Child Plans: The Key To Unlock Your Child’s Safe Future.

Even though literacy in India is the very key to all socio-economic progresses, it has the least literacy rate of 74.04% among all the nations in the world. However, with a lot been done in spreading awareness in that direction, the gap between the world average rate is steadily bridging. Education is totally liberating. It enhances the otherwise frozen and rusted powers of thinking and opens windows to the world, thereby generating smarter, more stable individuals who will later work the world. It is a weapon to break down all walls of misery.

Your child will keep building castles in the air, therefore, it is important for you start buying the bricks for those castles today. Your family holiday can wait. Help your child by saving now, so that he/she can take you to bigger destinations in the future. 

What is a child education plan?

Loving one’s child comes naturally to every parent, but alongside of moulding the child into a better individual, you have some obligations and moral responsibilities to play being a responsible parent. One such obligation is getting a child plan.

A child plan is a double edged sword that solves two purposes- financially securing your child’s future and financing the turning points in your child’s life such as higher studies, wedding, etc.

What is the need for a child plan?

Child Education Plans are designed to provide financial security to your child so that his/her education is hindrance free regardless of all mishaps, even after you. A certain pre-decided amount is given as corpses to the child upon the death of the bread-winner. This is done so as to lift off the burden of education and finance from the child’s shoulder, since the emotional and mental damage done would be enough. Is your demise really reason enough for an unsafe and insecure future of your children? 

How will it benefit you?

At the current rate of inflation, the sky-high cost of education is worrisome, and is expected to only rise in the near future. Studies have shown that given the present scenario, it takes about 20 years for an individual of an average degree to repay the complete expenses of education and tuition fees spent on him over a lifetime. With a child plan previously chalked out and planned out, this burden is off you.

What are the value added benefits?

1)Financial protection- Upon death, the nominee gets the full amount of corpus in lump sum.

2)Control your investment- You can choose to invest between equity, debt and balanced funds and change as per your convenience, free of any hesitation, charges or taxes. 

3)Tax benefits- Tax benefit can be attained on premiums under section 80C and on proceeds from maturity under section 10(10D) of the Income Tax Act, 1961.

4)Growth of investment- The premium paid by you will be invested in your choice of equity, debt or balanced funds so as to generate corpses. 

5)Degree of protection- You can choose your level of protection, as per your needs and affordability.

6)Flexible- You can either pay the entire amount of the policy in lump sum at one go, or pay small installments throughout the duration of your policy, as per your choice and convenience.  

7)Emergency funds- Withdrawals can be made from investment due to emergencies, five years into the plan. 

With so much to gain and nothing to lose, what are you waiting for? 

Smart ways to learn stock trading

Just like before starting anything new, you need to learn basic concepts. The first time investors taking their beginner step in share market should educated themselves thoroughly. It may take years to develop skills like a pro but understanding a few basic strategies can definitely help you book decent amount of profits.

So for first time stock traders, here are a few smart ways to get started with it.

Open an online broking account: Find a good stock broker and open an online broking account with the same. As a first time investor, it is vital to choose an efficient broker as your broker will be the one who will be assisting you all through the process of share trading. Also, make sure the broker you select has a well versed online interface that lets you take the advantage of various trading and research tools.

Read books: Nothing will help you as much as reading. Getting well acquainted with expert tips is the only way to knack the tricky market strategies. There are various books written by industry experts, make sure you end up picking the right one. As you will also find a lot of books with unnecessary and inaccurate information. Check online for the best books you can buy as a first time share trader.

Find a consultant: A consultant or a mentor, he/she can be an expert in the niche or a family member. A good mentor should be the one with enough patience to deal with all your questions. A person who has years of experience in share trading will be the ideal consultant or mentor for you.

Keep a close watch on markets: Stock markets are volatile in nature and prices of shares completely depend on the market sentiments. Sometimes the right time to purchase the shares is when stock prices are continuously falling. It gives investors the opportunity to take the advantage of bear market.

Never miss out on research: Share trading research is one of the most important step before starting to trade in stock markets. Nowadays, there are various research sources available. Some of them include stock TV channels, stock mobile applications, blogs etc.

Secure you Journey through a Student Travel Insurance

Have you received an admission in a University overseas? Are you busy making arrangements for the life-changing experience ahead? Looking for the best student insurance plan? Here are a few tips that will help you choose the right insurance plan. Mentioned below are some of the most common types of coverage that you may need while travelling abroad:

Types of Student Insurance Coverage

Medical coverage: These funds allow you to receive medical treatment. In case of any medical emergency, this reimburses for any expenses that you may have to incur.

Trip Interruption coverage: In case you need to cancel your flight for an important reason, this coverage provides for your travel back home. It also covers for your return to the destination.

Passport coverage: In case you have lost your passport or credit card, it covers for your replacement documents as well as the money required to get them. In a few cases, you can also receive emergency cash until your card has been replaced.

Emergency Evacuation coverage: In times when you cannot be transported to another destination, this coverage makes the arrangement and pays for a safe medical evacuation.

Travel Assistance Services: Whether you are on the lookout of a local doctor, need emergency cash or require help with replacement of documents, these travel assistance services provide support when you are in need.

Time of Purchase

It is best to purchase overseas travel insurance it much before leaving your home country, however, in some cases you can choose to purchase it after the payment of your first trip. This is because a few companies provide with benefits such as ‘cancel for work reasons’, ‘waivers for pre-existing medical conditions’ after the purchase of the policy within a specific number of days.

Source of Purchase

You can buy student travel insurance online as it is much simpler, faster, and convenient. ICICI Lombard, Bajaj Allianz, and HDFC Ergo are some of the companies that provide student travel insurance through the online mode.

Why do you need health insurance?

There is a very common proverb that says “Health is wealth”. This is a fact that holds true in every sense. However wealthy a person might be, good health is required to enjoy that wealth. A health insurance plan goes a long way in ensuring good health. No one plans on getting sick or injured, but everyone needs medical attention at some point in their lives. Health insurance covers these costs and offers many other important benefits as well. All the medical expenses from preventive health check-ups to treatment and recovery are covered under a health insurance plan. 

Many people keep putting off health check-ups because of the additional costs involved in it. This can prove fatal at times because its leads to the delayed diagnosis of underlying medical conditions. However, it is often seen that people with medical insurance tend to go for frequent health check-ups which help in early diagnosis and effective medical treatment of conditions. Most uninsured people fail to receive timely medical care and have worst health outcomes. Moreover, lack of health insurance emerges as a financial burden for them and their families.

According to the recent World Bank report, 99% of Indians will have to face a financial crunch in case of a critical illness. This is why health insurance plans in India are increasingly gaining popularity. By paying a meagre premium, one can get access to quality healthcare facilities. As long as a person regularly pays the health insurance premiums, they can count on receiving extensive medical coverage. Many chronic conditions often require repeated treatment, but as long as it's not a pre-existing condition, health insurance companies will usually cover the costs associated with such medical issues.

Therefore, taking up a health insurance plan is imperative in order to have access to the best healthcare without fearing financial strain.