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Why Is It Important for Women to Buy Insurance Policy?


A woman plays a multi-dimensional role. And when it comes to managing the household chores and finances you cannot beat a woman. This is one of the key reasons that a woman is also referred to as the money manager of a house in the families of India.

On one hand, women believe in savings on the other hand only some women consider buying the insurance policy. Undoubtedly with the rise in expenses and increasing awareness through different changes, a significant change has surely been witnessed the way women today are choosing the insurance policy over any other investment instruments.

How Important is Women?

Gone are the days when women were only limited to doing household activities. Today the women have also actively participated in the workforce and have also become breadwinners of the family. Therefore, it becomes a dire need to secure their hard-earned income.

Now with the passage of time and changing patterns women are taking a step ahead and exploring different insurance policy and even other financial instruments as the mechanism of savings for a long-term perspective.

Not merely a working woman but even single woman whether divorced, widow or unmarried but even homemakers need to be insured simply to ensure independence in terms of finances at different stages of life with choosing the right insurance policy.

Why Life Insurance Policy for Women?

It is time that women are educated in regards to buying the life insurance policy. There are certain benefits of buying such a plan and it can serve them in different ways.

Although there has been very little effort from the insurance providers to create awareness in regards to buying the life insurance policy.  Now let us take a brief understanding of the key aspects of the life insurance policy listed below:

  • The Tool of Financial Security: The life insurance plan is helpful in the times when the breadwinner of the family is no more and acts as a tool of financial security. A general notion is that mostly the male members are the prime bread earner, however, we underestimate that women live longer when compared to men. Therefore, systematic planning of finances is important for women and they should buy a life insurance policy. Moreover, an endowment plan that matures at 60 years of age or beyond is an ideal savings instrument for women.
  • No Social Security Cover: It is still prevalent at certain point in time that women buy insurance policy when their life is at high risk on the premise of the occupational hazards. In India, as such there is no system to support an orphan child that is who has lost a mother or both the parents. In such a scenario, having a life insurance policy is of much help and relief. When the housewife buys an insurance policy, the premium goes out from the husband’s income that is entitled to tax relief within Section 80C. And if the woman is earning she is also entitled to tax relief. The complete proceeds of a life insurance policy within maturity and the death claims remain tax-free. Therefore, this is one plan of investment that has the minimum tax implications and the insured is not required to take any services or help from any consultants.
  • Timely Premium Payment: When it comes to life insurance plan, it doesn’t require constant monitoring except that the life insurance premium needs to be paid either before or on the due date or under the grace period. Moreover, it is also free from any complications such as evaluating the funds’ performance and switching of the funds from a certain category to another. The conditions of the plan are such that the discontinuation is highly discouraged and the plan keeps earning for itself with the mode of bonus accruals. In case the maturity is planned at the maximum age beyond sixty years then the woman can look further to the large lump sum amount that she can collect and not face any hassles from the insurance provider upon the maturity of the plan and invest the equivalent for buying the annuity plan for herself. The portion of the entire sum can be used by her for any immediate necessities if any. Some of the insurance companies might charge a low premium from the women as they have better longevity when compared to men.

Wrapping it Up

A woman will surely want to leave sufficient money for the dependents of the family. There is a possibility that some of the women might also want to donate a certain amount to various charitable organizations. Going forward with a life insurance policy is an ideal way to do so.

With passing time, it is recommended to re-evaluate insurance policy requirements. Buy the best life insurance policy and be assured that the financial future of the family is secured even in case of any adversity.

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