Insurance
A Life Insurance policy for about 40 years can be taken at an early age so that the child gets the maturity benefits when they are about to retire. It is also a good way of saving money. Every year LIC gives good bonus. Also we get the premium exempted under 80C of income tax act. Today there are some more private players in the life insurance business in addition to LIC ( www.licindia.com).
Some are :
Tata AIG life Insurance.
Metlife
Religare
Reliance Life Insurance
Bharti AXA
HDFC Standard Life Insurance