Financial Planning for Child

There should be financial planning for education of the child so that at all important stages of child's education, there is money coming in.

The below illustration is for a person aged 30 years and for his child (premium works to around Rs.40,000 yearly)

Below is a plan from LIC wherein both the father or mother and child are duly covered and there is money coming in at important stages of education of the child.

When the child becomes
18 years-------receive 1 Lac and
19 years--------receive Rs.2 Lacs.
20 years---------receive Rs.1 Lac
21 years --------receive Rs.2.10 Lacs
22 years---------receive Rs.1 Lac
23 years ---------receive Rs.2.30 Lacs
24 years ---------receive Rs.2.45 Lacs
25 years ----------receive Rs. 8 Lacs.

In case something happens to the parent (father or mother taken the policy) education expenses of the child will be taken care of:
From date of death -----Rs.40,000 per year till maturity of the policy
18th year - amount received will be Rs.1.40 Lacs
19 th year--amount received will be Rs.2.30 Lacs
20th year - amount received will be Rs.1.30 Lacs
21st year - amount received will be Rs. 2.25 Lacs
22nd year -amount received will be Rs.1.20 Lacs
23rd year - amount received will be Rs.2.50 Lacs
24th year - amount received will be Rs.2.45 Lacs
25th year - amount received will be Rs.8 Lacs