Women Health Insurance, Women Life Insurance
Working women or house wife or an Independent women should know that insurance is not only for men. Urban women are no longer the ‘weaker’; they are both strong and liberated. Their confidence and assertiveness are taking them places and letting them enjoy all the independence, and self-assurance. Gone are the days when women depended on their husbands and fathers for their decisions – life and financial.
But let us all agree that the journey of getting to this stage of freedom has been no less than a challenge. Nor would the road ahead be. Independent women are not just custodians of their own success but they offer a shield to their family and dependants as well. Which is why they have to be physically and mentally strong in all situations.
When you are ensuring the right balance of savings and investments, and supporting your family with a second income, you should also be able to extend this personal and financial support even when you’re not around. Building your dream life can be tough, protecting it should not be. A comprehensive life insurance cover can really help you in taking better care of your own self and giving financial protection to your loved ones in consort with meeting your financial goals in life.
Additionally, with the increasing incidences of critical illnesses like breast cancer in India, a term life plan along with a critical illness cover is something every woman should consider indispensable to their financial planning.
Benefits of a term insurance are inestimable; some of which are:
If you are a woman of 30 years of age, who wishes to opt for a life cover of Rs 1.1 crore, at a policy term of 45 years, all you have to invest is Rs. 482 per month!* Yes, just that much! It is surprising how some brands provide complete protection to you and your family at such low premiums. You may choose life cover and desired term as per your financial needs.
One must buy a term insurance as early as possible – which is right now. Doing this ensures that you are covered for as long as till the age of 75. But what’s the benefit of a term insurance if you don’t get anything out of it during your lifetime, you ask? Well, term plans offer maximum cover to protect your family after your death in comparison to other insurance policies so that your loved ones do not have to go through a financial crunch after you are gone.
Choice of payout
Now you may worry that the insurance claim may be exhausted fast by your family. The good news is that most trusted insurance brands give you the freedom to choose how your insurance proceeds will be dispersed to your family. You could choose from four flexible payout options –
a. Lumpsum; it is the most preferred option online
b. Monthly Income; it is the most economical option
c. Increasing Income; it gives 45% more life cover
d. Lumpsum plus income
Regardless of what you choose, your beneficiary will also have the option to convert all or some of his monthly income into a lump sum, at any time.
Cover against major critical illnesses like heart diseases and cancer
Whenever you buy a term insurance, make sure you buy a critical illness cover with it. Pay attention to what this benefit offers – it should on diagnosis, the payment should be in full and not only against a bill, and it should cover a number of illnesses under it. Women should look for an option to cover critical illnesses like breast cancer and cervical cancer.
Flexibility to increase life cover at different life stages
Of course, life changes and so do your financial goals. You might be an independent girl right now who has bought a term insurance as per your current goals but soon you may choose to get married and have kids. Such big occasions alter your finances and your life cover. Some popular insurance companies give you the freedom to adapt your insurance plan according to the different life stages.
Claim settlement ratio
If you’ve heard nasty things about claim settlement, do your research and buy an insurance policy from a brand that is fair and believes in its customers’ interest. Brands like ICICI Prudential have a claim settlement ratio of 96.68% that is amongst the highest in the market. This will ensure that your loved ones will get what’s there’s for sure.
Accidental death benefit
It is not an easy task to think about death but the thought of what will happen to your loved ones after you are gone gives you the strength to plan for such tough times. A term insurance makes sure that in case of your demise due to an accident, your nominee will be paid an extra amount. This accidental cover can be opted for during or even after the policy purchase.
So, if you are a woman who is the only earning member of her family or have someone depending on you for financial support, then a term plan is something you shouldn’t ignore. The above-mentioned term insurance benefits make it clear that every working woman must know consider buying a term plan for herself.