How This One Timely Decision Can Give Wings To Your Child’s Dreams

There is this really funny scene from a popular Bollywood movie called 3 Idiots that I am reminded of every time the subject of what my child will grow up to do comes up. I don't know if you remember the scene — it is the climax and the hero has just helped deliver a baby boy and hands him to the grandfather, the strict dean of an engineering college. It is at that point that the hero's friend speculates if the baby will be destined to become an engineer. But the grandfather surprises everyone with what he says! This made me think how, right from the womb — that's how early we decide what we would like our kids to become when they grow up.

While growing up,  I remember writing a new profession every year in my "What's your ambition" essay in school. I wanted to be an astronaut, a fighter pilot, an air hostess, a journalist amongst many more. My parents, on the other hand, hoped I would be the first doctor in the family. Our passion was always limited to our hobby. If a child loved playing the piano, the common response he/she could expect at home was- “Sure, do that in your free time! But you can't make a career out of it!"

Now 25 years later, I see my older son and his friends practising hard for something that they want me to film and upload on YouTube. Apparently, being a social media star is a huge profession these days and kids are really into it. Finding that hard to believe? Consider these upcoming professionsGood at cracking passwords or a whiz with puzzles? Maybe your child can be an ethical hacker! Does your child love pets? I've heard pet-sitting is a booming business!

The recent World Economic Forum report states that 65% of children entering primary school today will end up working in a completely new job type! Immersive experience designer and green construction workers are few jobs, the report claims will exist in the future. Are we, as parents, ready to see our child in these dream careers?

This may have been unheard of back when we were studying, but today your child can turn his passion into a profession and make a really good living out of it! And it is our job as parents to support that dream. And just how can we do that? By making sure we have a solid financial plan in place to fund their dream.

Take an immersive experience designer for example. In addition to having the talent to showcase, your child needs high-quality education, adequate infrastructure & guidance to support his/her talent, a high-end computer, and other must-haves before he/she hits it big time. And for that, you need to ensure you have your investment plan in place so as to secure your child’s dreams. One such plan, which can take care of this is the ICICI Prudential Life’s Smart Life Plan. The plan not only helps you create wealth for your child’s future but also ensures that your investment is taken care of in case of any unfortunate event. Still wondering why this ULIP plan seems just perfect?

Here's why:

• The plan is a mix of an investment plan and a protection plan. A major part of your premium gets invested in the market and the other part goes as a premium towards life cover. So, in a way you are paying into one plan and getting dual benefits out of it. This means that you are investing for your child’s future, but at the same time also ensuring that the investment is taken care of in case of an unfortunate event. Isn’t it a win-win?
• The plan ensures that your child’s dreams are taken care of no matter what. In case of an unfortunate event, the company continues to pay the future premiums on your behalf and your investment continues as per your plan. This means that the savings for your desired goal go uninterrupted.
• There is definitely a reward for being patient! Since ULIP payments are smaller amounts and you invest for a longer period of time, you will get better returns that can be definitely used for a big payout when you retire. Also, with the Loyalty Additions and Wealth Boosters option, it pays to stay invested for longer.
• Also, any good investment plan has its own benefits. You can save tax on this timely investment of yours and the maturity amount is tax-free as well!
• The flexibility to liquidate any immediate need (after 5 years in the plan) and the various options available to pay the premiums makes it a preferred choice for parents on-the-go.

So go ahead, choose a term and an amount that suits you and your child’s needs and make the right step towards fueling your child's passion, this New Year. Good luck!

This post is written in association with ICICI Prudential Life