5 Reasons Why Women Should Get Life Insurance

Women wear many hats, play many roles, some of which include providing for their family. In the current situation, most women are the sole breadwinners of a family. In such a scenario, it pays to think twice about how little control we have over the events of our lives, namely birth and death.

In the unfortunate event of a disability, lay-off or demise of a loved one, especially a breadwinner of the family, the dependents are left to fend for themselves. Which is why, it is important to make prior arrangements that will help your dependents financially even in your absence. Fortunately, in India, we have excellent insurance plans that are designed specifically to meet the financial needs of women.

Why should women get life insurance?

Purchasing a life insurance plan can be beneficial to you and your family in many ways. The following are the reasons why women should get life insurance:

• Longer average lifespan: The average lifespan of women is longer than men. Therefore, insurance companies offer better life cover for women at a nominal cost.
• Discounts: Some insurance providers offer special discounts for women policyholders of certain age and to those in good health.
• Breadwinners: Whether you are a career woman or a part-time worker, it helps to have a comprehensive life insurance cover that offers savings in addition to life cover. In the unfortunate event of the demise or disability of the life insured, the family will be provided death benefit to help them through the monetary loss.
• Exclusive insurance plans for women: Insurance providers are now offering plans that are specifically designed to meet the needs of women. Choose a plan that offers maturity benefit and critical illness rider in addition to life cover and savings. Some plans offer cover for pregnancy and childbirth related complications.
• Monthly income: Few life insurance cum investment plans offer monthly income to the dependents in the unfortunate event of the demise of the life insured to meet financial contingencies. Some plans offer regular cash payouts and allow partial withdrawals to enable policyholders to meet urgent financial requirements.

Top life insurance plans for women in India

Some of the top life insurance plans provided for women in India includes:

• SBI Life Smart Women Advantage Plan: This a traditional endowment plan, offering life cover, savings, and critical illness benefit to women. With this comprehensive insurance plan, designed exclusively for women, policyholders have the optional benefit of receiving cover for pregnancy and childbirth related complications.
• Shriram New Shri Vivah Plan: Wedding is an important part of one’s life. Shriram Life Insurance offers an excellent life insurance plan to loved ones embarking on a marital journey. This is an affordable insurance policy, offering double life insurance cover, monthly income in the unfortunate event of the demise of a loved one, maturity benefit, and bonuses.
• HDFC Life Smart Women Plan:  This a life insurance cum investment plan, designed to cater to specific events in a woman's life such as career, marriage, and health. It allows partial withdrawals and additional cash payouts to help with urgent financial requirements.
• LIC Jeevan Bharati-I Plan: This life insurance plan is offered by Life Insurance Corporation of India exclusively to women. The plan comes with the option to add 3 different riders for enhanced protection such as the Accident Benefit Rider, Congenital Disability Benefit Rider, and Critical Illness Benefit Rider.
• TATA AIG Wellsurance Women Plan: With this health insurance plan for women, policyholders can get a fixed lump sum benefit for 11 critical illnesses, daily hospital cash benefit, convalescence benefit, and cosmetic reconstruction surgery benefit for accidental injuries.

When choosing a life insurance plan, it is advisable to do sufficient research and purchase the insurance plan one that best suits your insurance needs. Most insurance companies have made it easy for customers by arranging for a personal insurance advisor to guide them with the selection process.