Gone are the days when men were the only breadwinners of the family. Today, women also take the equal initiative to run the family by engaging either in a job or business. They are earning more than men and sometimes they are the only ones to look after the family. Hence having life insurance for women is equally at par with the requirement of life insurance for men.

Generally, the family tends to skip life insurance for women. Men are the priority for having life insurance, whereas women are themselves underconfident and unsure about the value of their life.

Mentioned below, are the reasons why there is a requirement of life insurance for women.

  • Monetary security

Life insurance will provide monetary back-up to the family in case of untimely death. It is always advisable to secure the loved ones from your untimely demise as it tends to affect them adversely, emotionally, and financially. In a case when both husband and wife are working, it is still recommended to have a life insurance policy, that provides financial safety guard to the family.

  • Adding to your savings

In the market, there are ample options for investment and one such channel could be an insurance product. This will provide better returns which will provide safety to life.

  • A Cushion in case of a Fatal Illness

In the case of critical illness, family members are the first who suffer mentally and financially. Proper life insurance will cover medical expenses to a certain limit. This will help to reduce the financial pressure on the family to some extent.

  • Retirement Savings

In the age of retirement, there are high chances of suffering from an incurable disease, falling sick quite often, or having any other unforeseen expenditure, that will have massive costing, making it mandatory to have your own life insurance. Relying on your partner’s insurance policy may not ensure enough financial security for both of you when you hit your retirement age. You might find yourself spending over your earnings, that take a bite out of your funds. In case of such scenarios, a good life insurance policy provides you with an organized plan to control your finances in needy times.

  • Security for your children

Every parent wants to give a better future to their children. They always want to ensure that their children do not lack the funds to manage themselves and their education. Proper life insurance will ensure your children’s safety and well- being after your demise.

The types of life insurance policies:

  1.  A plan for term life insurance

This plan will ensure that after your death, one dependent will be financially secure. For women, premium rates are comparatively low in such plans, and also recommended to consider buying life insurance at a young age.

  1.  Insurance plan for endowment life

If you are looking for a long-term goal like a college education, children’s wedding then these kinds of plans are highly profitable and protect your financial future effectively.

  1. A plan for illness

A health issue can occur at any point in life. Opting for life insurance that will cover medical expenses and provide financial support so that your family is not crippled by massive expenditures in an expensive hospital and medical care.

Mentioned below are life insurance policies:

  • HDFC Life Smart Women ULIP

This plan is available in three ways: The Classic, The Premier, The Elite. This plan is basically beneficial for pregnant women because the vulnerability for both child and mother is too high and also provides an assured amount of security money.

  • SBI Life Smart Women Advantage Plan

This plan is available in 2 forms: a gold or platinum plan. The plan is good enough for working women which provides triple security to life cover, long-term saving, and fatal illness. One can even waive the premium in case of fatal injury. One can easily decide the sum they want to receive in the event of death or during the diagnosis of some illness.

  • LIC Jeevan Bharathi-I Plan

This plan is specially designed for women and it provides additional benefits i.e. payment of premium annually. After every five years in the course of the plan, the insurer will receive 20% of the sum assured as a part of the survival benefit offered in the plan.

  • TATA AIG Wellsurance Women Plan

Under this plan, if you are diagnosed with any diseases that the plan covers, then the benefited amount will be provided with some hospital expenses.

 

Despite living in the 21st century, the male dominates society. They are considered as only breadwinners of the family. However, the time has evolved, women are working at par with men. They are also bearing the responsibility of the family on their shoulders and managing the financial future. One can choose a life insurance policy according to their needs.

Key points before opting for life insurance for women

  1. Start Early. It is always better to opt for policy at a younger age to receive better returns at its maturity.
  2. Select the policy wisely, according to one’s needs and requirements of the family. For example: if you have a history of cancer in your family, it is better to go for an illness plan that will cover the medical cost.
  3. Premium is a basic need before starting any policy. According to salary and daily expenses, choose wisely before opting for any life insurance policy.
  4. Compare all the available policies in the market. Every policy has its own merit and demerits like interest rates, premiums, lump-sum amounts, etc. So, before going for any policy it is mandatory to have a proper calculation of the pros and the cons.

Life insurance for women provides security not only for yourself but also for your family.

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