In India, life insurance is traditionally sold as a policy for the principal earning member of the family—men. However, things have changed now, and many women work to earn a living. In some cases, they are even the only earning member of the family.

Earlier, financial awareness of women was low, and they relied on their fathers, brothers, husbands and sons for financial decisions. Sometimes, they simply sign the life insurance papers without understanding the implications. But that too is changing now.

Continue reading to understand “why insurance is important for women?” and “what are the options available?”.

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.
  • Women Need Insurance to Withstand Unforeseen Financial Emergencies - Life is uncertain. Thus, it is best to be prepared for any unforeseen uncertainties. Thus the need to consider financial emergencies coming anytime is important. Saving in life insurance policies can help them build a corpus to withstand any financial emergencies.
  • Women Need Insurance to Take Care of Their Medical Expenses - Investment should be made in policies that cover critical illnesses like cancer, heart attack. This will help treat an illness that might require huge expenditure.

    Women can consider choosing the that covers 59 critical illnesses. The health insurance plan provides a fixed financial benefit that will help you cover medical costs, especially in case of critical illness which require a long term treatment, cost of second opinions, post treatment nursing and above all a loss of income during the affected period.

Conclusion

The penetration of life insurance and medical insurance among the female population is increasing, but it is still far less than that of men. With the rising women workforce and the family’s dependence on a women’s salary, the insurance companies have a lot of work to do to promote women-specific insurance before they can take rest. For more information on insurance, visit Future Generali India Life Insurance.

The payout from these policies make her financially independent