Suggestions

2011-02-11T07:17:00.001-08:00

1. First get a voter's id. This will help you to vote as well as an address proof whenever it is needed.

2. Apply for a PAN ( Permanent Account Number ) card from the income tax department . You can approach any UTI service centre for the same. You need to fill up a Form 49 for the same. Once you get PAN , you can start accumulating/saving money for there higher studies/marriage.

3. Open a Savings Bank Account in a nationalised Bank with the child' s name as the first and your name as a joint name.

4. Open a Public Provident Fund account in a State Bank or Post Office and start saving money for them. The interest 8% you get is non taxable as on today.

5. Apply for a Learner's License and let them learn Two wheeler and Four Wheeler. Once they get a license it will be helpful for them always. Nowadays it is very common for young children going abroad for higher studies . The reason being getting in to IIT , IIM is becoming extremly difficult. It is easier to get admission in foreign Universities.

6. Take a Life Insurance policy for about 40 years so that the child gets the maturity benefits when they are about to retire. It is also a good way of saving money. every year. LIc gives good bonus. as an illustration my father took a policy for rs 25000 when I was 15 with an annual premium of rs 620 . I got Rs 105000 when i reached the age of 58. Also we get the premium exempted under 80C of income tax act.
Today there are some more private players in the life insurance business .
Some are :
Tata AIG life Insurance.
Metlife
Religare
Reliance Life Insurance
Bharti AXA
HDFC Standard Life Insurance

Once your child is 18 in India

Suggestions