Financial plans for kids?

What are the financial/saving plans that can be followed for a 5 year old for its future benefits?How much must be saved under each plans-education/higher studies/marriage/medical expenses…?

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4 Replies to “Financial plans for kids?”

  1. open a demat account and buy the bluechip shares of total 25% your’s capital, 2% fixed deposit of your capital, and buy the life insuranc from kotak for your baby only 3% your’s capital.

  2. Better thing is you open a RD account in a national Bank which is giving the maximum interest rate before they start reduce the interest rates. You can also take a Good investment policies for children which are available with LIC, ICICI, HDFC and TATA-AIG, which suit for the children’s education and other plans.

  3. Your best bet is an education 529 plan. You put away money tax free on 529plans for any education. You own the account, but put it in the childs name. That way, they can’t get to it and withdraw or spend it without your knowledge. You can buy it at your bank, or investment advisor. Annual contribution is pretty high, I think $ 25k a year per child.

  4. Such plans are available only with insurance companies.
    Actually financial plans are not for kids. They are for your investments.
    You should plan your investments so as to achieve your goals.
    Buy a pure term plan to insure yourself & secure the future of your kids.

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