RESUME APPLICATION PAY PREMIUM
Fund Performance

Fund Performance

Knowledge Center

Knowledge Center

About Us

About Us

Tools and Calculators

Tools & Calculators

Quick links

Mobile (Download app)
  • Webpages
  • Documents
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment

For NRI Customers

(To Buy a Policy)

(If you're our existing customer)

For Online Policy Purchase

(New and Ongoing Applications)

Branch Locator

For Existing Customers

(Issued Policy)

Fund Performance Check

RESUME APPLICATION PAY PREMIUM

What do you want to do?

Quick links

Mobile (Download app)

Download HDFC Life App

Buy plans, track your policy, make renewal payments & monitor fund performance with HDFC Life App, Download Now!

Apple Logo Go to Google Play Store

How should single women plan their finances?

down-arrow
January 02, 2019

It is often said that when a person is in a committed relationship, then the responsibilities get shared and as such, there is a comfortable space for financial inclusion. However, if you happen to be a single person, rather a single woman then you have to take certain important steps to ensure your financial growth and security for the future. Being single may be a matter of choice or circumstances. These days, owing to many factors, there has been an increase in the number of single mothers as well, who are financially independent and are raising dependent children as well. There are career women too, who through the dint of hard work and professional acumen, have risen to new heights. For all such single women, it is essential to plan their finances so that they have sufficient financial coverage for life.

There are certain important parameters that single women must follow in order to remain financially secure. Some important factors are listed below:

  1. Plan your budget:

    This is the very basic rule that you must follow. You must keep a track of your income and expenditure and make sure that you do not exceed your budgetary constraints. Doing so will ensure that your savings corpus grows over time and you are in possession of required monetary assets. This allows you to be financially independent and helps in long term future growth.

  2. Invest in a specific insurance plan:

    This is very essential, more so if you happen to be a single mother or a single woman with dependent family members. Taking out a specific life insurance plan with maturity benefits allows you to cover the financial needs of your family members and also ensures that you have sufficient coverage for meeting your aspirations. Tenets of insurance include having a health care plan in place also as this will secure your finances in case of any health-related contingency.

  3. Follow an investment plan:

    These days, various insurers offer insurance-cum-investment plans which not only offer guaranteed coverage but also allow your funds to grow at a stable rate. Such instruments may be debt or equity driven or even hybrids (i.e. mix of debt and equity). Choosing an investment plan that suits your needs and offers guaranteed benefits on maturity is the key to a successful financial portfolio.

  4. Follow a plan to save on taxes:

    No amount of savings will suffice if you do not save on taxes. Depending on your income slab, you pay taxes and therefore it is important for you to know the detailed taxation mechanism so that you can avoid being overtaxed. It is important for you to consult a certified professional for due consultation.

  5. Invest in an annuity plan:

    This will ensure that you can maintain your lifestyle and can fulfill your financial duties and goals even after retirement and in the absence of a regular monthly paycheck. List out your projected requirements and then take an informed decision on which retirement plan to invest in, after online comparison of plan terms and features.

HDFC Life offers HDFC Life Smart Woman Plan a comprehensive, women-oriented plan that offers various benefits and allows you to fulfill your dreams and aspirations. For details, click on the mentioned link: https://www.hdfclife.com/women-insurance-plans/smart-woman-ulip-plan.

Show Full Article
Hide Full Article

Term Plan Articles Term Plan Articles

Investment Articles Investment Articles

Savings Articles Savings Articles

Life Insurance Articles Life Insurance Articles

Tax Articles Tax Articles

Retirement Articles Retirement Articles

ULIP Articles ULIP Articles

Health Plans Articles Health Plans Articles

Child Plans Articles Child Plans Articles

Popular Calculators Popular Calculators

Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

LinkedIn profile
Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

LinkedIn profile
Reviewed By Reviewed By:

Here's all you should know about life insurance.

We help you to make informed insurance decisions for a lifetime.

Blue Chip Fund

Blue Chip Fund

"Blue chip fund invests in stocks / shares of well-established companies with credible financial performance, market capitalization & steady payout of dividends."

Diversified Equity Mutual Funds

Insurance Overload: Are You Hoarding Policies Instead of Securing Your Future?

Single Premium Term Insurance: Meaning, Benefits & Types

Explore the details of a Single Premium Policy in term life insurance. This guide provides insights into its meaning, benefits, and types, offering a comprehensive overview.

Single Premium Term Insurance: Meaning, Benefits & Types
Top 5 insurance policy features for housewives Previous
Vision 2022 for Digital India and what it means for you. Next
HDFC life
HDFC life

HDFC Life

Reviewed by Life Insurance Experts

HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER

We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

Popular Search

Popular Searches