The modern women are not merely confined to the four walls of their houses. They have been matching their male counterparts in every profession, be it sports, corporate, legal and even defence services. They are also spearheading their way into becoming the earning members of their family, especially where they are the single child, the elder child or a single mother. Therefore, it is quite natural that their life holds financial value to their family members, which is the primary reason why women should always opt for a life insurance policy.
However, the data available with most insurance companies shows a skewed ratio of insurance holder to be male. This indicates that there is a lack of awareness regarding the benefits of life insurance for women. Here are some crucial points that would further elucidate the matter:
- Life Protection
A woman can be a single mother, a daughter, a spouse, and can also be easily fit into many other roles depending on her choices. So, the life of such a woman who is out there to earn a living and take care of her family, either alone or complimenting her spouse, holds a great value both at an emotional as well as financial level. The emotional loss can never be taken care of, but a cushion for the financial front can be provided through a life insurance policy.
- Contemporary Savings Option
The empathy and high levels of emotional quotient bring the best out of women in all spheres of life. They have been the conventional saving experts of the family, investing in traditional options of bank term deposits. With financial independence and self-income, life insurance for women has become a favoured savings option. A woman who opts for a life cover, under any insurance product, assures the financial stability of the family – both present and long-term.
- Long Term Creation
Wealth creation is one such action that is gender-neutral and is essential for every person to cope up with the growing financial demands. These can include buying a property or starting a new business or even making an investment in different market instruments for a better ROI. Getting life insurance can serve your purpose as the proceeds upon maturity can be used to meet your future financial needs. When it comes to insurance products, there are different variety of options to choose from depending on your requirements.
- Retirement Goals
The growing purchasing power of individuals is only going to increase inflation. In these times, depending on only a single source of retirement funding can be challenging. Moreover, old age comes with a lot of costs like medical expenses, lifestyle adjustments, fewer food options so on and so forth. Therefore, getting life insurance for women with maturity benefits is essential for funding the retired life. It will help her in maintaining all the expenses without sacrificing some of their needs, thereby living a stress-free retirement.
- Leave a Legacy Behind
Woman have always lagged in terms of leaving behind a legacy, especially a financial legacy. In the present situation when even women can easily buy a life insurance policy, there is a chance that your children and grandchildren would cherish your valuable contribution to their lives both in terms of learning as well as inspiration.
- Homemakers Are Overlooked
Keeping the household women out of the insurance discussion would not be fair. The amount of unaccounted labour that they offer daily is unmatched. Many experts believe that such contributions need to be quantified and evaluated. Therefore it is essential to recognise homemakers as a financially valuable entity in the family. Loss of a homemaker would create a void in the family structure. The insurance companies have understood this aspect and accordingly formulated ways to include homemakers into the insurance net.
With more and more women stepping into the workforce and earning, the importance of life insurance for securing their family’s futures has grown exponentially. Women in India are known for being the drivers of household money management. However, with the growing financial liberation, women are steering towards insurance, primarily life insurance, as avenues of savings and investment. The introduction of women-centric insurance plans by insurance companies has further strengthened the life insurance segment for women in India. Browse the website to know more about Term Insurance and the various Term Plans offered by PNB MetLife.
The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.
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