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Importance of Life Insurance in Women's Lives

Published On Apr 26, 2021, Updated On Apr 26, 2021

Women have historically been a crucial factor in the management of family finances.  To enable women to understand their short- and long-term financial needs, a solid financial plan is required. Since the culture of India has traditionally made financial planning a gender task, we need to concentrate on making women understand the significance of life insurance.

Importance of Life Insurance in Women’s Lives

The significance of women's life insurance is one that should not be disregarded. With the rapidly changing structure of society, there is a necessity to better protect their financial assets and formulate a customised financial plan to suit the needs of a woman. Here are some of the factors that emphasize the need and significance of women's life insurance:

1. Financial Independence

A life insurance policy, whether a long-term life milestone or coverage for your children or ensuring your family remains independent financially, is a smart way to plan for future expenses. Endowment life insurance policies are a perfect way to save up for those purposes. Even though women may not be contributing to the income of the family, life insurance for women provides them with a sense of financial freedom.

You may also like to read:- Why Should Women Purchase Life Insurance?

2. Smart Savings

If you are a working woman, it is essential to make sure that your family retains its dual/double income well after the death of you and/or your partner. A life insurance policy is a way to guarantee that women continue to contribute equally to their family's well-being well in the future.

3. Tax Benefits

Life insurance plans encourage women to save on premiums to guarantee their loved ones a financial cushion. The Indian government has also made it possible for individuals to save on tax on the maturity benefit of certain plans.

4. Coverage of Life Risks

Life insurance plans provide a way to prepare for the present for future expenditures. The purpose of life insurance for women insurance lies in providing their families with much-required financial protection. Medical emergencies may prove to be a tremendous strain on the income of a family, so investing in a special and related life insurance policy that addresses critical disease planning is important. Women need not have to withdraw their bank savings/FDs in case of an accident that needs costly care and can safeguard their family from the hardship of expensive health care.

5. Legacy

To guarantee a proper future, a life insurance policy offers your children the money they need. The sum assured from the policy will go a long way towards higher/future education, purchasing/constructing a home, or making their own investments, regardless of what stage they are at in their lives.

6. Retirement

Scientifically, it has been established that women live longer than men. This implies that retirement savings are more important, particularly because aging is followed by increased medical expenses. Women must not only look at an acceptable retirement policy for this but also a health cover that would financially protect them in their later years, where their income could be smaller.

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Bottom Line

A significant type of financial security, often more so for women, is investing in life insurance. A life insurance plan will be a financial safety net for unanticipated exigencies for homemakers, working women, or stay-at-home mothers.

Also Read:- Retirement Planning Guide For Working Women

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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