Guwahati, Sept. 1 -- A child savings plan is a savings or investment option designed to help parents prepare for their child's future financial needs. Some child savings plans also combine investment benefits with life insurance coverage.

The main idea behind a child savings plan is to set aside money while mitigating financial risks. Parents must evaluate and select their preferred option based on the child's age, intended purpose, investment horizon, risk tolerance, and affordability. Parents need to select a suitable plan with a long-term view and align it with their overall investment strategy.

With child saving plans, parents can make provisions for specific goals such as meeting college education fees, funding overseas studies, or...