How to plan your child's education and not let it hit other goals
The earlier you start, the more returns your money earns. That is the power of compounding. Let us assume you have a monthly SIP of Rs 5,000, offering 15% yield. If you start at age 25 and save till age 55, the amount will grow to Rs 3.51 crore over a 30-year period. If you start at age 45 and save till age 55, the amount will grow to Rs 13.93 lakh over a 10-year period.
Child cover plans are hybrid products that mix insurance and investment, and hence, are ineffective.Image source: PTI