Women have been excelling in almost all walks of life and are gaining financial independence and freedom. With increasing, opportunities and great earnings women have also started to become the breadwinner of the family as well. While excelling in their career they are also raising the living standard of the family by sharing the expenses, loans, and children’s education as well. Apart from managing the work outside they are equaling managing the house responsibilities. Given the fact that women are supporting and contributing in so many invaluable ways, thus it’s important that it is protected. And God forbid but if anything, untoward happens life insurance is one such key financial instrument that will protect your family’s financial security and children’s future. The total women population in India comprises roughly 49% and their contribution to the economic activity of the country is significant and is increasing every year. As per the report, women bought 92.16 lakh life policies during 2019-2020 against 103 lakhs in 2018-2019, logging a fall of 11.76%. While there is a disparity in the number of life insurance policies bought by men and women every year, there are strong reasons that indicate why life insurance policy for women is important.
Buying life insurance is extremely important and is your contribution towards securing your loved one’s future in a systematic manner.
Here are 8 reasons why life insurance policy for women is important
1. Increased earning- Men are still considered to be the primary breadwinner of the family. However, as per the 2017 data, 28% of women in heterosexual relationships are the primary breadwinner of the household, a number that has been steadily climbing. And that’s what makes it all the more important for women to buy life insurance policies. Even if the woman is not the primary breadwinner but her supplementary income is important and requires protection so that in case of death it doesn’t cause any financial strain on the family.
2. Invaluable contribution of stay-at-home women- There are many women who choose to stay at home for childcare instead of pursuing a full-fledged career. And if a stay-at-home mother passes away unexpectedly the spouse should be able to manage the childcare expenses. Also, in many cases, women tend to return to work when their children are older, and buying an insurance policy at later stages of life is expensive in comparison to young age. So, it’s ideal to invest in a life insurance policy for women.
3. Women live longer- It is proven scientifically that women live at least 6-7 years more than men so they have to plan their life for a long period of time. Thus, it’s imperative that women buy a policy for a longer period of time so that it covers them well and also helps in building cash value that can be used during a lifetime to supplement retirement income.
4. Lower premium amounts- The life expectancy of women is more than men and the prices of life insurance policies are mainly dependent on the mortality risk. Since the mortality risk of females is lower in comparison to their counterparts, they have to pay a lesser premium for their life insurance plans.
5. Helps in building wealth- Women are mostly known to plan finances and save meticulously. Thus, life insurance is a great option to build your wealth and savings while also be able to generate better returns along with a life cover.
6. Retirement income- Apart from giving safety and security to your loved ones, life insurance plans also help you plan post-retirement income. Plans like ULIPS and other plans also help accumulate wealth and have a regular flow of income post-retirement.
7. Protection against critical illness– Life is unpredictable and we all are at risk of crucial medical conditions. However, women especially are at the risk of certain types of cancers that may require a substantial amount of money which can cause a financial burden on the entire family. And in such a situation, a life insurance cover with critical illness cover comes in handy and helps you tide through the expenses as well.
8. Tax benefits- A life insurance plan has many benefits and while covering for your life and family such policies also help in saving taxes as per the provisions available and as per the tax slabs one falls into.
While these are some of the major benefits of having a life insurance policy for women, depending on your needs and goals there are various options available and you can check out some of the great women insurance plans offered by HDFCLife. They have various women-specific policies like Click 2 Invest, click 2 protect life, and cancer care.
Reasons you should invest early for your child’s education
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Thats a wonderful way of looking at insurance policy for women. And the reasons that you mentioned are very thoughtful and practical. Usually women don’t think about these reasons.
I had heard a lot about HDFC life insurance policy before and in fact, my brother has one from them already. will check out their special policy for women . sounds promising to me. thanks a lot dear for sharing this useful information with us.
Such an informative post on insurance and its value. I must say you have shared a detailed blog on women insurance here and one should read the pointers to implement too.
As rightly pointed out in this blog, It’s very important that women should also take life insurance policies in order to keep the future of their loved ones secured.
Life Insurance Policy is a must for both men and women. It is not only a risk-coverage instrument but also a financial investment with long-term benefits, which will be really helpful. Sandy N Vyjay
Women often neglect this area, and let only males in the family to take the financial planning shots. It is very necessary to have life insurance for women as well as all members in the family. Like the way you explained Rakhi.
I am old school and always root for life insurance. Irrespective of gender, this form of investment has never failed.
Life Insurance for Women acts as a much-needed protection and financial security in future. And the reasons that you mentioned are very thoughtful and practical.
These are some valid points, life insurance is must for women. It also helps in managing taxes, gonna check out HDFC plans
You’ve simplified the reasons so well, Rakhi. I hope that your detailed and informative post makes it easy for women to understand how important it is for them to get a life insurance policy.
Insurance is extremely important and I am so glad you have shared the correct reasons that why every woman should have this. Very informative post.
I agree with your points, me and hubby both has taken life insurance. I think everyone must have it. make your life easy, sustain and stable
Insurance policies are a great investment option and as your rightly pointed out, are an invaluable asset for stay at home women. Hope this encourages more women to get one.
It is such an informative post about the importance of life insurance. I have often seem people being more worried about having a life insurance for the men of the house while they do not really understand the benefits of it for women.
This is a very informative post, heard a lot about insurance. But for women insurance this I need to check with HDFC. Thanks for sharing dear
Very informative and educational post. Am glad that I did my insurance before marriage. All the points u have mentioned are true and should be considered by women as it is indeed very important to have an insurance.
I think life insurance policies are very important for everyone. It is something that gives us peace and an assurance in life.
These are powerful reasons that you have highlighted why Life Insurance is important for women. It is an investment and financial instrument that is necessary for the long term and also to cover financial risks.
Yes insurance policy is very imp for men n women both. I started my policy from my 1st salary n till date its on n I knw for sure that after few years my family n I will benefit well from it.
Life insurance policies seems like a must have to provide the financial freedom in future. HDFC life insurance policy sounds intriguing would check out
What a great piece of information. Every woman should buy life insurance I believe. Protecting your family’s financial security and children’s future is absolutely critical and life insurance gives you that protection.
HDFC does have some great schemes and insurances. Will check out more about their special.services for women.
Such an insightful post this is rakhi. Indeed a mystery for every woman. Thanks for listing out these pointers
Life insurance is so damn important irrespective of our genders! And yeah, being a woman, I really encourage all to get one.
We usually ignore things when it comes to females. Your post is an eye opener to such beliefs.
This is such an informative post. I would like to get myself an insurance policy after reading this.