Education is the foundation of a child’s future well-being. Children’s education creates various opportunities to help them live better lives. It can also help shape the society at large. With the right education, a child can help the country develop and progress at a faster pace.

Why is children’s education important?

Below are some of the reasons why children’s education is important:

Socialisation

Education helps a child become a confident individual. It teaches them how to socialise with people in society, outside their family, and more. It also helps a child interact with people of different beliefs, ages, genders, backgrounds, and a lot more.

Team work and discipline

Education teaches a child the spirit of teamwork. Education brings a sense of discipline, which helps a child stay focused. Children’s education lays the foundation for future growth prospects.

Mental development

Children’s education today is designed to target all aspects of personality development. Through education, children can garner emotional and mental strength which helps in various aspects of their lives. Exams, sports, games, and more, help develop a strong mental foundation and enable a child to take on obstacles and challenges with determination. Not just this, education also nurtures a child’s curiosity and interest to learn and grow in life.

Physical development

Physical activities, such as sports, are as important as mental development. Through sports, a child learns to channelise his or her energy into something productive. Besides being fun, sports also teaches teamwork, discipline, focus, and hard work. Sports also contributes to improving a child’s physical strength, health and well-being. In addition to this, it offers a viable career option as well.

Confidence and self-esteem

The right environment at school can improve a child’s self-esteem and confidence. Dramatics, sports, arts, inter and intra-school competitions can help a child discover his or her talent and boost self-esteem. These activities also help develop better interpersonal skills and overcome fears.

Prosperous and happy life

Education can help children build their career. It can make them successful in more ways than one. It makes them capable to earn money, be financially independent, and achieve their goals in life.

Economic growth of a nation

Education makes children responsible citizens who are able to contribute to the country’s progress. An educated workforce of artists, teachers, doctors, engineers, entrepreneurs, scientists, politicians, and more can participate in the country’s growth and can contribute to the economic development of the nation.

Creating equal opportunities

Education can impart virtues in a child. When children learn to be kind, tolerant, and respectful towards each other, there is improved communal and social harmony. In a country like India that hosts multiple cultures, faiths, languages and communities, education can open doors for equality among different genders, economic groups, religions and belief systems.

How to secure your child's future?

Here are some ways that can help you secure your child’s future:

Plan for your child's future

Your child may want to become an artist, a chef, a singer, or pursue a career path of his or her choice. It is important to plan well to be able to fulfil your child’s dreams financially. The first step towards planning for your child’s future is to calculate the amount needed to pursue your child’s desired career path. Factors such as inflation must also be considered in the calculation. This will help you take the right steps to stay financially prepared to fulfil your child’s dreams.

Start investing at the earliest

Investing in the right plan can provide you the amount you would require to fulfil your child’s dreams. The sooner you start investing, the more time you will have for your money to grow. This can, in turn, provide you better returns to fulfil your child’s future financial needs. Investing earlier also gives you the flexibility to make smaller investments over time, making it easier on your pocket.

Purchase a life cover1 for your child

One of the most important aspects of financial planning is to protect your child financially in case of an unfortunate event. Buying a life insurance plan can ensure that the future of your child is protected, no matter what. Life insurance plans offer the necessary financial support to your child to help achieve his or her goals.

Education can offer your child a chance to test his or her capabilities and pick interests early in life, giving him or her a good head start. It also helps to shape thoughts, behaviour, career and more. However, it is important to invest in the right child plan so that you are financially prepared to support the dreams of your child.

ICICI Pru SmartKid is one such new-age plan that provides an effective return on your investment along with a life cover1. This ensures that the dreams of your child are fulfilled, no matter what. The plan offers an option to withdraw2 your money partially during the policy term. This can help cater to your emergency requirements. It also provides bonuses and additions for staying invested. This increases the returns from the plan. The premiums paid towards the plan are allowed as deduction up to ₹ 1.5 lakh annually under Section 80C3 of the Income Tax Act, 1961. The amount received from the plan is also tax-free3 subject to conditions under Section 10(10D)3. This plan caters to the financial needs of your child, hence it is best to decide on the right plan and start investing as soon as possible.

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1 Life Cover is the benefit payable on death of the life assured during the policy term.

2 Provided monies are not in DP Fund. You can make unlimited number of partial withdrawals as long as the total amount of partial withdrawals in a year does not exceed 20% of the Fund Value in a policy year. DP Funds refer to Discontinued Policy Funds and consist of money from lapsed policy.

3 Tax benefits under the policy are subject to conditions under Section 80C, 80D, 10(10D), 115BAC and other provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any, will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for more details.

ICICI Pru Smart Life (UIN: 105L145V06).

Sources:

W/II/0222/2022-23.

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