Life Insurance for Women
Traditionally, women have always been financially conservative, as compared to their male counterpart. When it comes to finances, most women are more likely to think long-term and worry about saving money for their future needs. This, to a large extent, has extended to their discerning attitude towards life insurance as well.
Right from managing the day-to-day finances to keeping the family’s future financially secure, as a woman, you have to consider it all. That is why you would be pleased to discover that a life insurance policy will help you fund your day-to-day expenses, and perhaps provide you with some extra money to spend on your grandchildren as well.
Need for life insurance -
Peace of mind: The biggest priority for most women is the security of their family, both physically and financially. Besides financially securing the future of the family, the right life insurance policy serves as a safety net for children, parents who need caretaking, or other dependents.
Cost effective: For those with a conservative outlook, buying life insurance early on will go a long way in saving their income and securing a substantial coverage, while one is still in good health. It’s a safety net against unfortunate eventualities such as death, permanent disability, financial emergency, or sudden loss of income. It also helps build a corpus for retirement or life’s milestones like child’s education and marriage.
Long-term wealth creation: One can take life insurance policies and plan their maturity to help fulfill specific goals. Savings-oriented policies, in addition to the primary benefit of protection also provide an avenue for wealth creation, healthy returns and tax benefits*.
Retirement: It has been scientifically proven that women live longer than men. This means that saving for retirement is even more vital especially since aging is accompanied with mounting medical expenses. For this, you need to not only look into a suitable retirement policy but also a health cover that will secure you financially in your later years where your income may be lower.
Legacy: As many women control the day-to-day finances of their family, it is vital that they take into account unexpected eventualities. Whole life insurance plans are an ideal mode of wealth accumulation for not only the next generation but also for the one after that. Since the term extends up to an age of 100 years, you could leave your estate and assets to your children and make sure your grandchildren receive the Sum Assured from your whole life cover. Therefore, if there’s a cause that you’re passionate about or a beneficiary even if they’re not dependent on you now, purchasing a life insurance policy helps.
Single women: Often, women, like men, with no dependents think that it’s pointless to buy life insurance. What is disregarded is that life insurance can provide funds to pay off certain loans, debts and taxes, which might otherwise become a liability for family members. Hence it is prudent to take insurance plans now, since premiums increase with age and deteriorating health.
Working women: Increasingly, more and more families are running on two incomes. Hence, a working woman’s income can have a significant impact on the quality of her family’s lifestyle. It is important that the lives of both the husband and the wife are insured; whether it’s to avoid their families’ future being derailed in case of premature death or disability, or to ensure quality education for their kids. Life insurance protects your family by providing financial support to meet everyday expenses, handle contingencies and cater to essential overheads.
In addition, for women who run their own businesses or hold important positions in private businesses, a keyman insurance plan would ensure minimal financial disruption to the business even in their absence.
Single mothers: As a mother, you are responsible for your child. Life insurance offers a steady income to cover existing and future expenses of the child.
Select a policy that takes into account your specific requirements, be it age, debt, children, their age, overall health and the amount of money the family will need to survive. Depending on the amount, objectives and risk appetite, one could select from traditional products, unit-linked insurance products or term plans.
Always re-evaluate your policy requirement at different life stages. Life insurance is an attractive and important tool, for every woman, or man, that helps address major expenditures during your lifetime. It’s important you start now, not only for peace of mind, but because premiums are lower if you start early and you can be assured of your family’s dream and financial security, in case of any eventuality.
Choose from a variety of life insurance plans to meet your insurance needs and requirements like Protection, Savings & Investment, Health, Children and Pension Plans.
These plans are available on HDFC Bank NetBanking (Life Insurance section), HDFC Bank website (Life Insurance section) or you can contact your nearest HDFC Bank branch.
*Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.