Life Insurance For Women

8/19/23 4:17 AM

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Life insurance provides protection against risks in life. Financial planning is equally important for both men and women.

In today’s world, most women are working, they not only manage the finances at home but also take interest in financial decisions that involve savings and investments.

A woman’s contribution to the finances of a family cannot be ignored but most of them are holding themselves back when it comes to buying life insurance.

While most men are aware of the fact that life insurance can be an emergency fund and protect their families, women should also know their importance and the financial support they provide to their family. They also need to get themselves adequately insured.

Why women should buy life insurance?

A working woman must consider buying insurance is she is adding to the household income, her salary provides equally for the family. Now if you just calculate the value your income is adding to your family you will realise how important you and your income is to the family. Your income improves the standard of living of your family. The reason you should consider buying a term insurance plan is so that your family doesn’t have to compromise on their needs and requirements.

Even if you are a single and a working woman, you must be contributing towards your ageing parents’ health and wellbeing and also supporting your siblings. A term plan will ensure that their financial needs are fulfilled in case an unfortunate event occurs to you.

What kind of insurance plans women can opt for?

Term plan: Young working women should seriously consider buying a term insurance policy. It will keep your direct or indirect dependents secured and also you’ll get it at a considerably cheaper rate.
Savings Plan: A savings plan which provides guaranteed returns can be considered. If you have goals to meet like marriage, travel, etc you can surely opt for a savings plan. Endowment or savings plan provides a maturity benefit while the policyholder is alive, it also provides a life cover however the life- cover provided is comparatively lesser than that which is provided by a term plan. If you have kids, a savings plan can help you save for your child’s education.
A Critical illness plan: Looking at the tremendous increase in the occurrence of critical illnesses in India, it is essential for every woman to be financially secured against critical illnesses. A critical illness plan will provide a lump-sum amount on the diagnosis of any critical illness that is predefined in the policy document. Working women undergo a lot of stress and may be exposed to an unhealthy lifestyle because of the work-life balance she tries to maintain between home and work. This may hamper her health and hence, as a precautionary method, it’s better to be financially prepared against critical illnesses because the cost involved in the treatment of critical illnesses is way higher and it can also hamper your income earning capacity. You would not want to exhaust the savings you kept for your child’s education or other goals on a critical illness.

Women play a key role in the financial planning of the household, it’s time that they consider financial planning for themselves and the family. Apart from tax benefits, life insurance provides an option for protection, saving and investment. Choose the right plan as per your needs.