Q1: What is the best savings plan for children in India?
Aman Patni2024-08-14T16:41:48+05:30The best savings plan for children depends on your specific financial goals and circumstances. Popular options include the Sukanya Samriddhi Yojana (SSY) for girl children, the Public Provident Fund (PPF), Child ULIPs, and Systematic Investment Plans (SIPs).
Q2: Are there tax benefits associated with child savings plans?
Aman Patni2024-08-14T16:41:00+05:30Yes, many child savings plans, such as the Sukanya Samriddhi Yojana (SSY) and Public Provident Fund (PPF), offer tax benefits. These benefits may apply to the invested amount, returns, or both, making them attractive options for tax-saving investments.
Q3: Why should I consider a child savings plan for my child?
Aman Patni2024-08-14T16:19:38+05:30A child savings plan helps you build a dedicated financial corpus for your child's future needs, such as education and marriage. Given the rising costs of living, these plans provide financial security and peace of mind.
Q4: Can I take a loan against my child savings plan?
Aman Patni2024-08-14T16:17:38+05:30Yes, many child savings plans allow you to take loans against the policy. This feature provides financial flexibility in case of emergencies or unexpected expenses.
Q5: How do I choose the right child savings plan?
Aman Patni2024-08-14T16:16:33+05:30To choose the right child savings plan, consider your child’s age, financial goals, investment horizon, risk tolerance, and budget. Consult with Digibima’s experts to make an informed decision.
