Securing a bright and promising future for your child is a priority for every parent, and making sound investment decisions is a key aspect of achieving this goal. With a myriad of investment plans available in the market, it can be overwhelming to choose the right ones that align with your child's needs and aspirations.However, taking the time to explore and understand the various investment options can lead to a well-structured financial strategy that ensures your child's dreams are safeguarded and supported. We spoke to Chartered Accountant Abhay Asknani about the top investment plans and recommendations that you can consider to secure your child's future with confidence and foresight.Here are six investment options to consider when devising your investment strategy. It is essential to bear in mind that we are simply showcasing some of the available policies and schemes in the market. Before making any investments, we strongly recommend conducting thorough research and due diligence.Sukanya Samriddhi Scheme: Empowering the Girl Child's FutureIntroduced by the Ministry of Finance under the Small Savings Schemes of the Government of India, Sukanya Samriddhi Scheme was introduced to promote the welfare of the girl child and bridge the gender gap in education and financial inclusion. Government-backed savings scheme for girls below 10 years old. Each family can open a maximum of two accounts for their daughters, and in the case of twins or triplets, more than two accounts can be opened. 8.0 per cent interest rate, yearly compounding, and tax-free returns Minimum deposit of INR 250 and a maximum of INR 1.50 lakh per year. The guardian operates the account until the girl turns 18. Withdrawals are allowed after 18 or on passing the 10th standard. Premature closure is possible in exceptional cases. The account matures after 21 years or at the time of marriage after 18 years. Qualifies for deduction under Section 80C of the Income Tax Act, providing an additional tax benefit for the account holder. Interest earned is tax-free under the Income TaxRead more: https://www.indiapost.gov.in/Financial/pages/content/post-office-saving-schemes.aspxPost Office Savings AccountThe Post Office Savings Account can be opened for your child at any age. From the moment your child is born, you can initiate the process of securing their financial future by opening an account in their name. Key advantages of the Post Office Savings Account are its widespread accessibility, and flexible contributions based on your financial capacity. An interest rate of 4.0 per cent per annum A minor above 10 years can open an account in their own name. A minimum deposit required to open the account is INR 500, and subsequent deposits must be in multiples of INR 10. No maximum limit for deposits. However, withdrawals cannot reduce the balance below INR 500. Under Section 80TTA of the Income Tax Act, interest earned up to INR 10,000 in a financial year from all Savings Bank Accounts is exempted from taxable income.Read more: https://www.indiapost.gov.in/Financial/pages/content/post-office-saving-schemes.aspxLIC's Child Career PlanLIC's Child Career Plan is a specially designed plan that caters to the increasing educational and other needs of growing children, providing them with the necessary financial support to pursue their aspirations. Offers a risk cover during the policy term and extends it for an additional seven years after the policy term expires. This tailor-made approach: You have the freedom to choose the Sum Assured (S.A.), Maturity Age, Policy Term, Mode of Premium payment, and Premium Waiver Benefit. Flexibility: You can opt for regular premium payments on a yearly, half-yearly, quarterly, or through salary deductions over the term of the policy. Additionally, you can choose to pay premiums for six years or up to five years before the policy term, providing you with greater flexibility in managing your finances.Read more: https://licindia.in/lic-s-child-career-plan-plan-no.-184-uin-512n241v01-SBI Life - Smart Champ InsuranceSBI Life - Smart Champ Insurance is a comprehensive and unique life insurance savings product that not only offers financial security but also paves the way for a promising future for your child. It is designed to be an individual, non-linked, participating life insurance savings product, ensuring the utmost security and growth of your investment. The plan offers Guaranteed Smart Benefits, which are payable in four equal installments after your child attains 18 years of age until they turn 21 years old. Offers a lump sum payout in the event of an unfortunate incident. Includes a premium waiver, relieving you from the burden of paying premiums in case of any unforeseen circumstances. Guaranteed Smart Benefits provide additional financial support, further strengthening your child's educational journey. Convenience in premium payments: you can choose to pay one-time or limited premiums, depending on your financial preferences and capabilities.Read more: https://www.sbilife.co.in/en/individual-life-insurance/traditional/smart-champ-insuranceNational Savings Certificate (NSC)This is a low-risk scheme initiated by the government and is available with the post-offices across India. This investment scheme for the girl child is loaded with features and suits aptly for girl child in India. NSC is a versatile investment option, wherein parents can open an account on behalf of their children and minors above 10 years can open in their own name. The 5 Years National Savings Certificate offers an attractive interest rate of 7.7 per cent compounded annually, payable at maturity. The account can be opened with a minimum deposit of INR 1000, with subsequent deposits in multiples of INR 100. One can also open any number of accounts under this scheme. Qualifies for deduction under Section 80C of the Income Tax Act. Matures after five years from the date of deposit and the interest is compounded annually. Premature closure and transfer of account is permitted under certain circumstances like death of the account holder to nominee/legal heirs, joint holders, or as per the court's order.Read more: https://www.indiapost.gov.in/Financial/pages/content/post-office-saving-schemes.aspxSBI Life - Smart ScholarSBI Life - Smart Scholar is designed to empower your child with a secured financial future through market-linked returns, giving them the freedom to choose their dreams with confidence. Gives the option of nine funds to choose from according to your risk appetite and financial goals. Offers dual benefit - provides a lump sum payout to meet immediate financial requirements and premium waiver ensuring the continuity of the policy without any financial burden on your family. SBI Life provides a Benefit Illustrator which helps you visualize the benefits and potential growth of the investment, allowing you to make informed decisions to secure your child's dreams.Read more: https://www.sbilife.co.in/en/individual-life-insurance/ulip/smart-scholarWe recommend you consult a financial expert for guidance on the investment options best suited for you.