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Family trends in India is shifting: Your financial plans also needs to shift

You study hard to become successful, create a good corporate profile, save money, get married, start a family and struggle to support the family and plan for the future continues.

ET Spotlight|
Updated: Nov 28, 2018, 12.41 PM IST
ET Spotlight
hdfc article
You study hard to become successful, create a good corporate profile, save money, get married, start a family and struggle to support the family and plan for the future continues. This used to be the story of every couple in India, and even all over the world, for the longest time. However, with the changing times, these things are changing as well. More and more people in India are continuing to make unconventional choices whether it is the choice to remain single or even in a live-in relationship or even the choice of not having a child after marriage. But while our idea of family and life goals is changing, it is important to remember that our financial plans also need to change. Most of our financial plans have been focused on taking care of our families after our death, but since many people choose to not have dependents in their life, the focus needs to shift towards taking care of ourselves during emergencies or after retirements.

Even though marriage has been known to be an integral part of the Indian culture, its importance is changing in the recent times. Whether it is because of the growing rate or separations, or the mere freedom that people experience, more and more people are choosing to be single, or in a live-in relationship. Moreover, even among the married community, there are several people who have chosen to not grow their family, whether it is because of their hesitation to bring a child into the current world, or merely because of their personal preferences. But in a time like this, we need to shift our preferences towards planning a retirement that will allow us to be stress free. Even those with family who have been dedicated to making life comfortable for their dependents need to rather look at making their retirement life independent.

When you have a family with kids who are dependent on us, we often focus our investments on ensuring their safety and security, in case of any uncertainty. However, in doing so, we often forget to plan for our retirement and end up being dependent on our kids in the future. However, single people and those without dependents have the option of planning for their retirement with the help of tools like ULIPs which help us to plan for the future and have a bankable balance. In addition to this they also invest in pension and retirement plans that help them to live a stress-free life.

These simple observations show why people are choosing to stay single or child-less, even in India. But the key takeaway has to be that we need to invest in the right instruments to plan a independent future, whether we are single, married or with kids. The most important product that we need to invest in has to be a good health insurance scheme like the HDFC Life Easy Health . This online insurance not only comes with a customisable plan but allows you to choose flexible premium pay terms.

In addition to this, investing in ULIPS like the HDFC Life Click 2 Invest, allows you to reap the high returns of the market with lower risks and is the perfect way to ensure that you have a sizable retirement fund. With the option of choosing a policy term from 5 to 20 years, this long term investment reaps higher returns, while saving taxes. These returns in itself act as a comfortable retirement plan. Over all, it is important to remember that whether you are planning to live the solo life or have a family, these scheme are going to help you plan your retirement better and keep you independent.

(This article is generated and published by ET Spotlight team. You can get in touch with them on
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