Women have played a significant role in household finances across India. They have not only excelled in fostering and sustaining their families but also perform multiple tasks by showing an equivalent obligation as men. From traditional job profiles like a housekeeper, chef, daycare teacher, yoga instructor, to evolved professions like network administrator, analyst, or a doctor - a woman performs all! Though most women believe in saving money, very few actually buy life insurance for themselves or their families.
The society we live in is changing constantly. Earlier, it was the husband's or the father's responsibility to take care of their family members' financial needs. Now, women are becoming more in charge of their lives. The concern for both men and women are the same - financial protection and independence. Life insurance is a crucial instrument of financial planning for any family, irrespective of gender. Buying life insurance is equally important for women to protect the financial future of their loved ones and to save for their life goals systematically.
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Effective financial planning is a valuable skill that women can learn and harness throughout their lives. Not only working women but even housewives, single women, single mothers need to understand the importance of financial literacy and how being insured will make sure that they are financially independent at various stages of their lives. Interestingly, science has proven that women have a longer life expectancy than men. The fact requires them to stay financially prepared for a more extended period. It is important that the income and other invaluable contributions of women need to be protected. In case of an unfortunate event, life insurance is one such financial instrument that can protect their families’ financial security to ensure stability.
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On this women’s day, I would like to shed some light on the basics of life insurance plans that are suitable for women for their financial goals and security at various milestones of life.
Savings Plan
One of the financial traits that we have been taught since our childhood is saving. While there are several savings plans available in the insurance industry, the best saving plan is the one that encourages disciplined savings while helping you earn guaranteed returns throughout the policy’s tenure.
Term Plans
Term insurance is an excellent choice for women transitioning from homemakers to working class, as it provides both financial security and stability. A term plan is the most transparent, straightforward, and cost-effective of all the insurance options. It provides the policyholder a comprehensive life cover over a defined period of time at cost-effective premiums.
Investment Plans
Investment plans are life insurance plans that offer you multiple avenues to save and grow your money and protect your loved ones. We offer some of the best investment plans that can help you plan out your aspirations in a systematic and disciplined manner. Depending on your requirement, we offer both long-term and short-term investment plans to meet your needs. Women are quintessentially known to be better planners, whether it is for retirement, children's education, or for other financial goals. Unit Linked Investment Plans are one such instrument that gives you the dual benefits of wealth creation and life protection in a single plan.
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Life insurance provides people the time they need to heal without having to think about paying their bills by providing financial backing in case of loss of life insured. If the worst happens, a mourning family will be left with financial stability instead of uncertainty and stress. With the increasing responsibilities as a provider and planner for their households, women should choose insurance plans for financial planning and independence.
Like their counterparts, women should analyze their income, obligations, and needs, before buying the right life insurance plans. I would urge today’s women to buy life insurance and ensure that their families have enough income to stay afloat even if something happens to them – like permanent disability, accident, or untimely death. Last but not the least, there is also a need for a sound financial plan to help women recognize their short and long-term needs. Life insurance serves those purposes, indeed!
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The author is MD and CEO at Bharti AXA Life Insurance
DISCLAIMER: Views expressed are the author's own. Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.
