invest smartly for your child. Traditionally, the family savings are the best way of funding the educational requirements. The cost of higher education is increasing by the day. Specialized studies like engineering, management, hospitality et al from reputed institutions worldwide will cost a bomb. Whether studying in the country or planning to study in USA, parents require smart planning of their childs educational finances.

The new investment schemes coming in the market are slowly changing the educational funding process. The current educational costs for higher studies programs in the present scenario are beyond the reach of average parents. Moreover, with the government withdrawing the monetary benefits from higher education, the costs are only going to rise. A noted educator is of the opinion that parents required to plan 10-12 years in advance for their childs education or it will be difficult to provide good education. Financial Experts feel that educational investments should be a part of anyones personal finance planning.

Planning the educational investments can be a tough one for parents. At an early stage, parents should identify childs study interests. Alternatively, if the parents have a particular career option in mind which they think can prove costly. If the parents want their children to purse study in USA programs, they require starting saving early. USA has some of the best institutions in the world and studying will shape the childs career perfectly. Targeting this in mind, the parents should assess the cost of education. The best way is to pick a costly course available in the market and save accordingly. Keeping the average rate of inflation at 6-7%, expect the cost to shoot up. Calculate the supposed cost of education and start building the corpus.

It is advisable to buy a sufficient life insurance cover to avoid any hindrances in childs education in case of mishaps. With the cost of education rising, not just for higher education, but also in the primary and secondary level, a number of insurance plans with focus on childs education have in the offering. The life insurance plans not only cove the basic risk elements, but also a tax saving tool. Child Insurance Plans have a number of advantages.

Advantages of Child Insurance Plans

The claims directed to the children and not to parents

Child plans have no liquidity options. The corpus saved will thus not diverted to any other use.

The maturity claims for child insurance plans are received at regular intervals, which ensure a regular flow of funds.

In India, parents are eager to send their children to USA. The Study in USA programs allows children who besides having strong educational background boast strong financial backing. Though universities and colleges provide scholarships, keeping other expenses in mind , it is advisable to invest in child insurance plans.

Some well-known educational plans are given below.

HDFC Children Gift Fund

Peerless MF Child Plan

SBI Childrens Benefit Plan

UTI Childrens Career Balanced Plan

Baroda Pioneer Children Fund

by: Shipra Sinha

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