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Planned Parenthood for Millennials—what makes the difference?

The moment you touch those little fingers for the first time, a parent is born. And that very day, you start a journey filled with love, warmth, and care. But with bliss come responsibilities. Because you just don’t become a father or a mother, but the guiding light that would help your little one sail through.Read More

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Written ByPalak Bagadia
AboutPalak Bagadia
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Palak Bagadia, Associate – Digital Marketing at Bajaj Allianz Life, with experience spanning content and performance marketing, recruitment, employee engagement in the BFSI industry.
Reviewed ByRituraj Singh
AboutRituraj Singh
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Rituraj Singh,With over 6.5 years of experience in the insurance industry, Rituraj Singh, Manager- Product & Brand Marketing at Bajaj Allianz Life Insurance overlooks new product launches, compliance, and brand projects, leveraging artificial intelligence and technology to enhance outcomes.
Written on: 11th Feb 2025
Modified on: 14th Feb 2025
Reading Time: 15 Mins
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Parenthood, an evolved concept
 

As generations come by, the social fabric changes owing to evolving mindset and acceptance of new thoughts and this is where ideas start to differ. Each generation has their own concept towards parenting guided by their values, beliefs, and style of upbringing. The structure of parenthood has also differed across generations. Baby Boomers (those born between 1946-64) mostly meant the working dads and moms, while Gen X (those born between 1965-1980) saw both the parents working in most cases. Millennials (those born between 1981-1996) in their 30s and 40s now, are settled in their careers and in the age band of getting married or becoming parents.4 It’s this generation2 that prioritises work-life balance and has transcended societal norms. For instance, gaining acceptance for being a single parent, alongside traditional parenthood. This wave of changes in mindset has led to further changes, introducing the concept of planned parenting.
 

Planned Parenthood, a millennial thinking
 

As experts believe and data has shown2 that millennials are far more organised and structured compared to baby boomers or Generation X. Unlike the previous generations, they consider parenthood a choice and not a societal mandate or necessity. Couples step into this journey only when they feel they are ready and stable. Probably this is where the idea of planned parenthood for millennials was born. Millennials have broken stereotypes efficiently and maintained work-life balance.[2] They have also done active research and planning, making informed and aware choices of parenting to secure a stable life for themselves and their children.
 

Financial security, a core goal
 

Parenthood planning's foundation is in financial planning of millennials. According to experts, this is more of this generation’s idea to financially cushion the little one’s future right from the beginning, without straining themselves. As Forbes Magazine points out[2], 66% of millennials, currently in the age bracket of 30-44 and in early parenthood, are already saving for their children’s higher education. Compared to it, only 35% of baby boomers and 47% of Gen Xers treaded the same path.
 

Financial Planning by Millennials
 

Distinctly different from the older generations, millennials [3] are more value-orientated, technology- and social media-savvy, spenders on travel and entertainment, and prefer managing expenses on EMIs while growing their wealth through investments. Planned parenthood by millennials is teaching them to prioritise the financial aspect, right from the start of the journey. For couples or single parents, financial planning means securing the child’s future right from the day he/she is born, taking care of major life goals like the little one’s education, higher studies, and marriage through the accumulation of a sufficient corpus. Setting specific goals early in life, and by choosing the correct savings and investment avenues, making the most of the power of compoundingfinancial planning for millennials is an attempt to make parenthood an easy, breezy affair.

From when to bring a child into this world to which child plan to invest in, parenthood planning for millennials is all about making the right choices. ‘And that has made all the difference1.
 

FAQs
 

  1. Who are the millennials?

    Millennials are the generation that was born between 1981 and 1996. 2

  2. What is planned parenting for millennials?

    Millennials prefer making a conscious and informed choice of parenting. They actively research and step into the journey when they are able to secure a stable life both for themselves and the child. This is called planned parenting.

  3. What is financial planning for millennial parents?

    Millennials, similar to other generation parents’, also prefer a stable and financially secure life both for themselves and their children. Hence, they make a strategic plan to support their child right from their birth to attain their life goals like education, higher studies, and marriage. Starting with specific goal-setting to choosing the correct investment plans, they ensure the accumulation of sufficient funds without straining their own pockets.

  4. Are millennials financially savvy?

    Empowered by the rise of the internet and smart technology, millennials are financially savvy too. This generation follows a defined path towards saving for goals like marriage, parenthood, retirement, or buying a house.

 

 

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The views stated in this article are not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. Bajaj Allianz Life Insurance Company Ltd., Regd. office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune - 411006, Reg. No.: 116, CIN: U66010PN2001PLC015959, Call us on toll free No.: 1800 209 7272, Mail us: customercare@bajajallianz.co.in

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~Individual Death Claim Settlement Ratio for FY 2023-2024

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%%Above illustration is for Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V03) considering Male aged 25 years | Non-Smoker | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 6,238. 2nd Year onwards premium is Rs. 6,659. Total Premium Paid is Rs. 1,99,349 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly installments (Lumpsum Payout Percentage : 45, Income Payout Percentage : 55) | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. This is inclusive of all the discounts mentioned above.

##Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

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Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04)

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116


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$Tax benefits as per prevailing Section 10(10D) and Section 80C (under old tax regime) of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy

 

1Minimum premium mentioned is applicable for Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01) and is subject to policy terms and conditions.

*Benchmark: Nifty 500 Multifactor MQVLv 50 Index past 5 CAGR Returns, as on 30th May 2025. Past returns of a fund are not necessarily indicative of the future performance of the fund. | Please consult the financial advisor before investing.

The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year.

 

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Nifty 500 Multifactor 50 Index Fund is available Bajaj Allianz Life Future Wealth Gain IV - A Unit- linked Non- Participating Individual Life Savings Insurance Plan (UIN:116L202V01), Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01), Bajaj Allianz Life LongLife Goal III is A Unit-linked Non-Participating Whole Life Insurance Plan (UIN:116L203V01), Bajaj Allianz Life Invest Protect Goal III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L205V01), Bajaj Allianz Life Magnum Fortune Plus III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L207V02), Bajaj Allianz Life Goal Based Saving III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN:116L206V01), Bajaj Allianz Life Fortune Gain II- A Unit-linked Non Participating Individual Life Savings Insurance Plan (UIN- 116L196V02) and Bajaj Allianz Life Smart Wealth Goal V - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V03)

In addition to the already existing funds, Nifty 500 Multifactor 50 Index Fund is now available with the above mentioned products. Customer has an option to choose from other available funds apart from Nifty 500 Multifactor 50 Index Fund

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I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any Call made, including via Voice over Internet Protocol & WhatsApp, SMS or WhatsApp messages, in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

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