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August 23, 2022

Does your child need student travel insurance while travelling abroad? 

Does your child need student travel insurance while travelling abroad 

Read this blog before getting student travel insurance for your kid!

Sending your child abroad for college can be nerve-wracking. There are financial needs to consider, accommodation arrangements to make, forex requirements, shifting costs, and a host of worries that accompany this huge move.

Insuring ‘this big move’ can be a great decision. Opting for student travel insurance while traveling abroad helps your child with a host of benefits and financial coverage in case of any emergency.

What is Student Travel Insurance? 

Student insurance is a type of insurance policy specifically designed to provide financial protection to students, whether they are studying domestically or abroad.

It recognizes the unique needs of students and offers coverage tailored to those needs. The primary objective of student insurance is to ensure that students can pursue their educational goals without being unduly burdened by unexpected expenses or emergencies. 

Student insurance typically covers a wide range of risks and expenses that students may encounter during their academic journey. These include, but are not limited to, medical emergencies, trip cancellations or interruptions, baggage loss or delay, emergency evacuations, and even legal assistance in certain situations.

Benefits of taking student travel insurance

1. Financial Relief 

The greatest benefit of taking student travel insurance is the financial relief it provides in case of an emergency.

Depending upon your coverage, your child will be financially covered if they have been in an accident or require medical assistance if your child falls sick while traveling.

Without proper coverage, these expenses can be tough to manage and student travel insurance provides just that relief!  

2. Sponsor Protection

Some travel insurance even covers the cost of your tuition fees in the event of your sponsor’s untimely death. This clause helps your child continue their studies and provides financial relief in tough times.  

3. Family Visits

Some student travel insurance provides sponsor protection as well. If your child is sick or hospitalized in a foreign country, then insurance can help you cover the cost of their hospitalization as well as sponsor you to travel to the country to be by your child’s side.

The insurance covers the cost of flying to the country so check whether your insurance provides this service.  

Additional read: Why Health insurance is important while traveling abroad

4. Interruption Compensation 

A host of things can delay your child’s study abroad plans. They could fall sick or need hospitalization for a month. There can be an emergency at home that requires your child’s presence back home.

All the interruptions can be compensated by your child’s sudden travel plans without any extra costs or expenses. If your child ends up missing a semester then you can claim the unused tuition fees if your travel insurance plan covers it and protect your child’s future.  

5. Personal Liability 

Some student travel insurance covers the clause of personal liability. If your child is involved in an accident where someone else gets hurt or someone’s property is damaged, then your insurance can cover this liability. Your child does not have to worry about paying from their own pockets or stressing about the expenses.  

6. Baggage Loss or Delay 

Baggage loss or delay can be extremely stressful for your child especially when they are in a new country. Thousands of bags are lost at airports every day and this event can induce a sense of anxiety for travelers. Without proper coverage claiming your baggage can be tough.

Student travel insurance helps you reduce the stress of losing your baggage, this option lets you claim compensation. The insurance can cover the cost of purchasing necessary personal things.  

7. Medical Evacuation 

Medical evacuation is another benefit of opting for a travel insurance plan. It prioritizes your child’s evaluation from distressing situations to the nearest hospital without costing you a bomb!

These medical evaluations can be costly and if you are insured against them then handling this expense can be easy for you and your family. 

8. Hijack Cover 

Hijacking is an unlikely event but still plausible. Opting for student travel insurance to cover this event can help you deal with the trauma. Check if your plan covers this event and protects your child from every adversity!  

9. Loss of Passport 

While traveling alone, you may lose your passport or misplacement. This can leave your child stranded at the airport without any end in sight. This situation can be avoided if you have student travel insurance that compensates you for your child’s passport and helps them navigate the situation easily. 

Facts about Student Travel Insurance 

Many student travel insurance cover legal situations as well. If there is an event where your child requires any bail bond then the company may be able to cover the amount and help your child out of a legal situation.  

Student travel insurance can cover a number of events that can be stress-inducing for you and your child. Help your child plan their study abroad journey carefully so that there are no sudden financial costs that may leave you in debt or stress! 

Let’s dive deeper into some key facts about student travel insurance: 

Tailored for Student Needs: Student travel insurance is specifically designed to cater to the unique needs of students. It recognizes that students often face different types of risks compared to regular travelers. 

  1. Comprehensive Coverage: These insurance policies offer comprehensive coverage, encompassing medical emergencies, trip-related issues, and personal belongings. Some policies even provide coverage for tuition fees in case a student is forced to withdraw from a program due to unforeseen circumstances. 
  1. Customizable Plans: Student travel insurance plans are often customizable, allowing students to choose the level of coverage that suits their needs and budget. This flexibility ensures that students can find a policy that aligns with their specific requirements. 

Why do you need a Student Travel Insurance? 

Understanding the importance of student travel insurance is crucial for anyone planning to study abroad. Here are some compelling reasons why you need a student travel insurance policy: 

  1. Medical Coverage: One of the primary reasons is medical coverage. Healthcare costs in many countries, especially the United States, can be exorbitant. Student insurance ensures that you have access to quality healthcare without the fear of massive medical bills. 
  1. Trip Interruption: Academic plans can be disrupted due to various reasons such as family emergencies, illness, or even natural disasters. Student travel insurance helps recover costs if your academic journey is unexpectedly interrupted. 
  1. Baggage Loss: Losing your luggage can be a significant inconvenience, especially when you’re in a foreign country. Student insurance provides coverage for the loss or theft of personal belongings, helping you replace essential items. 
  1. Emergency Evacuation: In case of severe illness or injury, you might need to be transported for specialized medical treatment or to return home. Student insurance covers emergency evacuation expenses, ensuring your safety. 
  1. Legal Assistance: If you encounter legal issues while studying abroad, student travel insurance can provide legal support, which can be invaluable in navigating unfamiliar legal systems. 

Best Student Travel Insurance Policy Plans in India

In India, several insurance providers offer student travel insurance policies. Choosing the best plan depends on various factors, including your destination, duration of study, and specific requirements.

Some popular insurance providers in India for student travel insurance include HDFC Ergo, ICICI Lombard, Bajaj Allianz, and Tata AIG. 

It’s essential to compare the features, coverage, and premiums of different plans to determine which one aligns best with your needs and budget. Keep in mind that the “best” plan for one student may not be the same for another, as individual circumstances and preferences play a significant role in the decision-making process. 

Top Study Destinations Abroad

The choice of a study destination is a crucial decision for any international student. Here are some of the top study destinations abroad: 

  1. United States: Known for its prestigious universities and diverse academic programs, the United States is a popular choice for international students. 
  1. United Kingdom: The UK offers a rich academic tradition and a wide range of courses, especially at the undergraduate and postgraduate levels. 
  1. Canada: Canada is renowned for its high-quality education system, safety, and welcoming environment for international students. 
  1. Australia: Australian universities are recognized globally, and the country is known for its quality of life and beautiful landscapes. 
  1. Germany: With its tuition-free or low-cost education options, Germany has become a favorite destination for international students seeking quality education in Europe. 

Each of these destinations has its unique appeal and academic strengths, so it’s essential to research and select a destination that aligns with your educational and personal goals. 

When is Student Travel Insurance required? 

Student travel insurance is often a mandatory requirement when applying for a student visa in many countries. Immigration authorities in these countries want to ensure that international students have adequate financial protection during their stay. In such cases, you must provide proof of insurance coverage as part of your visa application. 

Even in cases where it is not mandatory, obtaining student travel insurance is highly recommended for several reasons: 

  1. Peace of Mind: Knowing that you have comprehensive coverage in case of emergencies or unexpected events provides peace of mind, allowing you to focus on your studies. 
  1. Financial Security: In the absence of insurance, you may be exposed to significant financial risks, including high medical bills, trip cancellations, or loss of personal belongings. 
  1. Compliance with University Requirements: Some universities or academic programs may have specific insurance requirements for students, and failing to meet these requirements can affect your enrollment. 

Tips to Save on Student Travel Insurance Premiums

While student travel insurance is essential, there are ways to make it more cost-effective: 

  1. Compare Quotes: Obtain quotes from multiple insurance providers and compare the coverage and premiums to find the best value for your money. 
  1. Opt for a Higher Deductible: Choosing a policy with a higher deductible can lower your premium. Just ensure that you can comfortably cover the deductible amount if needed. 
  1. Purchase Early: Buying insurance well in advance of your departure date can sometimes lead to discounts and more affordable premiums. 

Student Travel Insurance Policy Inclusions and Exclusions

Understanding what is included and excluded in your student travel insurance policy is critical. Here are some examples of frequent inclusions and exclusions: 

Inclusions: 

  1. Medical Expenses: Coverage for medical treatment due to illness or injury, including doctor visits, hospitalization, and prescription medications. 
  1. Trip Cancellation: Reimbursement for non-refundable trip expenses if you have to cancel your plans due to the reasons covered. 
  1. Emergency Evacuation: Coverage for emergency medical evacuations to the nearest suitable medical facility. 
  1. Baggage Loss/Delay: Compensation for lost, stolen, or delayed baggage, including essential items. 
  1. Dental Care: Coverage for dental treatment resulting from an accident. 

Exclusions: 

  1. Pre-Existing Conditions: Many policies exclude coverage for pre-existing medical conditions, so it’s crucial to understand what qualifies as a pre-existing condition. 
  1. High-Risk Activities: Engaging in high-risk activities like extreme sports or adventure activities may not be covered by standard policies. Such activities may necessitate the purchase of supplementary insurance. 
  1. Alcohol or Drug-Related Incidents: Incidents related to alcohol or drug use may not be covered. 
  1. Non-Emergency Medical Treatments: Some policies do not cover non-emergency medical treatments or elective procedures. 
  1. War and Terrorism: Coverage for injuries or damage caused by war, terrorism, or acts of political violence is typically excluded. 

Extension of Student Travel Insurance Policy

If your academic program extends beyond the original policy period, it is often possible to extend your student travel insurance policy.

However, the process and terms for extensions may vary depending on the insurance provider. It’s essential to contact your insurer well in advance of your policy’s expiration date to discuss extension options. 

Extensions are crucial to ensure continuous coverage while you complete your studies, and they help avoid any coverage gaps that could leave you exposed to unexpected expenses. 

Claim Process of Student Travel Insurance

Understanding the claim process is vital in case you need to utilize your student travel insurance.  

  1. Contact Your Insurance Provider: As soon as you encounter an issue that may be covered by your policy, contact your insurance provider. This should ideally be done as soon as possible to ensure timely assistance. 
  1. Provide Documentation: Your insurer will typically require documentation to process your claim. This may include medical reports, receipts, police reports (in case of theft or loss), and any other relevant documents. 
  1. Complete Claim Forms: You will need to complete claim forms provided by your insurer. These forms will require information about the incident and the expenses incurred. 
  1. Submit the Claim: Submit the completed claim forms and all necessary documentation to your insurer. Make duplicates of every document for your records. 
  1. Claim Evaluation: Your insurer will evaluate the claim based on the provided documentation and the terms of your policy. 
  1. Approval and Payment: If your claim is approved, your insurer will provide the appropriate compensation or coverage as per your policy terms. 

It’s essential to follow the specific guidelines and requirements outlined by your insurance provider when filing a claim. Timely and accurate submission of documents can expedite the claim process. 

Student Travel Insurance Policy Cancellation Process

In some cases, you may need to cancel your student travel insurance policy. The cancellation process can vary depending on the insurance provider and the specific terms of your policy. Here are the general steps involved: 

  1. Review Policy Terms: Carefully review your policy documents to understand the cancellation policy, including any fees or penalties for cancellation. 
  1. Contact Your Insurer: Reach out to your insurance provider’s customer service or claims department to initiate the cancellation process. 
  1. Request a Cancellation Form: Your insurer may provide you with a cancellation form or specific instructions on how to cancel your policy. 
  1. Complete the Form: If required, complete the cancellation form, providing all necessary details. 
  1. Submit the Form: Send the completed cancellation form to your insurer, following their specified submission method. 
  1. Cancellation Confirmation: Your insurer will confirm the cancellation of your policy and any applicable refunds or charges. 

It’s crucial to be aware of the timeline for cancellations and any associated costs. Some policies may offer a full refund if canceled within a certain period, while others may have cancellation fees. 

Things to Keep in Mind Before Buying Student Travel Insurance

Before purchasing student travel insurance, consider the following important factors: 

  1. Assess Your Needs: Evaluate your specific needs, including the duration of your studies, destination, and any existing health conditions. 
  1. Read the Policy Documents: Thoroughly review the policy documents, including the terms, coverage, exclusions, and any additional benefits. 
  1. Compare Providers: Obtain quotes from multiple insurance providers and compare the features, coverage, and premiums to make an informed decision. 
  1. Understand Claims Process: Familiarize yourself with the claims process, including what documentation may be required and how to contact your insurer in case of an emergency. 
  1. Budget Appropriately: Consider your budget when selecting a policy but prioritize comprehensive coverage for essential aspects such as medical emergencies and trip interruptions. 

FAQs

What does student travel insurance typically cover?

Ans. Student travel insurance typically covers a range of risks and expenses that students may encounter during their academic journey abroad.

Common coverage includes medical emergencies, trip cancellations or interruptions, baggage loss or delay, emergency evacuations, and legal assistance in certain situations. The specific coverage can vary depending on the insurance provider and the policy chosen.

Is student travel insurance mandatory for all international students?

Ans. While student travel insurance is often a mandatory requirement when applying for a student visa in many countries, it may not be mandatory in all cases.

However, it is highly recommended for all international students, as it provides financial security and peace of mind during their studies abroad. Even when not required by immigration authorities, some universities or academic programs may have specific insurance requirements for students.

Can I extend my student travel insurance policy if my academic program is extended?

Ans. Yes, in most cases, you can extend your student travel insurance policy if your academic program is extended beyond the original policy period.

It’s essential to contact your insurance provider well in advance of your policy’s expiration date to discuss extension options.

Extending your policy is crucial to ensure continuous coverage while you complete your studies and avoid any coverage gaps that could leave you exposed to unexpected expenses.

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4 essential tips on investing in your child's education

4 essential tips on investing in your child's education

Life becomes easier and more manageable with planning. A very important part of a happy and balanced life is managing your finances well. This responsibility becomes manifold if you have a family to provide for. Prioritizing the prior planning of your child’s college education can make your retirement life effortless and stress-free. Put away savings to preserve wealth. Invest money to generate more wealth. At the end of the day, gaining that fine balance between your savings, investments, and spending habits is what will secure a beautiful future for you as well as your family. Here are some pro tips on how to invest and save for your children’s college education. 1. When to start? Timing is everything. The logic is simple - the earlier you start, the more wealth you can generate and accumulate. You may begin as early as the family planning stage itself. Even if you do not have a clear sight of the stream of academics your child might pursue later in life, it does not hurt to put away money. As your child grows up, they might decide upon what line of academics they want depending on their career goals. Your savings will come in handy in reassuring your child that you are perfectly prepared to back them in realizing their dreams as there will already be a considerable amount of funds they can count on. 2. Compartmentalise your savings The habit of saving money regularly is one of the healthiest habits one can inculcate. But mastering the art of saving requires self-regulation and a sense of organization. Putting away a bulk of money indiscriminately is not the most effective way of saving. Keep track of your expenses and your income; device upon an amount you can afford to put away as savings. Make a list of all the things you need to save for - emergencies, education, health, housing, and so on. Divide your savings accordingly. The act of compartmentalizing savings can also be effective in regulating your spending habits. You can also inculcate this healthy habit in your child from an early age by encouraging them to save money from their monthly allowances. 3. Consider different investment options Investing is always an improvement upon saving because investments can generate new wealth. Thus, it is not enough to just put away money as savings; you also need to allocate funds to certain investments that suit your monetary goals. There are different kinds of investment channels you can opt for. Some of us prefer fixed or recurring deposits while others want to generate more returns and go for mutual funds. Mutual funds can be of different types depending on the factors like the amount of risk, duration, return rates, etc. The mode of payment can also vary. For example, you can go for a one-time investment or you can choose monthly SIPs. Be well aware of all kinds of investment plans available so that you can choose the best one for yourself. 4. Invest in a global education Your savings and money made from investments will be especially useful when you send your child abroad to pursue a college education. Even if you are not sure about the possibility of global education in the future, it is always advisable to remain prepared for the same. Simply saving money is not enough. Investing is a better idea and in the case of global education, it can be beneficial to invest in foreign stocks. This is because the value of the Indian currency is forecasted to fall in comparison to other stable currencies in the world. This means that the cost of living and studying abroad will be way higher than the cost of living and studying in a new city within India. Once you set your financial goals, find out about investment schemes with international equity funds from countries like the US, so that you can make money in a more stable currency. Conclusion There can be several investment goals relating to different parts of your life like yourself, your spouse, relatives, housing and accommodation, health, gadgets, and emergencies. Mixing these up will only cause chaos and distress. Hence, it is important to think separately about saving for your children’s college education and indulge in smart investments. Consult an expert advisor to get the right plan TALK TO AN EXPERT
4 Reasons why you should have an EduFund

4 Reasons why you should have an EduFund

Why should you have an education fund dedicated to your child’s college education? Don’t you already have to worry about saving up for your home, your retirement, and any other emergency that may arise? With all these goals it might look daunting to have another fund for education as well. Is it such a big deal? Well yes, It is a very big deal! Here are the top 4 reasons why you need to start saving up for education, as soon as you can, even if your child is just 4 years old! 1. The cost of education will most likely jump (a lot!) education-cost-jump In India, the cost of education is increasing at a rate far higher than the inflation rate. According to a report by the National Sample Survey Office (NSSO) - between 2008 and 2014, the average annual private expenditure for general education (primary level to post graduation and above) shot up by a staggering 175 percent while during the same period, the annual cost of professional and technical education increased by 96 percent. ‍The expenses typically include course fees, books, transportation, coaching, and other related costs. A recent ASSOCHAM survey also reflected this trend -  parents are ending up spending almost 50% of their income on children’s education, today. Studying abroad provides more options to students compared to the highly competitive and increasingly expensive higher education landscape in India. However, getting admitted into a premier institute abroad requires students to shell out nothing less than a crore/per year, just for tuition fees. For e.g. Stanford’s tuition fee for its MBA program is USD 140000/year and which is more than one crore, considering the currency rates that are prevalent now. Even if you factor in an inflation rate of just 10%, it's going to cost double the amount to send your child to college, say 15 years later, than what it costs today. Whichever destination you might choose to send your child to college, the money that you are going to spend, just on tuition fees, will be very high. 2. To avoid dipping into your retirement corpus! retirement-corpus It is more prudent to maintain separate funds for your savings and your child’s education. ‍This is due to the simple reason that no one is going to give you a loan to take care of your expenses post-retirement. While your child may get a loan that will fund his/ her education expenses, you need to make sure that you and your spouse, are not dependent on one post your retirement. Hence, EduFund comes to the rescue! 3. Let your child be debt-free! Education loans are easily available from banks and other financial institutions and are attractive to many students who are not able to afford higher education – especially abroad. But then again, education loans are termed at extremely high-interest rates, not to mention the collaterals attached to them. In this scenario, having an education fund will help. Your child will not start her career with a debt burden hanging over her choice of job. And with the growing uncertainty in jobs due to the current global economic slowdown, there is no job security that assures steady income to pay off an education loan. 4. The Competition is just going to increase! The competition to get into the best colleges, foreign or Indian, has always been high. We all know the importance of studying well to get into the best colleges. But the increasing population and increasing enrolment in higher education have ensured that what was possible to achieve with 80% marks in the year 2000, now requires at least 95% marks. And, there are more people competing for the same number of seats. So, getting into one’s college of choice on merit alone or with a scholarship is going to be much more difficult than it was. In fact, parents are now having to prepare to handle competition even for KG admissions for toddlers. Many of them start planning right at child-birth on which school their child should go to. So, start planning now! When you start early, you have the freedom of choice in college as you don’t have to worry about the cost of college. Having a corpus fund for education to draw from when the time arises is imperative to ensure a good education and a good career for your child. And even if your child’s choice of career changes as time passes, you can adapt and be ready with the funds, when required. FAQs What is EduFund? EduFund is an investment app dedicated to helping Indian parents save, invest and plan for their child's education needs. How can EduFund help you? EduFund can help you invest, save and plan for your child's education needs. It allows you to customize your plan, and invest in tools like mutual funds, US stocks, ETFs, and digital gold to diversify your investments. It sets long-term and short-term goals for parents and children to save up time and help them achieve their goals. EduFund also helps you with education loans and connects you with the best loan partners in India and USA. How can you set up an account with EduFund? You can download the App from Play Store or apple store and set up your account free of cost. All you need is a bank account, an Aadhar, and a pan card to open your account and start investing in mutual funds. Conclusion We live in a world that is marred with competition, whether it's getting into a good college, or choosing the right investment instrument, being prepared for the future equips you to handle things better. The stability of having a corpus and not being dependent on an education loan is a reassuring move for your child to choose his/ her dream college. An EduFund may seem a far-off thing today, but it is a necessity for the future. Plan, invest, and educate! Invest Now!
5 investment plans every parent should have

5 investment plans every parent should have

As parents, we have a profound responsibility to ensure a bright and secure future for our children. While providing love, care, and education are crucial aspects, financial planning plays a pivotal role in setting the stage for their success. Investing wisely is key to securing their future aspirations and safeguarding against unforeseen circumstances. Let's explore five essential investment plans that every parent should consider, ranging from mutual funds and US ETFs to US stocks and insurance. So, we will dive in and discover the strategies that can pave the way for your child's financial well-being. Education Fund: The Power of Mutual Funds One of the most crucial investments you can make as a parent is in your children's education. Start by setting up an education fund that specifically caters to their academic pursuits. Consider tax-efficient options like a 529 plan, which allows you to invest in a variety of mutual funds, ensuring growth potential while enjoying tax benefits. Platforms like EduFund (www.edufund.in) offer valuable guidance and tools to help you plan and manage your child's education fund effectively. investment plans US ETFs: Diversification Made Easy 1. Exchange Traded Funds Exchange-Traded Funds (ETFs) have gained significant popularity in recent years due to their flexibility and global exposure. Just like mutual funds, ETFs represent a basket of securities, including stocks, bonds, commodities, or a combination thereof. However, unlike mutual funds, ETFs are traded on stock exchanges throughout the trading day at market prices. ETFs offer several benefits, including transparency, liquidity, and cost-effectiveness. Parents can buy and sell ETFs at any time during market hours, allowing for more flexibility in managing their investments. Additionally, ETFs disclose their holdings daily, ensuring transparency in the investment portfolio. With generally lower expense ratios compared to mutual funds, ETFs offer a cost-effective investment option for parents. 2. USA Stocks For parents who are comfortable with taking on more active roles in their investment journey, investing in individual stocks can be an exciting avenue. Owning shares of well-established companies can offer substantial returns over time. While investing in individual stocks requires careful research and monitoring, it can provide the potential for higher growth compared to mutual funds or ETFs. EduFund's resources can assist you in understanding stock investing basics and identifying companies with strong fundamentals. To mitigate risk, parents can consider diversifying their stock portfolios across different sectors and industries. This diversification helps reduce the impact of a single stock's performance on the overall portfolio. In addition, parents should adopt a long-term investment mindset and focus on the fundamentals of the companies they invest in rather than short-term market fluctuations. Investment Tips for Dad's in India Read More Insurance - Protecting Your Family's Future Insurance is a pivotal component of any comprehensive financial plan, especially for parents. Life insurance provides financial protection to your family in the event of your untimely demise. It ensures that your children's education, living expenses, and future aspirations are secure, even in your absence. Term life insurance offers coverage for a specified period, providing a higher coverage amount at an affordable premium. Additionally, health insurance safeguards against unexpected medical expenses, offering peace of mind during uncertain times. By securing adequate insurance coverage, parents can safeguard their family's financial well-being and ensure a secure future. Investment Tips for Mom's in India Read More Mutual Funds - Diversify and Grow Your Wealth Mutual funds are an excellent choice for parents seeking diversification in their investment portfolios. These funds pool money from several investors to invest in a variety of asset classes, including stocks, bonds, and money market instruments. Managed by professional fund managers, mutual funds allow parents to benefit from their expertise and experience in making investment decisions. By spreading investments across different sectors and markets, mutual funds help reduce the risk associated with investing in individual stocks. Parents can choose from many types of mutual funds on the basis of their risk appetite and financial goals. For those seeking stability, bond funds can offer a regular income with lower volatility. On the other hand, equity funds offer an opportunity for capital appreciation through investments in stocks. Balanced funds offer a blend of both equity and bond investments, providing a balanced risk-return profile. By investing in mutual funds, parents can access professional investment management and enjoy the benefits of diversification. You can lay a strong foundation for your family's future by incorporating these investment plans into your financial strategy. Remember that investment decisions should align with your risk tolerance, financial goals, and time horizon. It's always suggested as advice to seek guidance from financial advisors who can provide personalized advice based on your specific circumstances. Conclusion  Investing wisely is an integral part of parental responsibility. By incorporating these five investment plans into your financial strategy, you can take proactive steps toward securing your child's future while also protecting your own financial well-being. Remember to conduct thorough research, seek professional advice, and regularly review your investment portfolio to adapt to changing circumstances. By combining long-term vision with disciplined investment practices, you can build a strong financial foundation for your children, allowing them to chase their dreams with confidence. Start planning today and pave the way for a prosperous future for your family. Consult an Expert Advisor
5 Reasons why Global Education is the Best for Indian Students

5 Reasons why Global Education is the Best for Indian Students

It is universally acknowledged that education is a very powerful weapon. Education can transform an individual and colleges can broaden a child’s horizon. Every child deserves to receive a quality education. There are various reasons why global education is the best for Indian students. ‍From our experiences, we know that when a student receives a world-class education, it helps them become their best version – professionally and personally. Pursuing higher education outside of India seems to be promising in more ways than one. In this blog, we will talk about how studying abroad can affect your life for the better. Let's get started. 5 Reasons why Global Education is the best for Indian Students When you think about it, there are innumerable ways in which a global education can benefit an Indian student. In this article, we will talk about the 5 major ones. Let's get started. 1. Changes Your Life, for Good! International exposure to study at a foreign university and the experience of living in a new country can be life-changing! The combined power of both results in gaining practical knowledge that can help you in life immensely. Living alone in a foreign country can be daunting in the beginning, but it teaches you an immense number of values, and ethics, and not to mention, you become a pro chef! You learn what is not written in the textbooks. Such experiences also shape your personality and groom you as a responsible professional. 2. Holistic And not just Academic Development The Indian education system offers academic rigor. However, there still is room for improvement and development. The cut-offs in premier Indian colleges soar to touch the sky. But whether these colleges provide excellent holistic development is still a big question mark. Regardless of the foreign country you prefer to study in, most global universities focus on not just academics, but also professional qualifications, leadership, and personal development. Foreign programs have gained popularity because the faculty is invested in a student's all-around growth. 3. Opens closed doors Whether it is studying for a master's abroad or a Ph.D. – Foreign universities offer what you commonly don’t find in India. An array of courses across all fields and subjects like - Artificial Intelligence and Data Security or Criminology, and Media Relations. You name it and they have it. As per reports released by the USIEF, in 2019, Indians studying in the U.S. made up 17% of the international student population there. If you want to take the road less traveled or pursue a career in a highly specialized niche, global education opens closed doors. 4. Brighter Career Prospects ‍Indian students who have received good foreign education have an edge over others. You wonder why? Recruiters view international experience as an asset. It is reflective of many things like your skills to compete in a global setting and your ability to adapt to diverse cultures. Global education helps you hone your skills and grow exponentially. ‍After completing their degree, outstanding students can bag an international job as well. 5. Diversity They appreciate unique students. Many top-notch B-schools and other universities seek to promote diversity and inclusion. This means that the admissions team deliberately tries to encourage people from different walks of life to join the classroom. Highly reputed universities welcome meritorious international students. Some even try to strike a balance in their gender ratio thereby including talented girls and giving them an equal chance to fly. As the saying goes- "Sometimes the smallest step in the right direction ends up being the biggest step of your life!" Take the first step towards a brighter future. And, live the life of your dreams! FAQs Why is global learning important for students?   International exposure gained while studying at a foreign university and the experience of living in a new country can be life-changing! The combined power of both results in gaining practical knowledge that can help you immensely in life.  What is the value of global learning?   ‍Indian students who have received good foreign education have the edge over others. You wonder why? Recruiters view the international experience as an asset. It is reflective of many things like your skills to compete in a global setting and your ability to adapt to diverse cultures. International education helps you hone your skills and grow exponentially.  Why foreign education is better than Indian education?   They appreciate unique students. Many top-notch B-schools and other universities seek to promote diversity and inclusion. This means that the admissions team deliberately encourages people from different walks of life to join the classroom. Highly reputed universities welcome deserving international students.    Why do Indians prefer foreign education?   Indian students prefer foreign education because of many factors. Studying at an international university will give students great exposure in terms of meeting people from different cultures and countries. It will also create excellent employment opportunities abroad. Having studied at a foreign university will add value to a student’s resume.   Conclusion These are some of the major reasons why global education molds an individual for the better. In reality, there are many more points that one can consider. Whether it is the quality of education- or the experiences one attains, education abroad is a stepping stone toward untapped opportunities. We know many of us are now thinking, "What about the funds required to study abroad?". Well, saving up for higher education is not as hard as you think.
5 reasons why your child's college education is at stake

5 reasons why your child's college education is at stake

A college education is integral for every child. Not only does it provide your child with a degree and a career, but it also helps them grow as individuals. Yet there are many obstacles to good quality education. Let’s look at 5 reasons why your child’s college education is at stake!  1. Education Inflation  Education has to be the top-most factor when it comes to a child’s college education. Usually, the first thing which comes to our mind when we talk about inflation is the rise in the prices of fruits, fuel, rations, and so on. But education inflation is one domain that tops the chart. Especially after the pandemic, it has been really difficult to keep up with the ever-growing education inflation. Every year, universities hike up their fees in response to the growing prices in different sectors.    According to data generated by the Government of India, it is seen that between the years 2012 and 2020, the inflation in education rose by 10% whereas the food inflation was 9.62%. This data proves that the inflation in education has far surpassed the inflation in other necessities of life. The factors like tuition fees, higher cost of living, improved infrastructure, security, and so on. There are certain hidden costs such as flights, food prices, daily transportation, and accommodation also add up to the overall amount. 2. Lack of Savings  Lack of Savings is one reason why your child’s college education can be at stake. Many Indian parents struggle to save up for college fees and expenses. The way to avoid this hassle is by starting an education fund for their child’s education as early as possible. This helps in improving the potential to counter inflation in education. Your child might want to move abroad for their higher education. In such a case, you would need even more funds. Savings can be done either by going for a savings plan or by investing your money in a potential plan. Parents whose kids are still very young are advised to go for mutual funds. The time horizon can help manage the volatility and crashes that may come up. Also, it can help you gain a good return which will add up to the corpus for your child’s education. source: pixels 3. Lack of Research  A lack of research can lead to poor decisions and consequences. Certain universities are blacklisted and are not accredited by any board or council. The degree that a student gets from this college holds no value. It can prove to be a hurdle in your child’s education and a huge financial burden. Thus, proper research can help you avoid these mistakes and stay from university scams.   Furthermore, you need to ask your child about the course he or she is interested in and pursuing and conduct thorough research on the same. You must look for job opportunities that are offered after the end of that particular course. Avoid going for courses that do not have a properly retained market. 4. Lack of Opportunities  Recognized universities provide you with the opportunity to land a job. It should provide the return on the investment that has been put in. Furthermore, the course that your child selects should have demand in the market. The positions which are in high demand in the market tend to pay you better. If the university is renowned, many companies will conduct their drive for campus placements. Students even opt for off-campus placements if they want to get a specific type of job. 5. Lack of Guidance  Before your child applies to any university, it is important that he or she reads and understands the eligibility requirements of the particular institution. Make sure that your child has the necessary academic performance, extracurricular and entrance requirements to meet admission criteria. Most universities ask for 60% or above as an aggregate to get admission to undergraduate courses. In addition, they also require entrance exam results.    You need to have all the documents prepared beforehand. If your child does not fall in the eligibility category or is unable to produce the required documents, then his or her application might get rejected. Hence, it holds vital importance to take care of these minute details which may cause to be an obstacle.  Plan your child’s education with care to avoid some of the biggest obstacles!   TALK TO AN EXPERT
5 steps to apply for art school admission

5 steps to apply for art school admission

If you are of an artistic bent, becoming a professional artist must have crossed your mind at least once. Art is exciting, certainly more exciting than being buried in spreadsheets in a corporate job. It is through art, and through art only, that we can realise our perfection.” Oscar Wilde But what does art as a profession really entail? What are the things you need to know? What kind of education plan do you need to follow? Is a scholarship enough or do you need an education loan? Also, how do you make money from an art degree anyway? Well, here are some things you can do. 1. Knowing your education & career options Art degrees are not really as monolithic as you may think. They can lead to many different career avenues. As a matter of fact, there are many different kinds of art degrees! You have to figure out which degree is right for you. A Fine Arts degree is quite different from an Applied Arts or Design degree. In addition, there are specialized design degrees like graphic design, fashion designing, web designing, and many more. Fine arts, similarly, has specialized degrees in fields like painting, sculpture, printmaking, and so on. There are also degrees and disciplines that are loosely allied with arts but have different scopes and interests, for example, art history and curation.  Not all artists spend all their time in their studios or make money the same way. Design degrees can get you a well-paying corporate or freelance career. Fine arts degrees can also be lucrative, especially if you plan on teaching. It is important that you determine what kind of art course you want to take to understand the career options that would be available to you. 2. Finding the best fit Once you have determined what kind of degree and career path you want to undertake, you need to find a university or school that would be the best fit for you. Art school is one career path where studying abroad is worth it and makes a lot of sense. This is because universities abroad offer much better infrastructure, networking, and job opportunities, all crucial for any budding artist.  Image from Andrea Piacquadio on Pexels Research universities that are the best fit for you. This involves looking at their location, faculty, infrastructure as well as funding opportunities. Make sure that the university you are choosing is a good fit for the kind of artistic career path you have in mind. Choosing the right university is crucial to your education plan if you want to study abroad. 3. Convincing your parents If your parents are encouraging and supportive of your choice to pursue an art degree, that’s great! You are lucky! In fact, you are part of a lucky minority. Most parents tend to be a little iffy about any non-traditional career paths. If your parents fall into that majority, you may need to sharpen your persuasion skills a little.  Talking to your parents and persuading them is not as difficult as you may think. What you need to do is research and prepare a proper education plan. This plan is to show your parents that you have properly considered the details and intricacies of your decision and are prepared for any issues that might pop up. Image by Rodnae Productions on Pexels If that does not work, you can take the help of an education and guidance counselor. Counseling can help bridge the gap between you and your parents and bring them on the same page as you. Education counseling can also help you smooth out any kinks in your education plan. It can help you come up with comprehensive and pragmatic solutions that will enable you to follow your passions without reaching a career dead end.  You can even look for education counseling online if in-person sessions are not possible. 4. Securing Funding Art school is expensive. Not just tuition costs, but the costs of procuring materials and art supplies for projects and assignments can get pretty high.  You should look into the websites of the colleges you are applying to and talk to the admissions officer about funding opportunities. Look into the kinds of scholarships they have available and that their students and alumni have availed. Research one-time grants or fee waivers that you may be eligible for. You may need to secure an education loan. In that case, you should try to familiarise yourself with them. Find out how to apply for an education loan, the procedure, documents required, interest rates, repayment rules, etc. It could also be helpful to use an education loan calculator to figure out how much you can borrow and how much you would have to repay.  Talk to your parents because they are likely to have investments and savings set aside for your education. Education funding can be stressful but it is a necessary part of higher education planning. 5. Creating A Portfolio Portfolios are important when you are applying to an art school. A portfolio is a collection of your best work that basically acts as your resume. It presents the work you have done and are capable of doing so that admission committees can judge your skills and workmanship. A portfolio should therefore feature your best work but should also be diverse. You want to show people that you can do more than one kind of artwork and have more than one skill set.  You should refer to the websites of the universities you are applying to find out what they are looking for in a portfolio. Talk to admissions officers and current students and alumni of that university. You can also try to go online and look at other people’s portfolios to get an idea of how you should structure your own and what kind of artwork you should include. A portfolio contains artwork that is not just simply pretty to look at but also showcases the versatility of skills. For example, a simple landscape may be pretty to look at but does not really show any exceptional talent, skill or vision. Choose pieces that show your artistry with brushwork or impasto work. Pieces that are unique and show complexity and expertise with different materials or media are perfect for portfolios. What’s Next? Art school is a great place to both satisfy your passion and begin an exciting and promising career. You will be learning not just how to make great art but also how to sell and market that art. You will need to remember that you are not just here to learn artistry but to learn how to make a career out of that artistry. But even more than that, you are in college on an adventure! Remember to have fun on this adventure! FAQs How do I get into art school? There are many art schools across the world. The best way to start is to build a portfolio and check out the requirements for your chosen course. What subjects are needed for art school? You do not need to study any particular course for enrolling at art school. However, having an art subject like drawing, photography, fashion, designing or painting can be helpful. It gives a creative outlook and helps you build your portfolio that is required by most design/art schools in the world. What are the five steps for applying to an art school? Here are the 5 steps for applying to an art school - Knowing your education & career options Finding the best fit Convincing your parents Securing Funding Creating A Portfolio Consult an expert advisor to get the right plan TALK TO AN EXPERT
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