Single Mothers in India – How to Prepare Financially with ULIPs

Often there is no support on social front and in case of any family issues, no parental support adds to the mother's stress. Besides, there is constant mental distress about the child's safety in the absence of a reliable babysitter. Then there are other hassles also. In Indian society, marriage of a single parent is treated as very important and there is almost constant, unwanted pressure from relatives or friends to get married. The complexities of added relationships are conveniently ignored in such cases and single mothers often have to battle it out on their own.

The financial aspect however, is the most worrisome. Inflation and the rising cost of living, rising costs of higher education etc. pose a serious threat to the financial stability of a single mother. In India, financial literacy is quite poor among the middle class and often, single mothers are not aware about the right kind of investments and financial decisions. Moreover, expert advice on such matters comes for no-reliable and non-professional quarters and any wrong investment can aggravate the problems further.

Besides reviewing individual investments, a single mother will also have to review the overall asset allocation of her financial portfolio. Families with double incomes can afford to going for unbridled and risky investments but a single bread winner and solo support of her child must refrain from aggressive investments. Although this does not mean that investment plans with long term benefits or wide capital gains must be shunned, yet direct stock investments must be avoided in favor of building equities through mutual funds or even capital gains through ULIPs. 

As a single mother, you have to plan systematically and carefully and strive to build funds over time with properly researched investment options.

HDFC Life offers HDFC Life Smart Woman plan - a plan that has been formulated keeping in mind the financial stability required by women to give wings to their aspirations. For further details, please click on the mentioned link: https://www.hdfclife.com/women-insurance-plans/smart-woman-ulip-plan

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