- 19 JUL 2016
Endowment Plans Suitable For Women In Helping Them Achieve Their Goals
Women in the earlier days were intent on having a doting husband and a loving family. Getting married in a well-to-do and stable family was mostly the priority. Today's woman is independent. She dreams of a career, driving her own car, and living in her own house. Today’s woman is strongly taking decisions which were earlier taken by her father, brother or husband.
What about insurance?
How much ever the above is true, it is amazing that life insurance is still a subject where women do not take their own decisions. A very low level of importance and awareness is accorded by women to life insurance and as a result they do not buy life insurance policies on their own. They just sign on the dotted line and trust the men in their lives with whatever decision they take with respect to life insurance. Men may take a decision regarding the type of policy, sum assured etc according to their perspective of the woman's needs. When you, as a woman, are more than happy to take all the decisions regarding your home, car loans etc, should it not be the same with life insurance also? After all, who will know your needs better than yourself? Take the right decision today by opting for an endowment plan to help you achieve your goals.
What is an endowment plan?
An endowment plan is a life insurance policy that offers death benefits as well as surrender and maturity benefits. If any time during the policy term you meet with an untimely demise, your beneficiary will receive the complete Sum Assured. At any time during the policy term, the returns that you get will be guaranteed upfront. This means that when you apply for the policy, you are clear about the returns that you will receive from the policy even if you surrender it midway. In endowment plans like Edelweiss Tokio Life – Wealth Builder, after a certain period of time, your policy will attract guaranteed loyalty additions (GLA). This GLA will be added to your maturity benefit at the time of maturity of the policy. The more time you stay invested in the policy, the more the guaranteed loyalty additions.
How are endowment plans helpful for women?
If you, as a working woman, have dreams for yourself like owning a house and a car and chipping in for giving your child a quality education, endowment plans are ideal for you. With guaranteed returns, you can plan for your future financial security. Let's assume you wish to own a house 20 years from now. An endowment plan will enable you to generate a lump sum corpus 20 years hence by investing a smaller sum every year as premium. This lump sum amount will help you with the down payment that you may need to make for your dream house.
It's high time women consider life insurance as seriously as they consider other facets of their financial planning. Every small step that women take will help them achieve their financial goals.
Read related blogs:
- 9 DEC. 2018
Why Tax Planning Should Be An All-Year Round Activity?
When young, there is a tendency to concentrate more on spending than on investing. Tax planning hits you once your income goes beyond a particular level. You risk losing money to tax that you could have otherwise saved by smart investing. As years go by, you tend to rush at the end of the financial year. The last quarter of the financial year is when quite a number of tax saving instruments are talked about to help taxpayers reduce their tax burdens.read more