In many countries they have the facility of saving towards children's education and this sum gets a tax rebate and also 50% contribution from the government , which gets added to the education fund.I wish we had such a measure which ensures steady saving from the parents towards their childrens' future ..
In our country fees of higher education is exempt from tax, we can claim it. Like it interest which we are paying on education loan is also exempt from tax.
Now many insurance companies are coming up with a plethora of tax benefits. When I took policies on health policies for my entire family these tax exemptions were not there. Even if they were there they were not as attractive as now. But, because i gave importance to health I did not bother about exemptions. At that time I took Children's growth fund for my children which helped me a lot when my children grew up.
Yes, to save child's future it is very important as well as essential to have a financial planning. One may not be able to plan big if their income is not that high but I would suggest that one must try to save whatever is possible for child's education because it is increasing day by day.
It is better to save for the future needs of your child at a very young age. There are different stages in a child's life. The first stage starts education stage as early as fourth year. And as the child grows,into an adult stage and attains marriage stage.
So, a wise parent, keeping these aspects in view saves in different ways in order to cater to the needs of the child. For this, now there are different policies like Policy for early education stage to the university education, may be for further education in a foreign University.
In many countries they have the facility of saving towards children's education and this sum gets a tax rebate and also 50% contribution from the government , which gets added to the education fund.I wish we had such a measure which ensures steady saving from the parents towards their childrens' future ..
In our country fees of higher education is exempt from tax, we can claim it. Like it interest which we are paying on education loan is also exempt from tax.
Now many insurance companies are coming up with a plethora of tax benefits. When I took policies on health policies for my entire family these tax exemptions were not there. Even if they were there they were not as attractive as now. But, because i gave importance to health I did not bother about exemptions. At that time I took Children's growth fund for my children which helped me a lot when my children grew up.
Saving with bank is not bad option. On fix deposite for 5 years we can clam tax exemption. Insurance it better, it give security cover with tax exemption.
In many countries they have the facility of saving towards children's education and this sum gets a tax rebate and also 50% contribution from the government , which gets added to the education fund.I wish we had such a measure which ensures steady saving from the parents towards their childrens' future ..
In our country fees of higher education is exempt from tax, we can claim it. Like it interest which we are paying on education loan is also exempt from tax.
Now many insurance companies are coming up with a plethora of tax benefits. When I took policies on health policies for my entire family these tax exemptions were not there. Even if they were there they were not as attractive as now. But, because i gave importance to health I did not bother about exemptions. At that time I took Children's growth fund for my children which helped me a lot when my children grew up.
Saving with bank is not bad option. On fix deposite for 5 years we can clam tax exemption. Insurance it better, it give security cover with tax exemption.
Besides fixed deposits, there are several insurance policies. Yhere are some policies exclusively meant for a Child's future, which assure all the benefits even after the parent's death after an accident or any such unfortunate event. The child will be offered a lump-sum amount. It also waives of the future premiums. The insurance company itself continues investing this money on behalf of the policy holder.
