Expatriate parents in Bahrain are being encouraged to begin structured financial planning to secure their children’s education, with one of the kingdom’s leading insurance providers warning that the cost of higher studies is projected to rise significantly in the coming years.
LIC International has announced its Child Education Plan in Bahrain, aimed at helping Indian parents prepare for the rising costs of higher education while ensuring financial protection for their families.
“Planning for your child’s future isn’t just about putting money aside,” LIC (International) chief executive and director DP Pattanaik added.
“It’s about choosing the right vehicle to ensure those funds grow and are available when most needed.
The Child Education Plan, a non-linked, non-participating limited premium endowment plan, offers a guaranteed maturity payout and financial protection in the event of the policyholder’s untimely demise.
A premium waiver benefit is also available, giving added peace of mind.
“LIC International has a robust experience in the region and a thorough understanding of the market,” Mr Pattanaik added.
“It is a trusted brand in the life insurance space and enjoys a significant market share.
“The company is able to establish and maintain strong brand connect with the Indian diaspora as its products are designed whilst keeping in mind the ethos of Indian financial habits.”
The company highlighted the importance of early financial planning, noting that with inflation averaging six per cent annually, the cost of a professional degree could rise from $100,000 today to nearly $270,000 in just 17 years.
“Without a strategic financial plan, even the most gifted children may miss out on quality education,” LIC added, in a statement.
To help families plan for their children’s education, LIC is urging parents to shift from casual saving to structured investment.
LIC International helps build a strong fund over time while also ensuring financial continuity in unforeseen circumstances, with the ability to invest in US dollars adding further diversification and stability, considered to be an especially attractive feature for expatriates and Bahrainis.
LIC International, which has been serving the region for decades, reaffirmed its commitment to simplifying financial planning and introducing customer-focused solutions.
The company added: “Plan smart. Invest early. Let your child’s future take flight with LIC International.”
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