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2 mins Read | 5 Years Ago

Women Should Go for a Term Insurance Plan. Know Why

Women Should Go for a Term Insurance Plan. Know Why?

Women now make up for a significant portion of the total workforce in India, and the numbers continue to rise. This makes term insurance a necessity for women too. Read this post to know five reasons why term insurance is a must for every woman.

Gone are the days when only the men were considered as the breadwinners of the family. An increasing number of women now work and significantly contribute to household expenses. This makes financial protection a must for women too. One of the best ways to provide financial protection to the family even when you are not around anymore, is through a term insurance plan for women. Here are some reasons why every woman, including homemakers should consider this policy:

Enhanced Financial Security for the Family

The growing trend of nuclear families means that most of the families now comprise of a husband, wife and their children with both the parents working. In case of your sudden demise, the financial responsibilities of your husband would rise significantly. With term insurance plans for working women, your family can receive the insurance coverage which can be used by your husband to manage the added responsibilities. This will ensure that your husband receives the much-needed financial support even in your absence.

Financial Security of Kids

While you and your partner might already have plans for your child’s future and have started saving for the same, things can get very challenging for your husband once you are no more. Term insurance plans now come with multiple payout options such as lump sum, income, increasing income and lump sum plus income to help you make sure that all your dreams with regards to your child’s future are fulfilled even after your demise.

Help with Repaying Loans

Many of the couples now go for joint loans as it helps them improve their loan eligibility. If you have taken one such loan along with your husband, he will be alone responsible for repaying the same after your demise. But with the help of a term plan for women, you can make sure that you are still able to contribute to loan repayments even when you are no more. This can be very helpful in case of Home Loans or Car Loans where the loan provider has the right to take possession of the purchase in case of defaults.

Protection Against Critical Illnesses

Even if you are a homemaker, a term plan is still essential for you. Homemakers who do not earn can also purchase term insurance for all the benefits listed in this post. Moreover, one significant advantage of such policies is the protection against critical illnesses. Some of the top insurance providers now offer this facility at an additional premium. With this feature, the insurance provider will pay a lump sum payment to the policyholder in case she is diagnosed with conditions such as cancer or heart attack. Irrespective of whether you are a housewife or working women, this benefit can protect your family from high medical expenses that such critical illnesses generally come with.

Disability Support

No matter if you are a housewife who spends most of her day at home or a working woman who successfully manages the home as well as work, accidents can occur anywhere and anytime. Many such accidents could also result in permanent and total disability. Some of the woman insurance plans now pay the insurance premiums on your behalf if you suffer from such an impairment. This will ensure that you continue receiving the benefits of the policy without paying the premiums.

Women and Term Insurance Plan

As you can see, several reasons make term insurance a must for women too. With more and more women now working, having a term insurance plan is one of the most affordable ways to offer financial security to the family in case of your demise. Even for homemakers, the plans come with many benefits.

Understand the benefits in detail or get in touch with a top insurance provider to know more and get yourself a plan with maximum benefits.

 

 

DISCLAIMER

The contents of this document are meant merely for information purposes. The information contained herein is subject to updation, completion, revision, verification and amendment and the same may change materially. The information provided herein is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would (by reason of that person‘s nationality, residence or otherwise) be contrary to law or regulation or would subject lClCl Bank or its affiliates to any licensing or registration requirements. This document is not an offer, invitation or solicitation of any kind to buy or sell any security and is not intended to create any rights or obligations. Nothing in this document is intended to constitute legal, tax, securities or investment advice, or opinion regarding the appropriateness of any investment, or a solicitation for any product or service. Please obtain professional legal, tax and other investment advice before making any investment. Any investment decisions that may be made by you shall be at your sole discretion, independent analysis and at your own evaluation of the risks involved. The use of any information set out in this document is entirely at the recipient's own risk. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith by lClCl Bank and from sources deemed reliable. There can be no assurance that such projections will prove to be accurate. lClCl Bank does not accept any responsibility for any errors whether caused by negligence or otherwise or for any loss or damage incurred by anyone in reliance on anything set out in this document. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith and sources considered reliable by lClCl Bank. In preparing this document we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us or which was otherwise reviewed by us. Past performance cannot be a guide to future performance. 'lClCl ' and the 'I-man' logo are the trademarks and property of lCICl Bank. Misuse of any intellectual property, or any other content displayed herein is strictly prohibited.

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