How Can you Build Better Future For Your Children's
In order to build a secure financial future for your child, it’s important to plan the investments which you think will help you to meet your financial goals. We have listed few investment options that you can choose from. A life insurance cover is an important component of your financial plan because you can name your child as a beneficiary.
Your child can make the use of funds in case of a parent’s untimely demise. You can also buy a property for your kid as it will not only help them save their income by eliminating the need for buying a new house but will also secure their future housing Loan.
You can also open a savings account in the name of your child if he is less than 18 years of age. It is also known as ‘minor account’. For accounts of minors below the age of 10 years, the guardian must operate the account. They are also allowed to set the limit on the withdrawal amount. Next on the list is Fixed Deposits – they offer a higher rate of interest than a regular savings account and also have many other advantages which make them a preferable option for investment.
Lastly, you can also invest in SIPs.It can be started with a minimum investment of as low as Rs.500. However, before planning to invest, it is advisable to consult an expert who can guide you regarding the plans which are most suitable for your child’s needs.
Comments
Post a Comment