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Most women could probably agree that they enjoy being independent, self-assured, and mentally and physically strong, but getting to that point can seem challenging. And this is where a comprehensive life insurance cover comes to the rescue of women. Life insurance can help women look after their lives as well as offer armour to their family and dependents. It is true that a life insurance cover can never keep you alive forever, but it can definitely assist you in giving financial protection to your family as well as meet your financial objectives of life. If you are aiming to build your own dream realm, then you require thinking to protect it too independently.
Financial Express quotes Mrs. Santosh Agarwal, the Head of Life Insurance Unit at Policybazaar.com, as saying, “In India, over two-third of women is co-earners or in few cases, women are earners for their families; however, when we talk about the financial protection they depend on their spouse.”
Well, life Insurance cover can certainly change this situation and make women completely independent in several ways. Let’s discuss some of them:
In addition to the fact that life insurance cover safeguards you, it also assists in crafting wealth for your future financial objectives. Do not get into the old traditional myth that if you buy a life insurance policy, then something unfortunate might happen to you. Rather, you must think that if you take a life insurance cover, something will add on to your life and assists you in protection and creation of wealth.
Women play many roles. They become friends for their children, nurse for their aging in-laws and financial advisors for their spouses too. Similarly, life insurance plan does not only safeguard you but also assists you get along with your expenses when you require money, especially when you need money for your children’s higher education or marriage.
A lot of insurance covers mature at the time of retirement and that is the time when you require money the most to pay the outstanding debts or to meet medical expenses. Hence, the amount produced by an insurance policy assists you in meeting such expenses.
Furthermore, plans such as whole life insurance covers can craft a financial legacy for your kids. Even different insurance covers can rally round in produce wealth for your family and dependents that can be incorporated in your Will (testament) for the duration of estate planning.
A few people believe that the term insurance plans do not offer any benefit for the duration of one’s lifetime. So, why purchase them? But this insight is wide off the mark. Term plans not only offer the maximum cover to safeguard your family after your demise in comparison to other insurance policies, but a few plans also offer a range of benefits. For example, they cater benefit in some special diseases or cases.
Mrs. Agarwal says, “A term plan is one of the most vital insurance plans to earn for and individual. The truth is, nowadays females considerably play a part in managing finances of the household. Hence, it is, in the same way, important to make sure that their lives to cater financial protection to the dependents and family in case of any unforeseen event. In general, if the lady has dependents, she should plump for a term life insurance plan to cover the income loss.”
There are several benefits and advantages of term insurance plans for women. Some of these are listed below:
The company pays the amount in the case of disability by reason of any accident or any other ground as per the company’s terms and conditions. In that circumstance, you can receive a monthly income of a particular amount over an interval of time.
This append also has a cumulative option of income, wherein the income of the month received rises by a specific fixed percentage at the end of each year for which the earning is assured.
Critical Ill Health:
In the case any critical sickness or disease, you can receive a lump sum amount of maximum Rs. 20 lakhs. Critical Illness riders are marked out exclusively by the insurance company. Hence, you must check before you opt for it.
Double Sum Assured:
In case of any accidental death, you take a double sum assured then it will augment the sum assured by two times. For example, if a cover of Rs. 1 crore is taken by you through a regular term life insurance policy and have added up this conventional rider to it, then in such a situation, at the instance of death due to accident, instead of Rs. 1 crore the beneficiary is paid Rs. 2 crore.
Special Disability/Disease Rider:
A certain number of the term insurance policies cover a special ailment such as cancer for a particular period between the entire tenure of the cover. In some other term life insurance plans, the beneficiary of the policy holder receives a payout more than that of the sum assured in case of the demise of the policy holder or any disability happens because of the accident.
The intent to purchase a life insurance plan is to safeguard your family and dependents from any sort of financial complexity when you are not around. Insurance is an all-encompassing requirement and there is a need for females to get themselves insured in the vein of their male counterparts; the reasons are mentioned above. So, this article will help you plan to buy a better a wise life insurance for you as a woman.
You may also like to read: Why Do Women Need Insurance?
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