Planning for our children's higher education is one of the quint essential duties of responsible parents. In true sense, it is the most valuable gift that a parent can plan for their kids and it is not less than any boon for those kids whose parents had planned for their higher education at the right time.

To effectively plan for your child's education, consider the following steps:

1. Set Clear Goals: Define what type of education you envision for your child (e.g., college, vocational training) and the timeline for each stage.

2. Research Educational Costs: Estimate the expenses involved based on current tuition fees, inflation rates in the education sector, and potential future costs.

3. Explore Savings Options: Investigate different savings plans such as 529 plans or education savings accounts (ESAs) that offer tax advantages.

4. Create a Budget: Develop a budget that includes regular contributions towards education savings to meet your financial goals.

5. Consider Financial Aid: Research scholarships, grants, and financial aid options that may help lessen the burden of education costs.

6. Review and Adjust Regularly: Periodically review your plan to ensure it aligns with changing educational costs and financial circumstances.

7. Consult Professionals: Seek advice from financial advisors or educational consultants for personalized guidance.

Child education plans allow you to invest your money and get high market returns to grow a corpus for your child's future. It also protects them financially from the death of the earning parent. Now, child education plans come in different formats, viz. Money-back plans, ULIPs, and endowment-based plans.