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
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Smart Planning Tool

What Is a Child Education Planning Calculator

A child education planning calculator is a digital tool that helps you estimate how much you need to save for your child's future educational needs. It provides accurate results based on your inputs and helps you plan properly.
The child plan calculator helps you plan better and avoid any shortfall in funds later due to underestimating the costs.
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CHILD EDUCATION PLAN CALCULATOR
The Child education plan calculator will show you the indicative amount you need to save to ensure your child’s aspirations are fulfilled. You can also decide the frequency at which you want to save as per your convenience.

How Does ICICI Pru Life Child Education Planner Works?

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    The calculator also offers insights on how much you need to invest monthly, half-yearly or annually and for how long to achieve your goal.
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    It then factors in the career or profession your child aims to pursue and the age at which they will need the funds. Based on these details, the calculator shows you the current average cost of education for that profession and how education inflation will impact this cost over time.
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    Once you know the future savings estimate for your child's education needs, you can plan efficiently.
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    The calculator also offers insights on how much you need to invest monthly, half-yearly or annually and for how long to achieve your goal.

Quick Guide

How to use a child plan calculator: Step-by-step guide Right Arrow Image

Quick Guide
How to use a child plan calculator: Step-by-step guide
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 Age
Enter education goals of your child
Get information on future cost
Get to know our recommendation
Astericks
The calculator will show you how much you need to save based on your chosen frequency (monthly/half-yearly/yearly) to arrive at the money you need at maturity.
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:
  • Risk Mitigation

    Risk Mitigation:

    This calculator helps reduce financial risk by giving you a clear picture of your future needs. It allows you to make more calculated investment decisions that are better aligned with your goals. This minimises the chances of falling short when the time comes.
  • Flexible Invest

    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.
  • Flexible Withdrawals

    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.
  • Secure Shield

    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.
  • Investment Insights

    Investment Insights:

    The child education planning calculator offers investment insights to help you plan ahead. It highlights the expected rate of inflation and shows how it can impact your savings. This allows you to choose investments that aim to deliver returns higher than inflation. The calculator also suggests next steps and estimates how much you need to invest regularly to reach your goal.
  • Risk Mitigation

    Risk Mitigation:

    This calculator helps reduce financial risk by giving you a clear picture of your future needs. It allows you to make more calculated investment decisions that are better aligned with your goals. This minimises the chances of falling short when the time comes.

How much should you save for your child’s education?

When planning for your child's future education, it is important to account for factors like inflation. Education costs can rise over time.

For example, suppose your five-year-old child wants to become a lawyer. The approximate cost of pursuing a law degree today may be around ₹8 lakh. However, if your child is currently young and will begin college at age 21, the cost will increase due to inflation.

Assuming an 8% annual inflation rate, ₹8 lakh today could grow to approximately ₹27.41 lakh by the year 2042. Hence, your investment plan should aim to accumulate ₹27.41 lakh by the time your child turns 21. If you start saving now and have 16 years to invest, and your investments generate an average return of 12% per annum, you would need to invest approximately ₹6,974 per month to reach this goal.

Since every child’s goal and age may differ, you can use a child education calculator to estimate the required corpus and monthly investment based on the expected inflation rate and your needs.

Savings for Education

Factors to consider when planning for your child’s education

Below are some factors to consider when planning for your child’s education needs:

Education goals

Your planning should depend on your child's education goals and interests. Different courses have different costs. For example, professional degrees such as medicine or engineering may cost more. The location, whether in India or abroad, also impacts the total expense. Therefore, clearly identifying your child’s goals can help you plan more accurately.

Current financial status

Your current financial situation determines how much of your child’s expenses you can manage from your regular income and how much you need to save or invest. Based on your income and expenses, you can create a realistic budget that can help you reach your goals.

Right investment options

Your education savings goal can only be achieved with the right investment strategy. You must choose investment options that align with your time horizon and financial goals. It is equally important to consider your risk appetite before selecting the right investments.

Financial protection

Having life insurance secures the child in the unfortunate absence of the earning parent. You may consider combining an investment plan with adequate life cover1 for comprehensive security.

Timely plan adjustments

Regularly reviewing and adjusting your education plan is essential. Since inflation can impact education costs over the years, periodic reviews can help ensure that your savings and investments stay aligned with your goals.

Why is early planning for your child’s education important?

Here’s why early financial planning for your child’s education is important:

Long-term education goals

Long-term education goals

Early planning helps you prepare for your child’s long-term education goals. You have more time to invest in suitable instruments and grow your savings over the years. This reduces financial stress.

Rising education costs

Rising education costs

Education costs increase over time due to inflation. Tuition fees and related expenses can be higher in the future. Planning early allows you to account for inflation and ensure that you accumulate the required corpus in time.

Financial preparedness

Financial preparedness

Early financial planning prepares you for future expenses. It ensures you have sufficient funds to cover your child’s education costs when the time comes, so you do not have to depend on loans.

Investment strategy

Investment strategy

Starting early allows you to create a structured, goal-based investment strategy. With a longer time horizon, you can choose the right investment options and build a large corpus over time.

Child’s financial security

Child’s financial security

Early planning strengthens your child’s financial security. When combined with adequate life insurance, it ensures that your child’s education expenses can be covered even in your absence.

Flexible planning

Flexible planning

When you begin early, you have the flexibility to review and adjust your investments over time. As your child’s goals evolve, you can modify your strategy to stay aligned with changing needs.

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FAQ on Child Education Plan Calculator

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.

What factors to consider while planning for your child’s education?

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:
Engineering MBA Medical Compare Graph
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.
A child education planner offers data-driven results that give you clear estimates of what you will need in the future. It also suggests how you can reach your goals. Using it is not only helpful but also convenient and easy. That is why it makes sense to use it.
The child education planner is specifically designed for education needs and is best suited for estimating those costs. It may not be ideal for planning other goals like marriage.
The child education planner is fairly accurate. It offers results based on your inputs and the current rate of education inflation. While actual costs may vary in the future, it provides a close estimate you can use as a foundation for planning.
1Life cover is the benefit payable on death of the life assured during the policy term.
*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 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

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