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Women-Specific Life Insurance
Life insurance in India is a growing business that fulfils the needs and aspirations of millions of families. Nevertheless, even now, women make up a tiny portion of the total insured people in the country, only about 32 per cent of the total insured public1.
This is because of the following reasons:
- The financial awareness of women is low, and they do not take much interest in discussing it with family members. They trust their family members and agree to it.
- Women in the same post as men earn lower salaries despite having the same qualifications and skills.
- Women have specific health problems, visit the doctor more often, live longer and have babies.
- They have issues like arthritis and osteoporosis, which are not covered by insurance.
But Women Need Insurance. Here’s Why?
- Women Need Insurance to Attain Financial Independence– Life insurance policies like money-back, ULIPs are needed for women even if she is not the principal breadwinner in the family. A life insurance plan with guaranteed payouts will make her financially independent. This will boost her self-confidence and also decrease her dependence on others for expenses.
- Women Need Insurance to Build a Financial Safety Net for Her Loved Ones– Term life insurance policies provide high-risk cover at a low premium. This is useful for single women on whom the entire family is financially dependent. In the case of an unfortunate event of her demise can wreak havoc in her family. The death benefit will help the family tide over the financial crisis.
- Women Need Insurance to Save for Specific Goals – Women can support their husband by saving money for their child’s future in various child plans or any specific-goal related savings through investing in various life insurance instruments.
- Women Need Insurance to Live a Worry-Free Retirement – In retirement, the regular source of income through job/work stops. At such times, savings made in retirement plans provide regular post-retirement income. In this way, women can survive on their own without being financially dependent on anyone.