CHILD EDUCATION PLANNER
Are you investing enough for your child's higher education?
Planning for your child's education can be complicated. Accounting for inflation, the changing lifestyle needs and interests of your child, arriving at an approximate value of how much money you will need, can be tricky. Mistakes can cost your child their future and result in lost opportunities... Read More
Smart Planning Tool
What Is a Child Education Planning Calculator & How Does It Work?
A child education plan calculator is an online tool that helps you calculate the amount of funds you would need when your child is ready for higher education. The tool uses the idea of future value to arrive at an indicative figure that you would require for your child's needs.
Quick Guide
How to use a child plan calculator 
Quick Guide
How To Use A Child Plan Calculator
Here are the steps to use a child education planner
Enter the following details
Parent's Date Of Birth
Parent's Gender
Child's Name
Child's Gender
Child's DOB
Enter education goals of your child
Get information on future cost
Get to know our recommendation
THINGS YOU SHOULD KNOW
Your Questions Answered
What is Child education planning?
Inflation typically raises the costs~ of everything in life. This is true for the cost of education for your children as well. This is where child education planning comes in. As a parent, you should factor in the rising cost~ of education and account for it when it comes to your child's growth. This can help in saving funds beforehand, so when the time comes you can have the funds handy without incurring any sudden financial burden. In effect, this works like a life insurance plan, which helps in investment as well as providing a safety net for your child’s future.
There are a number of studies and articles that show that higher education costs have been rising~ consistently over the years. Consumer Price Index data across the years shows an increase in the cost of education right from pre-primary to graduate and post-graduate levels. This is only expected to go higher as time passes.
To give an understanding of how this can work out, do take a look at the below figures:
To give an understanding of how this can work out, do take a look at the below figures:
Another point to note while considering the above costs is that these costs are usually indicative of just the cost of degree education in India. This is usually not inclusive of the cost of books, periodicals, coaching classes, education equipment etc. If the child has to move to another city, you need to account for the cost of lodging and boarding as well. Also, another important factor to consider is the cost of any extra-curricular activities your child might want to pursue.
If as a parent you are looking to send your child abroad for higher education, the above costs can be considerably higher as well, depending on the country and university that you wish to send your child for further studies.
If as a parent you are looking to send your child abroad for higher education, the above costs can be considerably higher as well, depending on the country and university that you wish to send your child for further studies.
Lets talk about benefits
What Are the Advantages of Using a Child Education Planning Calculator?
A child education calculator can offer you the following advantages:
Helps in tracking your goals:
Using a child education planner can also be helpful in other cases. The planner lets you monitor your goal and progress. It helps you understand where you stand and how much more you need to save. In the case of an emergency, if you withdraw funds prematurely from the plan, the planner can help you understand the shortfall you need to make up for.
Provides a roadmap:
A child education planner acts as a plan of action. It gives you an indication of the amount of fund required to fulfil your child's aspirations. A lot of people procrastinate because they are unaware of how much money they will need in the future. But, with this child education calculator, you will get a sense of the funds required and start planning immediately.
Offers an estimate:
The child education plan premium calculator helps you evaluate how much you need to save to reach your desired goal. Every child is unique and may have different dreams. However, as a parent, you need to be prepared for any and everything. The calculator lets you plan and save for distinct purposes, such as education in top universities, education overseas, professional courses etc.
Let's you compare:
A child education plan calculator in India can be used to compare the returns of different products available in the country. You can also compare the modes and frequencies of investment. This helps you make an informed decision and streamline your finances properly.Helps in tracking your goals:
Using a child education planner can also be helpful in other cases. The planner lets you monitor your goal and progress. It helps you understand where you stand and how much more you need to save. In the case of an emergency, if you withdraw funds prematurely from the plan, the planner can help you understand the shortfall you need to make up for.Provides a roadmap:
A child education planner acts as a plan of action. It gives you an indication of the amount of fund required to fulfil your child's aspirations. A lot of people procrastinate because they are unaware of how much money they will need in the future. But, with this child education calculator, you will get a sense of the funds required and start planning immediately.
*The calculations mentioned above take into consideration an assumed rate of 8%. This calculation is generated on the basis of the information provided and is for assistance only. And is not intended to be and must not alone be taken as the basis for an investment decision. The returns shown above are not guaranteed and they are not the upper or lower limits of what you might get back, as the maturity value of policy depends on a number of factors including future investment performance.
Reference for CPI for education:
https://www.statista.com/statistics/655041/consumer-price-index-of-education-india/
Reference for CPI for education:
https://www.statista.com/statistics/655041/consumer-price-index-of-education-india/
~Reference for rising cost of education:
https://www.thehindubusinessline.com/data-stories/data-focus/after-a-massive-dip-in-2021-education-inflation-rises-with-return-to-normalcy/article65513706.ece
https://www.moneycontrol.com/news/business/personal-finance/how-education-inflation-can-hurt-your-childs-future-8682261.html
`Reference for Average estimated cost of educational courses:
https://www.moneycontrol.com/news/business/personal-finance/childrens-day-how-to-save-for-your-kids-expensive-college-education-7711131.html
https://www.cnbctv18.com/india/how-your-child-can-still-make-it-to-the-dream-college-despite-rising-education-inflation-13816892.htm
https://collegedunia.com/courses/master-of-technology-mtech
https://www.aviationfly.com/how-much-is-the-commercial-pilot-training-cost-in-india/
https://collegedunia.com/courses/bachelor-of-arts-ba-journalism
COMP/DOC/Jul/2023/257/3597
https://www.thehindubusinessline.com/data-stories/data-focus/after-a-massive-dip-in-2021-education-inflation-rises-with-return-to-normalcy/article65513706.ece
https://www.moneycontrol.com/news/business/personal-finance/how-education-inflation-can-hurt-your-childs-future-8682261.html
`Reference for Average estimated cost of educational courses:
https://www.moneycontrol.com/news/business/personal-finance/childrens-day-how-to-save-for-your-kids-expensive-college-education-7711131.html
https://www.cnbctv18.com/india/how-your-child-can-still-make-it-to-the-dream-college-despite-rising-education-inflation-13816892.htm
https://collegedunia.com/courses/master-of-technology-mtech
https://www.aviationfly.com/how-much-is-the-commercial-pilot-training-cost-in-india/
https://collegedunia.com/courses/bachelor-of-arts-ba-journalism
COMP/DOC/Jul/2023/257/3597
©ICICI Prudential Life Insurance Co. Ltd. All rights reserved. Registered with Insurance Regulatory & Development Authority of India (IRDAI) as Life Insurance Company. Regn. No. 105. CIN: L66010MH2000PLC127837. Reg. Off.: ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025. Tel.: 40391600. Customer helpline number – 1860 266 7766. Timings – 10:00 A.M. to 7:00 P.M., Monday to Saturday (except national holidays). Member of the Life Insurance Council. Trade Logo displayed above belongs to ICICI Bank Ltd & Prudential IP services Ltd and used by ICICI Prudential Life Insurance Company Ltd under license.
BEWARE OF SPURIOUS / FRAUD PHONE CALLS!
IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.