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

Securing family wealth and aspirations in the new normal

down-arrow
August 02, 2022

Table of Content

 

Within a short span of time, the entire world has changed drastically. Adoption of digital payments has gone up, professionals are working remotely and individuals are paying more important to their health.

Similarly, we are realising the importance of securing the wealth and aspirations of our family during the new normal.

Here are six ways to go about the same:

  • Differentiate between wants and needs:

Need is something that is a necessity in life, for example, food, clothing, accommodation, etc. And want is the desire for something to improve the quality of living, for example, expensive phones, cars, etc.

Analyse your spending pattern and categorise your spending based on wants and needs. Use the 50-30-20 budgeting rule which states, allocate 50% of your income for needs, 30% for wants, and 20% for savings.

  • Pay off your debt:

To become financially secure, it is important to become debt-free first. It includes credit card dues as well. List out all your debt and devise a plan for early repayment of all your loans. Consider consolidating multiple loans to one and pay off all your debt quickly.

  • Start saving for retirement:

Retirement planning should start as early as possible because it will reduce the burden at the later stage of your life. Consider investing in retirement and pension plans like HDFC Life New Immediate Annuity Plan.

  • Build a passive income source:

 Having a passive income source along with your active income source safeguards your financial future and ensure more financial freedom. Plans like HDFC Life Sanchay Plus not only guarantee* lifelong income but also safeguard your family’s future.

*Provided all due premiums have been paid and the policy is in force.

  • Secure your child’s future:

 You should not take your child’s future lightly. A year’s gap in learning and coaching negatively impacts your child’s overall development and performance. Therefore, as a smart parent, your goal should be to secure your child’s future for every milestone.

For example, HDFC Life’s YoungStar Udaan child plan not only secure your child’s aspirations but the maturity benefits are matched as per the key milestones of your child’s future.

  • Get yourself protected:

The Covid-19 crisis has shown us how fragile and uncertain is everyone’s life. And, the best of medical care sometimes fail to save lives. In such a case, if you are the sole earning member in your family, it can wreak havoc. Therefore, never leave anything to chance and get yourself insured to protect your family’s well-being in your absence.

Conclusion

In the new normal, securing your family’s wealth and aspirations should be your top priority and should not be taken lightly. And, the way to financial security also comes from improving your financial knowledge. It helps you in making informed financial decisions. Remember, strong financial planning and execution is key to tomorrow’s peace of mind.

ARN: ED/01/22/27177

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.

What Is Insurance?

What Is Insurance?

Learn the essentials of what is insurance, its types, benefits, and how it protects your finances. Get insights into life and general insurance policies today.

Blue Chip Fund

Diversified Equity Mutual Funds

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

Find out exactly how many insurance products do you need to protect your familys future. Avoid policy overload and secure peace of mind with expert insights.

Insurance Overload: Are You Hoarding Policies Instead of Securing Your Future?
What Will Happen When a Term Life Insurance Policy Matures? Previous
Checking the Variables: An Important Aspect in Choosing Your Insurance Plan 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.

Disclaimer

HDFC Life Sanchay Plus (UIN:101N134V10) is a non-participating, non-linked savings insurance plan. Life Insurance Coverage is available in this product.

HDFC Life Pension Guaranteed Plan (UIN: 101N118V10) is a single premium non-participating and non-linked annuity plan. Life Insurance Coverage is available in this product.

HDFC Life YoungStar Udaan (101N099V04) is a Non-Linked, Participating, Life Insurance Plan. Life Insurance Coverage is available in this product.

Popular Search

Popular Searches