Secure Your Child's Future

However,while you are busy in the process of buying policies and making your child's life secure you fail to take several calculations into consideration. Will a policy or a couple of them suffice? Will the value of money remain the same after so many years? The question is this: Is it wrong to make investments and buy policies for children? Not at all. But what matters most is the time when you are taking these steps. The best way to financially plan for your child is tothink and act with a view of at least 6 months before your baby is born till the time he/she is expected to be depended on you.

But you need to remember that when you are planning for your child's better future you cannot ignore your own financial security like basic living expenses, owning a house, planning your retirement etc. These factors further strengthen the reason for you to plan your child's tomorrow even before he is born.

For instance,couples who have started the planning process six months before their child is born will double the funds in 5-6 years when compared to those who have strted to plan when the child is already 5-6 years old.Also, we need to have sufficient amount of money for medical emergencies till the child is 1-2 years old. One of the ways to face such emergencies would be to get a mediclaim cover for the child , which would be of support at the time of any medical contingency.