Happiness radiates at home when children are born. Forms a new bond. At the same time new responsibilities for parents begin. Thoughts begin for the future of the children. That is why parents who give birth to a new child have to perform certain duties. From health to finance some things have to be done. If you want to pave the way for your child’s future .. you must know about these things!
1. Life Insurance:
As children are born, a new life and new responsibilities begin for everyone. Careful consideration of current and future costs is required to properly fulfill this obligation. Parents want everything for their children to be the best. This requires a lot of money. Usually the head of the family or the person earning in the family provides all the comforts to their children. But in the event of an accident to the head of the family, life insurance will cover the cost of these expenses. When a baby comes into your life, the responsibilities you have to fulfill also increase. Therefore you need to increase the life insurance based on the number of family members based on you as per their requirements. If you have not yet purchased a life insurance policy, take out a life insurance policy now.
2. Health insurance cover:
If you already have a health insurance plan (purchased by yourself or through a company you work for) make it part of the policy as soon as your children are born. If you do not already have a health insurance policy, take out a new policy. Include your children in it. Some policies guarantee you new babies as soon as they are born. There is no need to pay a premium exclusively for these. If you have individual policies other than Family Floater, you can also take out a personal policy in your child’s name.
3. Recurring Deposit:
At present, children’s school expenses range from Rs 50,000 to Rs 1 lakh a year. Preschool fees are also a source of heartache for parents. In metro cities like Hyderabad, fees start at Rs 25,000 per annum and go up to Rs 1.50 lakh. If you have a baby or a baby now, you will incur these costs in the next 2 to 3 years. So from now on you have to arrange the expenses for it. The easiest way to achieve these short-term goals is to open a recurring deposit account with a bank. If you want Rs 45,000 for these expenses, you will have a grace period of 30 months from now, so if you open a recurring deposit account and make a deposit of Rs 1,500 per month, you will get the amount you want.
4. Nominee Update:
Bank accounts, fixed deposits, mutual funds, and even a portion of your assets can be nominated by your children. If you have written a bow before, you can restore the bow as soon as the baby is born. If you forget to update your baby or baby’s name on the bow you wrote .. there is a chance that your children will lose the wealth that belongs to them when some unfortunate incident happens. Therefore, as soon as the baby is born, update the nominee details of your assets and investments.
5. Registered Birth Certificate:
This is also one of the things you need to do right. The birth certificate should be applied for as soon as the baby is born. It is very easy to register. The process begins with the birth of the baby. The application form can be obtained from the hospital itself. Must be submitted to local authorities within 21 days of the baby’s birth.
6. Savings Account:
It is a good idea to open a savings account as soon as the baby is born. Many banks now offer savings accounts for children as well. For example: ICICI offers a savings account called Young Stars. The account can be opened in the names of children from 1 day to 18 years of age. This account can be used to link the investments you make for the future of the children, to save the gifts that came in the form of cash when the baby or baby was born. Also, this account will help your children to learn backing and personal finance from the beginning of their lives.
7. Purchase of clothing and toys:
When a new baby or baby is born, parents want to give their children as many nice clothes and toys as possible. With that enthusiasm children also buy things they don’t need. Babies sleep most of the day when they are born. As well as growing rapidly. Parents do not understand that they do not have to work with expensive clothes and toys, even for a few months after the baby is born. Your relatives, friends, etc. bring a lot of things when they come to see your children. Much of the money will be wasted if you buy them for less than this. So think slowly and buy the things that children need.
8. Children’s Plans:
Parents are thinking about providing a better future for their children. Many people are advised to take a variety of investments during such times . For your child’s future, HDFC life and Bajaj life plans are available to guarantee the good of the sin Me / launches high-Vidya, and thus for the marriage from the Enable.
9. 24-hour medical facilities:
Medical expenses are high from 1 to 2 years after the baby is born. You will need to consult a doctor more often. You may need to contact us urgently at a time. Therefore make sure the doctor is available within 5 to 10 kilometers of your place of residence.
10. Emergency Kit:
Both time and money are wasted if you consult a doctor for minor ailments. Emergency supplies should be available without the need to go to the doctor every time.