Are there different products for different age groups?

There are different categories of mutual funds. How does one go about selecting which fund to invest?

In fact, there are certain investment options available in the market that are promoted for certain age groups, e.g. savings schemes for senior citizens, children’s funds and plans, etc.

Does it mean that one should only go for such products and avoid everything else? Let us look at the same question differently.

Well, it is important to understand why these special schemes are created. There are certain needs of people in a particular age group. These schemes are designed keeping the most common of such needs, e.g. funding higher education of kids when they reach college. However, some kids may have different needs, e.g. a prodigy may start a small business while studying, or there could be a child with special needs that have related expenses. The standard products may not satisfy these different needs and hence the investment plan might have to be completely different.

It is not the age of the individual, but the different needs that matter while selecting the various mutual fund schemes.

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