Have you planned for your finances to meet your child’s needs, including day-to-day expenses, education and marriage? If not, here is what you should do:
Secure your child
Ideally, start thinking about investing for your child’s needs when you start thinking about having a baby. The idea is to build a financial plan that acts as a ladder for your child’s needs. As your child is dependent on you, it is your responsibility to take care of him/her even if you are not around. Begin with an insurance policy. Opt for a term plan with a sum assured of at least 10-15 times your monthly income. This will act as security in case something unforeseen happens.
