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    Best Saving Plan for Child's Education in 2021

    Last Updated On 04-03-2022

    The cost of education is rising every single day. Therefore, as parents, it’s vital to have a solid savings plan to keep your child’s future secure financially. Also, by planning early, you will ensure that your child will get the best education and not have to give up on their dreams due to lack of finances. However, with so many options available these days, how to find out the best child-saving plan for your kid?

    There are several investment options available to secure your child’s future. However, rather than looking for the best saving plan for a child in 2021, it is always better to diversify your savings across many investment options. Here are a few options to help you with your decision.

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    1. Public Provident Fund (PPF)
      Even if you already have a PPF account in your name, you can open another account in the name of your child. However, you can only put a maximum of ₹1.5 lakh in both accounts annually. You will also be exempted from tax on your premiums paid on the PPF accounts under Section 80C of the Income Tax Act. So, whatever investments you make on your own and your kid’s account will be counted for tax benefits.

    2. A Savings Plan with WOP
      Certain non-linked, participating life insurance plans with waiver of premium (WOP) rider benefits will suit every child's future needs. For example, at PNB MetLife, the Super Saver Plan is a child protection plan that can provide you with the benefit of WOP and life cover options, maturity benefits, bonus options, and so on.

      In addition, the waiver of premium benefit will ensure that your policy doesn't end even after the policyholder's death or due to the failure to pay the premiums. So, by investing in this plan, you can ensure that the plan will secure your child's financial future even in your absence.

    3. Mutual Funds
      You can build a robust financial portfolio by consistently investing in several large-cap and mid-cap schemes in the stock market. You can also put some portion of your finances into index funds. However, you should also create a separate portfolio for your child’s future financial goals and continue investing in the same till you are around three years away from meeting that goal. While investing in mutual funds, however, you should know the market well, and hence, taking help from a professional fund manager is advisable.

    4. Combined Financial Tools
      For long-term financial goals for your child, you can also combine different financial tools. For example, you can invest in life insurance policies, equities, debt funds, mutual funds, and gold. You can also go for two or more child-saving plan models to secure your funds for the future. Also, as your income grows each year, you can keep adding more investment instruments accordingly. This will ensure that you get a lump sum amount in return whenever you need that money for your child in the future.

    5. A Guaranteed Return Plan
      At PNB MetLife, we also have guaranteed return plans that are non-linked, non-participating savings policies that can offer you guaranteed returns in the future. These plans will also provide you with insurance coverage against any eventualities in the long run. Therefore, our guaranteed return plans which also function as a child protection plan, will ensure that your child achieves the major objectives in their life without having to worry about finances. Also, most of these plans come with rider benefits.


    Besides these options shared above, we also have several other savings plans for children. So, to find the best saving plan for your child this year, you should go through our options and then decide accordingly. You can also get in touch with our investment experts to help you along your investment path.


    The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.

    PNB MetLife India Insurance Company Limited
    Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
    IRDAI Registration number 117 | CIN U66010KA2001PLC028883
    For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale.
    Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time.
    Please consult your tax consultant for more details.
    Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time.
    The marks "PNB" and "MetLife" are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
    Call us Toll-free at 1-800-425-6969, Phone: 080-66006969, Website:, Email: or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203.
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    As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at or You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.

    PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance PlansTerm PlanProtection PlansLong Term Savings Plans , Retirement Plans & Child Education Plan.

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