3 Most Important Things To Buy For Your Child This Year

Is there anything in the world more precious than a child? Your kid is the centre of your world, and all your plans and dreams revolve around them. They are no longer the toddlers that held your finger when they walked, and watching them grow up is a bittersweet experience. You wish to buy everything they want just to see them smile, but there are some things more important than others. We suggest buying the following for your child this year:

#1 A child education plan.

You have all your hopes pinned on your child’s future. You wish to see them grow and succeed in whatever career they choose for themselves, and this entails giving them the best education money can buy. However, higher education is prohibitively expensive in India and it keeps getting more expensive every year. By the time your child is ready for degree college, education costs would have risen manifold. Make your child’s and your dreams come true by investing in the best child plan in India. Child plans offer the assurance of financing expensive future education when the child attains the age of 18 years. The best child plans in India care for your child’s wellbeing by keeping the policy active even if the premium paying parent is absent — the remaining premiums are waived off and the policy benefits are passed on to the beneficiary at maturity. If there’s anything you wish to buy for your child this year, let it be a child education plan from the best insurance provider in India.

#2 A term plan for yourself.

This might seem like an anomaly in this list, but think about it: what could be better for your child’s future than a handsome amount of money that secures their education? A term insurance plan is bought in your name, but its large pay-out can be used to support your child’s education and other dreams in your absence. Leading insurance providers in India offer the best term insurance plans that have affordable premiums, a large sum assured, critical illness insurance and accident injury component, etc. Do factor in inflation and child education costs when you decide on the best sum assured for the family.

#3 COVID insurance for your child.

The Coronavirus menace is still well and truly entrenched in the country, and none of us is really safe from it at least for now. While we can maintain social distancing and personal hygiene to keep the virus at bay, the next wave is feared to strike young children much harder than the previous two ones. At this point, it makes sense to invest in a good COVID health insurance plan for your child, such as the Corona Rakshak plan. It pays for the costs of treatment and hospitalisation if the policy holder contracts Coronavirus. The policy can help you get immediate quality health care for your child in case they contract the virus and need hospitalisation. It is also a good plan to protect your income for other household expenses while you use the policy money to settle treatment bills.

Other things to do for your child

• Set up a proper classroom at home.

The Coronavirus may not abate any time soon, and meanwhile, schools and colleges continue to function in the online space. It looks like your child will spend some more months at home getting online coaching. It makes sense to set up a proper classroom environment at home, where your child can have a dedicated study table, storage to keep their bag and books, stationery drawer, laptop or desktop computer, a chair with a sturdy backrest and armrests, footstool, headphone set, etc. Invest in a high speed broadband connection that helps them have uninterrupted and clear network for each class.

• Start a dedicated savings account for your child.

The savings habit is helpful for every person, young or old. It’s never too soon to start saving for your child’s future. You’ve bought a child plan for them, now start a savings account in their name. You can operate the account for them till they turn 18 years old, and you can deposit a fixed sum of money in it every month. Over the years, the account holds enough money to pay incremental education costs, tuition fees and other expenses.

• Curb unnecessary expenditure.

Another thing to do for your child is to save more money from your personal expenses. Children constantly watch their parents and imbibe their habits. If you splurge on unnecessary things, your child will learn to do so, too. Instead, cut corners wherever needed and instil as much fiscal discipline for the household as you can. Your child will learn valuable lessons in money management and become responsible, too.