Why do women need a term insurance policy?

Business News | 27 Aug |

We are living in the times where the role of a woman is not just limited to household chores. This era is surely for the women and yes saying this means no exaggeration at all.

Undoubtedly the Indian women today are the breadwinner/co-breadwinner of the family. Also, you cannot beat women in management skills; they are excellent with managing the cash and at the same time pro with savings as well. Therefore, it is of utmost importance that women have a term insurance policy and secure the financial stability of the family.

Then women are socially powered and along with their life partners they are managing and contributing towards the household expenses and doing everything possible to give the family a better and comfortable lifestyle.

How Important is Financial Planning for Women?

Along with sharing the responsibilities of the family, it is time that women should initiate smart financial planning and protects their lives against any adversities that may affect the financial status otherwise.

It is good to save for the children and take care of ageing parents. But, it is a smart decision to take the investment call. As of now, the best thing is to buy the term insurance as it will help you to save tax and stay protected simultaneously.

A term plan is a must for every woman whether working or unemployed, married or unmarried. Women must opt for an individual term plan and more than a nominee becomes a contributor. In case, if one is a single mother and has dependents who are children then it becomes even more essential. Before you zero down the term plan, make sure that it fulfils all the requirements. It is advisable to buy a term insurance plan online as doing so will help you to compare various feature, benefits and term insurance premium quotes that are offered by different insurance companies in India.

Given the way that women in India have developed as equivalent members in asset working for families, the purposes behind looking for term plan inclusion for women are huge. A term plan is a basic life insurance plan that offers the advantage of working up the principle corpus until a fixed term and in case of the demise of the insured, the sum assured is paid by the insurance provider to the nominee(s).

Be that as it may, dissimilar to a life insurance plan, there are no maturity benefits in a term insurance plan for example if the policyholder endures the arrangement term, there is no privilege to any advantages or continues and so forth. Simultaneously, nonetheless, a term insurance plan comes at efficient premium rates that don’t put a lot of weight on your pocket. Also, insurance companies today offer term insurance inclusion with an arrival of-return of premium alternative. This alternative qualifies the policyholder for benefits looking like premiums paid towards the approach, after the maturity of the policy period.

Here’s why do women need a term insurance plan:

Financial Safety of the Family: This plan is helpful as it will provide the financial safety to the family even if you are not around. Today, as more women are joining the workforce the needed of insurance, cannot be overlooked at any cost. Often women have a better life expectancy than that of men. The term insurance premium is low and cost-effective when compared to any other sort of life insurance product. At the same time, one can also avail tax benefits.

Cover for Critical Illness: With the advancement in everyday life, we somehow have become more prone to illness and diseases. It could be possible because of reasons such as unhealthy lifestyle, air pollution, adulterated food, and much more. Women are more prone to diseases such as breast cancer, cervical cancer, etc. When buying the plan include a critical illness cover so that in case you are diagnosed with any of such critical disease you can easily claim it later as it will provide a cover against any incurred hospitalization and treatment expenses. You might be in the sound health condition now, but you are unaware of what might happen in the coming days.

Achieve the Long-term Objectives: As per a study in the year 2018, which states that women do not invest when compared to men. Undoubtedly women are no less and have been equally contributing in their respective careers; however, lack of investment might leave them behind in the rat race. Therefore, investing money in the right term plan and can help one to accomplish all the desired financial objectives likewise enjoying the benefits that are offered within the plan. It is good to save money at home that is the conventional approach, however, investing to achieve financial objectives sounds more exciting and satisfying.

A Legacy Behind: In case you are a parent and that too single parent more often than not, your prime concern would be the safety of your child. Now, this safety concern is only limited physically but financially as well. You might be not around under any misfortunate incident. Well if you have the right term plan you need not worry as you will not only leave a legacy for your child but your loved ones as well. You might have endless retirement plans and investments but what if you are not there tomorrow? Well, including such a plan will be an added support for the child and you will have your peace of mind.

The Bottom Line

Every woman should opt for a term insurance policy, which specifically caters to the requirements of the woman and offer financial coverage at various stages of life. The financial security of a woman is important both in the domestic and professional domain.

A healthy financial portfolio should always have the best term insurance policy in India and generate a wealth corpus that will benefit in case of any misfortune. Financial security and stability are important for one and all.

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