Women often depend upon the male parties of their households whether it's their father, husband, uncle, etc to take financial decisions or even to buy life insurance. This is the biggest fault of our Indian society; rather than this woman must walk freely with her head held high and look after all her financial decisions from buying insurance to deciding on any other kind of investment.
Once women understand how beneficial it is, there is no going back and forth or juggling around the corners. The right education can let her lead the right path freely all alone. Her man's support will potentially play a major role in bringing forth such a change.
The article below is intended to make you aware of all the important life insurance management for women.
Statistics -
A survey conducted by Max Life Insurance states that in metropolitan cities, almost 19% of women have the term life insurance policies on their name and men have 22% of it.
As per one of the studies, ILO - International Labour Organisation, in the year 2017 to 2018, in total 28.7 million insurance policies were administered. Out of this number, only 9 million policies were seen under the name of women.
A survey conducted by IRDA - Insurance Regulatory and Development Authority of India stated that almost 32% of life insurances were purchased by Indian women in the time interval 2017 to 2018.
Why do women need life insurance?
Women need to take precautions beforehand to tackle any life disaster. Life insurance secures her family members even after the death of a family member. We live in a world where we are moving head to head and toe to toe with men. We need to ensure that women are equally taking in all the responsibilities as taken up by the men for healthy support to the family line ahead. You should read the entire policies, terms & conditions written in the life insurance documents. Don't just go for the life insurance partly benefits where you are buying only a part of life insurance meant for saving up on your taxes paid yearly. More than anything, women need to be well educated concerning life insurance benefits and the written policies such that even if any wrong thing happens like the death of a husband, she will have enough knowledge and strength to overcome this phase.
Best Life Insurance for Females
We have compiled the best life insurances meant for females -
SBI - Shubh Nivesh Plan
Brought by SBI, this product is extremely powerful and unique in its way. It provides the endowment benefits as well as the live coverage benefits. In addition to this, it also provides the never heard before advantages in this policy that includes benefits related to disability and death happening due to accidents.
AEGON Life iTerm Plan
The insurance plan is extremely cheap for women. It allows you to pay either through regular pay or single payment options. It has the flexibility to be purchased online itself. It helps you to avail yourself of the tax benefits and four other benefits too without taking into account the maturity benefits.
HDFC SL Crest Plan
The entry age to avail of the benefits of this plan is between 14 to 55 years. It is a 10-year investment plan. The above investment plan covers the tax benefits. Apart from this, it provides you with returns that are 10 to 20 times the premium amount.
SBI Life eShield Plan
The policy term for this plan ranges from almost 5 years to 30 years. The insurer gets around INR 20 lakh as the minimum amount after the consummation of the maturity period. The maximum amount that the insurer can receive is skyrocketing without any limits. The age to enter this plan is between 18 to 65 years.
Max Life Online Term Plan
It is a good plan for women purchasers. The plan offers an assured sum of INR 25 lakhs to somewhere 100 crores based on various parameters. The policy term interval is between 10 years to 40 years.
LIC Jeevan Saral Plan
As the name tagline says, it does make your life 'Saral/easy.' The minimum amount that an insurer receives as a part of their investment is around 250 times the monthly premiums. The policy term for this plan is for 10 years to 35 years.
LIC New Endowment Plan
It has recently come into the picture. The age to purchase these plans and avail of their benefits are between 8 years to 50 years. The minimum amount that the insurer can expect out of this plan starts from INR 1 lakh and this amount can go up to infinity with no limitations or brackets. The policy term years are between 12 years to 35 years. This endowment plan is a non-linked plan to date.
Birla sun life BSLI Protect
Being one of the most purchased policies, it has got the most acceptance today especially among the women purchasers. It provides the insurer the minimum maturity of around INR 30 lakhs amount. The term period to avail this amount should be somewhere between 5 to 40 years.
Key Takeaways
Women regardless of being married or unmarried, whether having the support of a man or not, should go ahead wisely with making all their financial decisions on their own. She should educate herself enough to a level where she isn't required to look back to a man to help her take her financial decisions. Despite this, her life shouldn't be solely based on life insurance, she must invest in other areas of life too for a secure and better future for her family. Make sure that you are doing enough exploration on the life insurance company from where you are going to buy it, take counseling if needed. It will reduce the risks of any fraudulent activities and help you understand where you can get the maximum return on investments.
References
https://www.google.com/amp/s/www.naaree.com/life-insurance-plans-india/amp/