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What does it cost to educate your child in India?

  • Highlights

  • Private primary schools are expensive

  • Secondary school will be equally expensive

  • Popular degrees will cost you around Rs.20 lakh

  • Invest in a child saving plan as soon as possible

A good education lays the foundation for the growth and success that your child will be able to achieve in the future, making it a sphere that requires your undivided attention. However, the cost of inflation has been rising steadily and has impacted education too. In India, where 95% of children attend primary school but only 40% of Indian teenagers attend secondary school, rising costs can be directly linked to the drop in the number of students.

If you want your child to study at the best private institutions, it is imperative that you plan for it. Apart from inflation, also take into account the impact that the facilities, location, type of course, and its tenor have on the cost. Accordingly, determine how much you will have to pay. To make sure that you don’t have to cut corners, invest in a child saving plan to finance these expenses well in advance.

A closer inspection of the costs associated with education in India will give you a clear picture of why this is necessary, and how much you need to be prepared to spend.

Cost of primary education

Primary or elementary education starts from the age of 6 years and extends up to the age of 14 years. Almost 80% of all primary schools in the country are either supported or run by the government, making it the largest education provider in the country. In India, government education is free of cost, while private schools on an average charge Rs.1,200 to Rs.2,000 per month. So, a conservative estimate suggests that you would end up spending approximately Rs.1.92 lakh to give your child 8 years of quality primary education.

Cost of secondary schools

Secondary education is for children aged between 12 and 18 years. In India, as per the 2011 census, this group comprises 10 crore students. After the 10th grade, the additional 2 years are counted as higher secondary schooling. Here, for a government education, the average cost for 6 years is approximately Rs.30,600. On the other hand, for private schools the cost goes up to approximately Rs.3.7 lakh, if not more.

Cost of various graduation degrees

Graduation and post-graduation in India for years has been limited to very specific fields that are considered to offer good job opportunities, namely engineering, medicine, business administration and law. To put it in perspective, each year 15 lakh engineers graduate in India, and the number of doctors graduating is 55,000 from over 270 medical colleges all across the country. An undergraduate degree in engineering from a government-aided college would cost you Rs.5 lakh to Rs.6 lakh, while private education for the same degree would cost you Rs.8 lakh to Rs.10 lakh. The cost involved for a medical degree from a government-aided college falls in the range of Rs.5 lakh to Rs.10 lakh approximately, while the cost of studying medicine at a private institution ranges between Rs.18 lakh and Rs.20 lakh.

So, it is evident that education costs are on the rise, and providing for around 15 to 20 years of education can add up. Hence, it is important that you prioritise a child saving plan to meet these costs. Consider buying Child Education Insurance via aggregators such as Bajaj Finserv to provide quality education to your child. You can make use of the flexible payout option to finance education expenses at each stage and also benefit from comprehensive coverage, guaranteed additions and tax benefits too. Start by checking your pre-approved offer and follow it up by applying online at the earliest.

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