Insurance Policy for Women
According to data collected by IRDAI, the total number of individual life insurance policies issued in 2017-18 was 28.2 million. Of this, only 9 million policies were purchased by women while 19.1 million were purchased by men. These include all types of insurance products including term insurance, conventional life insurance, and unit-linked insurance plans, among many other services. Although women continue to be superior in every sphere of life and have become equal contributions to the family due to financial independence, they still have insufficient or no life insurance coverage. However, as independent women they can be anything: single women, housewife mothers, married women, working women, self-employed women. Proper life insurance is a very important asset 1.
1. Choose term insurance policies that ensure financial stability for your family
If you are the sole breadwinner of your family. The importance of having an insurance policy of appropriate duration cannot be underlined. You need to make sure that your family remains financially stable, even when you are not around to help them. This is especially important when you have any obligations such as a mortgage or loan in your name. Term insurance policies are the first step to ensuring your assets are safe. Additionally, even if you live in a dual-income family. The loss of one earning parent can have serious consequences for the family’s finances.
Although your employer may provide you with life insurance coverage. In most cases this is not enough to cover all specific expenses, and you should purchase an individual life insurance policy to secure the financial future of your family and loved ones. While the amount of life insurance coverage you will choose depends on your lifestyle and other financial obligations, it is important to remember that companies often offer more lucrative premium fees for working women than their male counterparts.
For example
The Express Term Life plan is a non-associated, non-participating life insurance plan. The plan has a guaranteed death amount that will be paid as a lump sum either in the event of death or a diagnosis of a terminal illness. In addition, it also has an additional life cover option where you get lump sum compensation upon death or diagnosis of a terminal illness. Addition, in the event of accidental total and permanent disability, all future premiums of the policy are also waived. Tthis plan, you get the flexibility to choose the protection period and the premium payment period. You also have the option to return the policy to the Company during the free 15-day look period from the date of purchase in the event that you do not agree to any of the terms and conditions.
2. Make sure you have critical illness coverage on your insurance policy
The main advantage of life insurance policies is that you can use a range of passengers and add-ons to customize the policy according to your needs. The prevalence of women-related diseases such as cervical cancer, breast cancer, sexual and reproductive health problems. Maternal health and sexually transmitted diseases is on the rise. And many cancers that only affect women. Including those of the breast, colon, endometrium, lung, cervix, skin, and ovaries, are on the rise.
The treatments themselves are very expensive and can negatively affect the financial future of you and your family. A combination of comprehensive health insurance and critical illness coverage can help you provide financial support to pay for treatment. Treating these diseases is not only lengthy and expensive. But involves many lifestyle adjustments. Including having to give up your job. Hence, women should ensure that they adjust their life insurance policy with passengers and add-ons to allocate them to provide adequate coverage against such problems.
3. Focus on Paying Premiums Instead of Life Insurance Investment Benefits
If you read the comments of any financial expert. One thing that gets repeated over and over again is that anyone with dependents needs a life insurance policy. Treating a life insurance policy as an investment mechanism can become difficult and complicated, not to mention the rate of premiums (fixed expenses) increase every month. A focus on the purely protective aspect of insurance policies helps provide coverage at affordable rates. While also helping women have peace of mind to secure the financial future of their loved ones no matter what happens.