Imagine your family being financially secure even if you are not around. Thanks to term life insurance, your family can be taken care of when you are not around. Insurance becomes increasingly important as more and more women enter the profession and support their families financially.
Term insurance is really important for today’s women who want to be resilient to life’s unexpected turns. At present times, the rising independence of women in financial matters is still not the best. Many Indian women lack the most needed insurance or are ignorant of the advantages of insurance.
Through this blog, we will take a look at the special benefits that term insurance offers to women and explore some tips on finding the right plan.
Understanding Term Insurance for Women
Term insurance provides life coverage to an individual’s family. It is designed for a specific period or policy term if an unfortunate event like demise happens. Every woman, be it a working professional or a homemaker, should get term insurance to secure her loved ones.
Additionally, women can opt for coverage with riders that provide security towards some critical illnesses like breast cancer or cervical cancer.
Reasons Women Should Get Term Insurance
Here are some of the benefits of term insurance for women:
- In case any unforeseen event occurs, a term insurance plan offers financial assurance to the immediate family members. This ensures that they manage their monthly expenses, replay any loan amounts or anything that needs financial assistance, and plan their future without any stress.
- Term insurance plans have lower premiums for women, making it a cost-effective choice for them. Moreover, one gets even lower premiums if opted to purchase a term plan in the early 20s.
- Some term plans also come with optional riders for medical conditions or serious illness. Insurance supports an individual in times of health emergencies, covering hospital bills and post-recovery expenses.
- Premiums paid for the insurance fall under Section 80C, and additional death benefits paid to the nominee are tax-free under Section 10(10D). A sense of support to the family is assured since the nominee gets a tax-free death benefit.
- There’s an option to personalise your plan with add-ons like accidental death or income replacement needs. You can change their term insurance plan according to your lifestyle and personal goals for future savings.
How to Select the Right Term Insurance Plans for Women
Once you understand the importance of having insurance, the next step is to find the right plan. Here are some tips to understand the same:
- The initial step is to assess your family’s requirements in terms of expenses. Give yourself enough time to understand your family’s maintenance needs so you can calculate the coverage requirements.
- A policy term should be selected based on your financial goals and objectives. For instance, if you have young kids, then consider getting a plan that has a longer term.
- Make sure to explore your options before deciding on the policy. Insurers like Axis Max Life Insurance have term insurance plans that offer maximum value at affordable cost.
- For a bit more assurance, consider opting for features like critical illness coverage, accidental death benefits, or waiver of premium.
- To have a smooth claim process for your insurance plan, look for leading insurers with a high claim settlement ratio.
- One of the critical steps when selecting a policy is to read its terms and conditions thoroughly. It helps you set clear expectations and not fall for anything misleading.
- Choose a plan that offers an increasing coverage option to keep up with your changing financial needs or an inflated market.
- While searching for an insurer, check their ratings and reviews online. You should also look for recommendations.
- Lastly, it is advisable to consult a financial expert. They will suggest plans as per your needs and goals.
Conclusion
It is impossible to overstate how critical insurance is, and it becomes even more crucial for women. It is crucial that women understand how critical it is to insure themselves, and that men encourage the women in their lives to do the same. Understand your financial goals, explore plans, find the right insurer and add critical features to your coverage. Getting term insurance is a critical step for women towards financial independence.