There is no better way to ensure the bright future of your child than to invest in child education plans. It is good to invest in child education plan which serves two purposes altogether such as insurance and investment. For this, it is very important to choose the best plan for your child. FinanceShed has brought some best child education plan in terms of rate of premium, inflation rates and cost of education.
Aviva Young Scholar Advantage Plan
This plan helps to build a corpus for future through market investments. With the help of this plan, you can get comprehensive life coverage for your child. You can also get to choose from different funds for your investment and also have portfolio-based investment. You are also eligible to have loyalty points at different stages of the policy tenure. The insurer is insured with both death benefit and maturity benefit. This plan comes with various add-on plans such as accident insurance and a lot more.
Louisiana START savings program
Louisiana’s START saving program is the state-sponsored savings plan which can be of great help for the parents to save money for child’s college education. Louisiana is a state that offers some extra benefit on 529 plans. The parents who contribute on behalf of multiple children are eligible to multiple state tax deductions, up to the limit of $2,400 per child the condition being that the funds are contributed to accredited college or university. In this scheme couples filing jointly can also claim deductions separately.
New York’s 529 College Savings Program
The best thing about New York’s 529 college savings program is that this plan offers three age-based portfolio options to invest in. This plan changes strategy as the student reaches the college age. This plan also provides multi-fund as well as individual fund investments. Also, they offer multiple approaches such as age-based portfolios, asset allocation portfolio and individual portfolios to choose from. The maximum contribution here is $375000 which is subject to minimum deduction. Also, the local residents have to take care of the potential tax savings.
Metlife College Plan
This plan offers a dual benefit of savings cum protection. This plan provides flexible savings options such as flexibility from 12 to 24 years of savings. Also, the plan provides an additional bonus for the child’s education for three years before the expiry of plan. The premiums paid are allowable as a deduction under this scheme. The insurer is also benefited with additional death and maturity benefit.
ICICI Prudential Smart kid Premier Plan
This plan is a non-traditional plan with zero bonus facility. This plan provides benefit to the student if in case anything happens to the parents and additionally the insured can get joint life coverage benefit from the plan. The sum assured can be increased or decreased during the entire tenure of the plan according to the insured and is very flexible. They provide various investment funds out of which one can choose the best option.
Upbringing a child can be very difficult. Thus these education plans can help the parents to plan for the children’s future and get the best out of the savings done.