vaccinations we have assumed the child will not suffer from a major illness and have a health insurance of 1 lakheducationeverything relating to school and college tuition fee books and stationery private coaching school trips and functions uniforms and transportation belong to other heads public school education is assumedentertainmententertaining your child takes up more money than feeding or clothing him includes spending on toys story books comics internet connection movies gadgets cell phone bills and holidays with friendsmiscellaneousan additional family member means extra living expenses more electricity consumption fatter telephone bills more soap toothpaste hair oil deodorant etc this also includes the higher wages for household helplightening the education expenseseducation takes up the lions share of childcare expense because only a small and shrinking percentage of parents are able to find good government schools and colleges for their children to fund higher education the cost of which is escalating too parents can take a loan thankfully the interest paid on an education loan can be claimed as a deduction with no upper limit though only for eight years as with all tax incentives the maximum benefit goes to parents in the highest tax bracketcover yourself for your childs futurethe entire planning for the child can come to nought if something untoward happens to the parent therefore one must have adequate insurance to cover the expenses planned for ones child heres how much it costs to take a cover forrs 1 crore till the age of 60research babar zaidi atul thakur