Financial planning is the foundation of any economy or company and the most important and crucial aspect of everything accomplished. It is imperative for everyone predominantly for those who are having obligations on their shoulder for his/her family. Any self-empowered and independent women should do financial planning. Men and women both should plan for a better and safe future.
WHY IS IT IMPORTANT FOR WOMEN TO HAVE AN INSURANCE PLAN?
Women in India have come a long way. Caring about household chores and looking after the family is no longer women’s occupation.
With fair access to education and jobs, Indian women are everywhere, particularly in the urban segment. Learning and employed, making the country gratified in every scope of life just like their man counterparts.
However, even though this revolution of women’s role in society is splendid, it also has a flip side.
Urban women are making brave efforts to strike a balance between their focus on work and family relations. To satisfy both ends, women fall victim to an unhealthy lifestyle, which in turn takes a toll on their health. Lack of proper sleep and exercise along with unhealthy food habits pave the ways for ailments. This is present among many young women in India.
Most working women in India suffer from stress and anxiety which eventually leads to depression and even psychological illness.
THEY NEED IT, AND HERE’S WHY:
Over the past decade, disorders such as diabetes, thyroid, infertility have risen by leaps and bounds. Life-threatening diseases are also increasing amidst the young population.
Ironically, women are afraid when it comes to caring for themselves. Many women can handle their day-to-day budgeting but are not comfortable conversing about money with family.
Worrying about money is not part of our culture women say. In India, women might be on respectable positions at work but for safekeeping, most of them still look at their father or partner.
According to a study conducted by an international labor organization in the year 2107-2018, there was a total of 28.2 life insurance plans issued out of which only 9 million were bought by women.
Another survey conducted by MAX LIFE INSURANCE concluded that only 19% of women bought insurance compared to 22% of men.
A study was conducted by IRDAI and it was found that only 32% of total insurance plans issued were bought by women.
All these surveys also deduced that working women spend their entire savings on children’s education and family day-day expenses, while male took care of all financial investments.
Most individuals nowadays treat insurance as tax-saving tools, purchasing only the amount of insurance required for deduction in annual taxes.
THE BENEFITS OF LIFE INSURANCE PLAN FOR WOMEN:
Several life insurance companies in India provide low-cost life insurance plan with adequate benefits. Women in India have to understand the need to have insurance in case any bad event occurs and they will be the only ones to provide for their family.
A life insurance plan gives the following benefits in the long run:
- Financial security: Women with family worry about the future of their family in case any bad event occurs. Insurance gives them financial security that all the monetary obligations and the family’s need will be taken care of.
- Medical insurance: Medical insurance is available for individuals and families as well. All the pre-hospitalization and post-hospitalization charges will be taken care of.
- Steady income after retirement: While a woman engages in any job or business, they have a regular flow of income, but what after her retirement? Pure pension plans cover your post-retirement expenses.
BEST INSURANCE PLANS FOR WOMEN IN INDIA:
- SBI LIFE SMART WOMEN ADVANTAGE PLAN: This insurance plan by SBI gives dual benefits for saving and protection for women. The insured can choose according to their convenience between different plans. The package is more useful for people who want a mixed insurance program that includes life protection, long-term savings, and health benefits.
- HDFC LIFE SMART WOMEN ULIP: This is a unit-linked insurance plan launched specifically for women. This insurance cum investment plan provides coverage for women against female-specific cancer and pregnancy complications. The risk associated with the unit-linked plan has to be bear by the policyholder.
- SHRIRAM NEW SHRIVIVAH PLAN: This is a typical saving plan insurance designed for women. The plan focuses on covering huge expenses related to marriage. This plan provides a lump sum amount in case of an unfortunate demise of earning members of the family. One of the best benefits that can be harvested from the plan is that apart from the regular income it also provides for double life insurance cover and maturity benefits.
- TATA AIG WELLSURANCE WOMEN PLAN: This policy provides cover for specific illness and regular benefits. This insurance also covers hospitalization expenses and children’s education expenses. In case of an unfortunate demise, the insurance covers all members of the family if women have any of the 11 illnesses provided by the insurance company.
- LIC JEEVAN BHARTI I-PLAN: Under this plan, the premium requires payment for the entire policy term for 15-20 years and 20% coverage of sum assured as survival benefit after every 5 years. On maturity of the policy, the maturity premium is paid back plus bonus.
SECURE YOUR FUTURE – OPT FOR AN INSURANCE
There are many more insurance plans for women which can reap huge benefits in the long run. The faster you buy a life insurance policy, the better. Health insurance premiums for women are significantly smaller than for men due to a higher life span and a greater average health benefit relative to men. If you buy a product when you’re young, it’s going to be cheaper than waiting when you’re in your 40’s or older.