The direct answer

How do I start planning for my child’s education?

Write down when the money will be needed, what it needs to cover and the likely currency. Compare that goal with money already set aside and a sustainable monthly contribution. Consider separately how the goal would be funded if the parent providing income could no longer do so.

Turn an ambition into a dated goal

Create a simple worksheet with one row for each expected payment year. Tuition is only one part of the picture: add accommodation, travel, equipment and an allowance for uncertainty. Overseas study also introduces currency uncertainty.

Use a range of estimates rather than a single prediction. Review costs with the relevant institution as the date approaches.

  • Expected start year and length of study.
  • Local or overseas study and payment currency.
  • Known savings allocated to education.
  • A monthly amount the household can sustain.
  • Dates when funds must be accessible.

Compare funding and protection separately

Insurance may combine family protection with a savings feature. Ask how much is guaranteed, when it is payable, what charges apply and what happens if payments stop. Compare those details with the cash-flow needs in your worksheet.

For a hypothetical Rs. 3 million goal ten years away, setting aside Rs. 25,000 a month totals Rs. 3 million before any returns, inflation, fees or tax. This is arithmetic, not a forecast of education costs or a recommended product.

Before committing to a long-term payment

Stress-test the plan against a lower household income or an earlier study date. A plan that depends on money being locked away may not fit a goal that could change.

  • Can funds be accessed on the actual dates I need them?
  • What happens to the education goal if the insured parent dies?
  • Does any premium-waiver benefit apply, and under what conditions?
  • What is the cost of changing or ending the plan?

Related questions

Is an education insurance plan my only option?

No. It is one possible way to combine savings and protection. Compare it with other suitable ways to fund the goal, considering access, risk, costs and the protection your family needs.

Can an illustrated maturity value be treated as guaranteed?

Only amounts explicitly guaranteed in the contract should be treated as guaranteed. Ask the insurer to identify those amounts separately from projections or discretionary additions.

Sources & further reading

Official sources checked on 23 September 2026. Insurer pages describe that insurer’s products; the policy issued to you governs your cover.

These educational guides were prepared with AI assistance from the linked public sources. They have not been represented as personally reviewed by an insurer or regulator. Read the editorial approach.