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Plan for Your Child’s Dream Education

Giving your child the best education is many parents’ priority. Good education paves the way for your child’s career development, which is why you cannot compromise on the same. That being said, getting a good education is quite costly. Whether you want your child to study in India or abroad, the course fee can be considerable and cause a financial strain. To avoid this strain and to give your child a good education without compromising, you can save up and create a corpus for the same. Moreover, when you start saving early, you can create a good corpus for when the child would need it to fund their education. Let’s understand how and why to do so.

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Calculate your Investment Amount

tooltip
Choose the course your child plans to study to estimate future education costs

Current cost of the chosen course

₹

Min: ₹1,000

Max: ₹10 Crore

After how many years would you need this amount?

Years

Min: 5 Years

Max: 30 Years

How much return do you expect on your investments?

%

Min: 5%

Max: 13%

Expected Inflation Rate

%

Min: 5%

Max: 13%

Plan for Your Child’s Dream Education
Giving your child the best education is many parents’ priority. Good education paves the way for your child’s career development, which is why you cannot compromise on the same. That being said, getting a good education is quite costly. Whether you want your child to study in India or abroad, the course fee can be considerable and cause a financial strain. To avoid this strain and to give your child a good education without compromising, you can save up and create a corpus for the same. Moreover, when you start saving early, you can create a good corpus for when the child would need it to fund their education. Let’s understand how and why to do so.

Choose the course your child plans to study to estimate future education costs

Current cost of the chosen course

₹

Min: ₹1,000

Max: ₹10 Crore

After how many years would you need this amount?

Years

Min: 5 Years

Max: 30 Years

How much return do you expect on your investments?

%

Min: 5 %

Max: 13 %

Expected Inflation Rate

%

Min: 5 %

Max: 13 %

Your Returns

Goal Amount

₹10 Crore

Investment Required
tooltip
Monthly investment needed to achieve your goal amount

₹4,882

/Month For 10 years

Your Returns

Your Investments

Graph Graph
Table Table
Years Investment Amount Estimated Value Estimated Gain
1 ₹ 1,80,000 ₹ 1,92,139 ₹ 12,139
2 ₹ 3,60,000 ₹ 4,08,647 ₹ 48,647

%,$,$,#T&C Apply l BJAZ-WB-EC-05318/24

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Written ByPalak Bagadia
AboutPalak Bagadia
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Palak Bagadia, Associate – Digital Marketing at Bajaj Life Insurance, with experience spanning content and performance marketing, recruitment, employee engagement in the BFSI industry, with a strong understanding of the insurance sector.
Reviewed ByRituraj Singh
AboutRituraj Singh
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Rituraj Singh,With over 6.5 years of experience in the insurance industry, Rituraj Singh, Manager- Product & Brand Marketing at Bajaj Life Insurance overlooks new product launches, compliance, and brand projects, leveraging artificial intelligence and technology to enhance outcomes.
Written on: 25th July 2025
Modified on: 29th July 2025
Reading Time: 20 Mins
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Why You Need to Start Planning Early

There are two benefits of starting planning early –

  1. You can save affordably
  2. You can give your savings time to grow with the help of compounding

To understand the importance of early investment, let’s take an example –

If you save ₹10,000 every month for 20 years and the assured rate of return is 12%, you can accumulate a corpus of ₹98.92 lakhs, which might prove sufficient in funding your child’s dream education.

If, on the other hand, you delay your savings by just 5 years, the corpus would shrink to ₹45.95 lakhs, which is almost half. So, when you start early and you have time on your hands, you can accumulate a considerable corpus with regular investments.

To address the affordability issue, let’s take another example. Assume that you have to create a corpus of ₹40 lakhs for your child’s higher education. At an assumed rate of return of 12%, if you start saving early and have a horizon of 20 years, you would have to save only ₹18,750 per month to create a corpus of ₹45 lakhs. On the other hand, if you delay investing by 5 years, the required savings would increase to ₹25,000.

That is why it is important to save early and give your savings time to grow.

How Child Education Insurance Plans Work

To save for your child’s dream education, child insurance plans can prove to be an efficient tool. Designed to create a corpus for your child’s future, these plans help you save and also enjoy life insurance coverage. Let’s understand how these plans work.


  1. Choice of plan

    First, you choose the type of child insurance plan that best matches your needs. There are two types of plans available – traditional child insurance plans and unit-linked plans.

    Traditional plans can come as endowment or money-back plans that help you create a stable corpus not exposed to market volatility. You can also enjoy added benefits in the form of bonuses, guaranteed* additions, etc.

    Unit-linked insurance plans allow you to enjoy market-linked returns and also offer flexibility in the form of switching, partial withdrawals, top-ups, etc. The returns are linked to market performance.

    Based on your risk appetite and investment strategy, choose a child plan that aligns with your preferences.


  2. Choosing policy details

    After choosing the type of plan, you choose the policy details like the –

    • Sum assured
    • Policy term
    • Premium payment term
    • Premium payment frequency
    • Optional riders
       

  3. Waiver of Premium benefit

    Many child insurance plans offer the waiver of premium clause either as an inbuilt benefit or as an optional one where policyholder can choose along with plan as rider. Under this clause, if the parent passes away during the policy tenure, the policy does not get affected ,. The future premiums are waived off, subject to policy terms and conditions, while the plan continues unaffected. When the policy matures, the maturity benefit is paid, and that could be used for the cost of higher education of the child.

    The premium waiver benefit is a benefit present in most child insurance plans that helps in creating a corpus for your child’s future, whether you are around or not.

After the policy starts, it continues over the chosen policy tenure. You pay the premium based on the premium payment term and frequency selected. In the case of the unexpected demise of the life assured , the death benefit is paid. On the other hand, if the policy matures, the maturity benefit is paid.

Features to Look for in a Child Education Plan

When selecting a child insurance plan, here are some features to look for –

  1. Sum assured

    If you are choosing a child insurance plan, it is better to choose a sum assured which would be sufficient to cover your child’s education costs. The plan should ideally offer high sum assured options so that you can choose a coverage level that best matches your needs.


  2. Policy tenure

    The policy tenure of the plan should align with your needs. For instance, if your child is a newborn and you expect to create a corpus in the next 20 years, the plan should have a term of 20 years, after which the maturity benefit can help your child’s education needs.


  3. Optional riders

    Look for the range of optional riders available under the plan. A plan with a wide range of riders is a better choice as it allows you to enhance your coverage per your needs and enjoy a wider scope of protection.


  4. Waiver of premium benefit

    As mentioned earlier, the waiver of premium benefit is usually an in built feature found in most child insurance plans. Look for this benefit for a secured corpus for your child’s needs.


  5. Affordability

    Assessing the affordability of the premium is also important, as the plan should not strain your finances while creating a corpus for your child. So, check the premiums and ensure that they are affordable so that you can continue the coverage without missing premium payments.

Use Our Child Education Calculator

Our child education calculator helps you assess how much you should save to create a desired corpus for your child’s higher education. The calculator factors in inflation and the expected rate of return on your investment to give you a realistic savings amount that can help in planning for your child’s future.

Here’s how you can use our child education calculator for quick calculations by entering some simple details –


  1. Investment purpose

    Enter why you want to save and invest. This is your financial goal, which, in this case, is planning for your child’s education.


  2. Current cost of the course

    Enter the current cost of the course which your child would be pursuing in future. For instance, if your child wants to become a doctor, find out how much an MBBS course costs and enter the figure in this field.


  3. Tenure

    This depicts the number of years after which you will need the corpus. In other words, it is the period after which your child would apply for and pursue higher education for which funding would be needed. For instance, if your child is 5 now and you will need the funds when the child reaches 16 years of age, the tenure would be 11 years.


  4. Expected returns

    Here you should enter the expected rate of return that you want to earn on your savings. You may enter assumed rate of return like 4% or 8% to estimate your savings growth, so that you get a realistic investment amount#.


  5. Expected inflation rate

    Inflation tends to increase the corpus required for your child’s education, requiring you to save more. Thus, you should enter the expected inflation rate to find out how much you should save to create a corpus which would factor in the inflationary effect.

Once you enter these details, the calculator will give you the savings required every month to create a corpus sufficient enough to fulfil your child’s education needs.


Conclusion

You can give your child a dream education if you start planning and saving early. Starting early would help you save affordably and create a good corpus with the power of compounding. So, use our child education calculator and find out how much you should save for your child’s education needs. Start saving systematically and choose a child life insurance plan to create a secure corpus for your child that is not affected even when you are not around.

Frequently Asked Questions

1. What is a child education insurance plan?

A child education insurance plan is a life insurance plan that is savings-oriented, and it helps you save and create a corpus for your child’s higher education.

2. When should I start investing?

It is recommended to start investing as early as possible so that you can save affordably and the power of compounding works its magic on your savings to help you accumulate a good corpus over time.

3. Are the child insurance plans tax-free?

Child plans offer tax benefits on the premiums paid as well as the policy benefits received. The premiums paid are allowed as a deduction under Section 80C up to ₹1.5 lakhs, in case of old tax regime while the maturity benefit is tax-free under Section 10(10D), subject to specific terms and conditions.

4. What happens if I miss a premium?

If you miss a premium, you get a grace period to pay the premium after the due date without affecting the continuity of your policy. However, if you do not pay the premium even during the grace period, your life insurance policy lapses.

5. What if I need money before maturity?

If you need the money before maturity, you can surrender your life insurance policy and get a surrender benefit.. However, if you choose ULIPs, you can choose partial withdrawals after the 5 year lock in period ends to withdraw from the fund value before maturity.

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IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER

The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year.

ULIPs are different from the traditional insurance products and are subject to the risk factors. The premium paid in ULIPs are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.

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