The paradigm shift in women's role in society has brought with it some positive changes. The social set-up seems to have undergone substantial modifications, and a woman is not seen as someone responsible only for managing her home. She is a competent professional who is leaving her mark in just about every field. Be it medicine, law, armed forces, politics or even space; women are everywhere!
Despite these changes, certain roles still seem to be gender-specific. For example, when it comes to money matters, most women, including working women, depend on their fathers or brothers or husbands or sons. Despite being better managers, most women leave financial planning to men. This further pushes them away from being financially free and often leaves them highly underinsured.
As women are slowly yet steadily emerging as prominent contributors to family income, more and more households are paying attention to the risks in a woman’s life. It is becoming evident that insurance is as crucial for them as their male counterparts.
Here’s a quick look at how insurance is an important step toward your financial freedom:
1. Lets you secure your family’s finance
Life insurance plans act as a promising saving mechanism and encourage the habit of disciplined and long term savings. Building a corpus for long-term goals like children’s education or their wedding becomes easier.
2. Covers against illnesses
More prone to illnesses, women need wider insurance coverage. Buying a plan that covers critical illnesses can prove to be extremely helpful, keeping in mind the high-cost treatments.
3. Lets you save on taxes-
You are considered financially savvy when you save on taxes. The premium that you pay towards the life insurance plan helps you save under Section 80C of the Income Tax Act.
4. Lets you save all the more
Did you know insurance for women is much cheaper than it is for men? Women are believed to live longer and thus, enjoy discounted premiums.
5. Lets you leave a legacy
Leaving enough behind is a part of a woman’s thought process. A life insurance plan is a perfect way to accumulate for the next generation, especially if you are a single parent or the primary earner.
6. Lets you have a better future
Having a steady cash flow in your golden years will help you stay independent. Plans like HDFC Life Sampoorn Samridhi Plus offer life coverage along with a maturity benefit, giving you control of your finances.
While having an insurance cover is necessary, having optimal coverage is vital. Owing to the stressful lives, we lead and the dangers of viruses, adequate insurance is important. You need to consider your HLV, Human Life Value, when you plan your insurance. Chalking out your liabilities and catering to inflation are also key aspects of insurance. Do seek professional guidance from a financial expert.
