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Planned Parenthood for Millennials - what makes the difference? - HDFC Life

October 01, 2018 1505

The blissful parenthood is one of the most important milestones in any person’s life and is an occasion when the essence of giving birth to a new life adds meaning to your own. Parenthood has long been associated with not just happiness and bliss, but also with deeper sense of responsibility and key changes in life. Once a person becomes a parent, the prime attention and the area of focus naturally shifts towards the newborn and the list of duties that comes with being a parent. The entire schedule of parents revolves around the safety and well being of the new born and this includes all aspects – including the very important financial security for future.

Times have changed and with that, the paradigm of parenthood has also changed. Certain old models of social perspective to parenthood are no longer existent and this has been overall beneficial. The number of single parents, whether by choice or by circumstances, is increasing and so is the number of families where both parents are working. Though these changes have been made possible by the evolving family structure, the contribution of young parents, especially “millennials� cannot be separately viewed. “Millennials� are persons who were born from early 1980s to mid 90s and include the young professionals of today, young university scholars, budding entrepreneurs and also, young parents who have begun their matrimonial lives or have just attained parenthood.

The way millennials perceive things and act out on their responsibilities is quite different from what their parents did at their age. For instance, getting married for parenthood is an option by choice for most millennials and not a social contract. Tendency of most millennials is towards taking risks to build investment ventures, unlike the previous generation that mostly believed in safe incomes. This is also so, when it comes to handling parental responsibilities. While the approach towards building child’s future was “savings�-based for previous generation, for millennials, it is more “investment�-based. Besides, since seeking a partner or matrimonial alliance is not the primary objective, millennials have considerable space when it comes to “planned parenthood�. Millennial couples or even single parents know exactly when they are ready for parenthood and plan their finances well in advance. Though this is also dictated by the surging cost of living, yet the basic financial safeguard is something that millennial parents always focus on.

Investing in avenues which will give guaranteed benefits upon maturity and capital gain-based cost planning and budgeting is very important and the young parents of today understand this very well. Being adept at monetary risk planning, millennial parents understand the values behind saving for a better tomorrow. As parents, you want to know the in-depth benefits of right investments and insurance plans for your child. HDFC Life offers HDFC Life YoungStarUdaan -child plan, a participating traditional plan for your child.

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Planned Parenthood for Millennials - what makes the difference?

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