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Child Education Plan Calculator



Child education planning is an important aspect of financial planning for most parents. Not all parents can opt for a child education allowance wherein various fee types for children’s education till the age of 20 are reimbursed. This facility is available only for government employees. The others have to plan for their child’s future. The corpus created should be adequate for tuition fees, accommodation, and studies abroad. ...Read More

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    CHILD INFORMATION

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    CHILD's EDUCATION INFORMATION

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    SUMMARY

01 CHILD INFORMATION

Years
5 0 25

How Does a Child Education Plan Calculator Work?

Planning for your child’s education well in advance proves beneficial and avoids financial stress when the time arrives to decide your child’s future. A child insurance plan calculator helps you plan systematic investments depending on your financial goal and risk tolerance level. 
 

The insurance calculator estimates how much you must invest to meet your child’s future education expenses. It considers aspects such as the mounting education costs, inflation, changing needs, your existing savings, and the timeline set for the investment.
 

To use the child education calculator, you have to provide your child’s current age, age at which higher education begins, existing education cost, predicted inflation, your current savings, periodicity of investment, and the return on investments expected. With the data given, the child plan calculator assesses the future education cost and estimates the investment required. 

What is a Child Education Plan Calculator?

The child education plan calculator is an online tool that helps you calculate education cost and plan suitable savings. It gives an indicative figure of how much you need to save to fulfil your child’s dreams. It accounts for inflation to arrive at the amount required for your child’s education expenses in the future.
 

Equipping you to realise your child’s academic goal is one of the child plan benefits. Investing in a child insurance plan with insurance and an investment component is an ideal way to secure your child’s future. Even if something untoward happens to you, your child’s dreams will not be affected as the insurance company provides a pre-decided amount as a death benefit that can be utilised for education and other expenses. The investment component grows your money to create a significant corpus over time. Use a child education plan calculator to determine the amount required and invest accordingly. 

Benefits of Using a Child Education Plan Calculator

Using a child education plan calculator makes your child's education planning simple and seamless. The other benefits of the child expense calculator are:
 

  • Helps You Keep Track of Your Goals

The child insurance plan calculator helps you keep track of your present status and progress, besides aiding you in estimating the savings required for your child’s education at a later date. It also helps you understand your current funds position and how much more you need to invest. If you happen to withdraw funds from the plan, the online calculator calculates the deficit and how much more you have to invest to make up for the shortfall. 

With so much clarity provided by the child investment plan calculator, you can choose a suitable child education plan that is affordable and enables you to create the required corpus. 
 

  • Gives a Clear Plan

The child education calculator gives a clear plan of how much investment is required to fulfil your child’s objectives. Some parents are unaware of the plan of action to secure their child’s future. They may be unable to arrive at the corpus required for their child’s education. Without a proper plan of action, they may not be able to decide on a child savings plan that helps fulfil this long-term goal. 
 

  • Gives an Estimate

The career goals of every child vary, and so do the finances required to fulfil their dreams. The child investment plan calculator helps assess and save according to the field and university chosen. Your child may wish to take up professional courses in top universities or may intend to pursue studies abroad. The savings required depend on the duration of the course and the tenure available to create the corpus required. This education planning tool evaluates the savings required, and you can choose a child investment plan accordingly. 
 

  • Helps You Compare

With a plethora of child education plans offered in the market, decision-making may be overwhelming. The child education plan calculator helps you compare child plans and the returns on investment in different plans. You can choose a plan with a mode and periodicity of investment that suits you. 
 

  • Helps You Keep Track of Your Goals

The child plan calculator helps keep track of your goals by evaluating the education cost for a future date and calculating the investment required to fulfil the goal. It adjusts for inflation, keeps you focused and ensures that you are on the right track to secure your child’s academic future.
 

  • Shows the Way Forward

If you feel your child’s education planning is not working the way it should take advantage of this investment calculator. The data you provide assesses the funding required for a particular course, considering the rising education cost and the inflation rate and helps make an informed decision concerning the investment for the future.

How to Use the HDFC Life Child Education Plan Calculator?

Follow the steps given below to use the HDFC Life child savings calculator:

1
1

Enter your child’s present age.

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2

Mention the present estimated cost of education.

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3

Choose the desired course for your child from the dropdown menu.

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4

Enter the expected rate of return on investment.

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5

Mention the expected rate of inflation.

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Give details of your current savings.

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With the input given, the child education plan gives you a future cost of the course chosen, with a year-on-year inflation impact. It shows how much savings are necessary to realise the goal, depending on the frequency of investment you have chosen. 

Using the education plan calculator is the simplest way to calculate investment required to accomplish your child’s academic goal.

FAQ on Child Education Plan Calculator 

1 What is Child Education Planning?

Child education planning involves a combination of savings, investment, and insurance to secure your child’s academic future. You can evaluate the investment required for a chosen course using the child education plan calculator. A systematic savings plan will help create a corpus to fulfil this long-term financial goal. 

2 Why should I use a child education plan calculator?

Accounting for inflation and evaluating the future education cost can be complicated if done manually. Estimate savings required to accumulate funds to provide for the course fees, accommodation, and other related needs at a future date in a simple way using a child education plan calculator. With the input provided, the calculator estimates the future education cost and shows how much savings are required to have the necessary amount on maturity. 

3 Can I use the calculator for goals other than education, like marriage?

Yes. You can use the calculator for goals other than education. The calculator works on the principle of future cost. It means they help you evaluate the savings required to attain a specific financial goal in the future.

4 How accurate is the child education plan calculator?

The accuracy of the child education plan calculator depends on the inputs provided and the assumptions. They provide estimates and not the exact cost.

5 Is the child education plan calculator free to use?

Yes. The child education plan calculator is free to use. You can easily use it to calculate and plan for your child’s future.

6 How much should I save monthly for my child’s education?

The monthly savings required for your child’s education depend on the course chosen, investment frequency, inflation, and the timeline set to reach the goal.

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This interactive does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. HDFC Life Insurance Company Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information reported by the interactive.

The information being provided through this interactive is provided for your assistance/ information only and is not intended to be and must not alone be taken as the basis for an investment decision (“Information”). The recipient/ user assume the entire risk of any use made of this Information. Each recipient /user of this interactive should make such investigation as it deems necessary to arrive at an independent decision while making an investment and should consult his own advisors to determine the merits and risks of such investment. The investment discussed or views expressed may not be suitable for all investors. HDFC Life Insurance Company Limited and its affiliates, group companies, sales staff, financial consultants, officers, directors, and employees may have potential conflict of interest with respect to any recommendation, related information or opinions.

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ARN - ED/05/25/23301