Gender discrimination is taking a back seat in the modern world. As women are carving their place in society, they are also getting financial freedom and confidence. They have started taking up the responsibility of house expenses, mortgages, and educational costs. Moreover, they even help their retired parents with their finances. Hence, it is crucial that the income and other valuable contributions of women, such as yourself, need to be protected. In case of a disastrous event, life insurance is one such financial tool that can protect your family’s financial protection to ensure security.
Why should you buy a life insurance policy?
About 48% of the country’s population is female, according to the Census of India. Still, women bought only 36% of the life insurance policies issued in the country in 2019. While there is still a variation in estimates between the male and female life insurance policyholders, with an increment in the exposure and awareness of life insurance policy among women, there is a slow yet notable change in this domain. Hence, it is crucial to know the significance of insuring yourself.
Furthermore, science has established that women have longer life expectancy than men. This indicates that you will have to stay financially planned for a more extensive period. And what better way than buying a life insurance plan?
Benefits of life insurance
Guarding loved ones
The natural nurturing inclinations within you make the safety of your loved ones your prime interest. By spending on life insurance, you can warrant the financial protection of your family members in case of any unfavourable event. It is useful for inducing peace of mind, guaranteeing good health and thereby enhancing your productivity.
Lower premium costs
The average life expectancy of females in India is 70.2 years while that of males is 67.4 years, as per the National Health Profile 2019. Since the price of a life insurance product is based on the risk profiles of the insured person. And, the death rate of women is lower; you will have to pay lesser premiums for your life insurance policies.
Building a corpus
Women are known to plan finances that meet future financial needs meticulously, and life insurance plans can be great investment instruments. They not only aid in building your wealth and savings but also help in getting better returns while giving a life cover.
Regular income after retirement
Besides fulfilling your dreams and support to your loved ones in case of an adverse event, a life insurance policy helps you plan your retirement properly. Plans like ULIPS and endowment will help you acquire wealth and have a steady income flow even after retirement.
Protection against critical illnesses
Women are at the risk of certain types of cancer like breast cancer or cervical cancer, apart from a heart attack. Treatment for such ailments is not only long and traumatic but can also lead to a vital economic burden for you and your family. A life insurance policy, combined with critical illness insurance, supports you in staying mentally and financially able to fight these critical ailments.
Apart from other benefits, a life insurance plan also lets you save taxes through numerous provisions available as per tax laws.
Whether it’s for the financial security of the family or to grow a corpus for future purposes, life insurance is crucial. A small investment by you today can help you in securing a bright future for you and your loved ones.