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Becoming a parent

Did you know?

Only about 12% of the Indian workforce is covered by some form of retirement benefit scheme.

With more than 88% of the working population uncovered, the existing system is unlikely to act as a social security umbrella for retirement.

 

Becoming a parent?

Financial planning is essential when having a new addition to your family, considering education expenses, tax implications and the insurance needs of your family. We can help you address some questions:

  • Have you reviewed your health insurance to check the availability of maternity benefits?
  • Have you reviewed your life insurance to cover not only the cost of living for future for your spouse and child but also cover her/his education as well as marriage cost?
  • Have you thought of making adjustments in your day to day budgeting with increasing expenses and possible income changes, if your spouse takes a career break?
  • Have you analysed various savings choices for short-term expenses and long-term goals including the education and marriage of your child?
  • With a new child’s expenses it can be tempting to cut back on saving for retirement. Have you discussed ways to resolve competing needs to save for retirement and education?

How we can help

With a growing family, your goals and priorities can change quickly. Our unique approach to financial planning for new families is built to be flexible, evolving with your life. We can meet with you regularly to help you stay on track as you plan for your future.



Have a question? Write to us at inquiry@principalindia.com.

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