We all want our child to study in best school, to go to the best college (probably abroad), have the grandest wedding in town but nothing in this world comes for free. Everything involves cost and in the presence of demon like inflation, this money demand only keeps on increasing. For example a 2 year MBA in premier institute like IIMs of India used to cost around 2 lacs 8 years ago, today it hovers anywhere between 12 to 20 Lacs (depending on institute).
Hence, in the context of Indian culture where parents strictly take responsibilities of their child development, it becomes a necessity to invest for their future so that at appropriate junctures, one can get financial support.
Age of both child and parent is important to determine the appropriate duration of investment. Use of proper riders like Accidental Death Benefit or Premium Waiver adds to the security of child.