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Here’s Why It’s (Super) Smart for Women to Invest in Term Insurance

Insurance for women

In today’s day and age, the four walls of the house cannot decide the limits of women.  Women are strong and independent today, competing with men in every aspect of life. Thus, it becomes imperative that women should take steps to secure themselves against life’s uncertainties, physically, emotionally, and financially.       

Purchasing an online term insurance plan is the first step that women should take to achieve financial security. In many Indian households, women share their family’s responsibilities and weigh-in financially to help with the lifestyle expenses of the home.  

Thus, in the absence of their income, their family may have to face a significant financial downturn. In short, it is highly recommendable that working women should secure their life’s value with online term insurance. 

Online term plans from reputable insurers such as Max Life Insurance not only help support the insured women but also act as a financial safety net to their children and other dependents.  In case, the insured woman is the sole earner of the family; these plans can be a blessing. 36

Stay-At-Home Moms Need Protection Too 

The loss of a family member, especially the homemaker, is irreplaceable. Whether a woman chooses to pursue a professional career or prefer their family over career, they deserve to have some form of financial security, and so do you. 

Stay-at-home mothers have a lot riding on them – they take care of multiple jobs such as laundry, cleaning, cooking, and childcare. In their absence, had there been a hired help to take care of these odd jobs, the family would have to pay the help for their services. On the other hand, homemakers continue to do their jobs without getting any remuneration for their efforts. However, families must recognize the human-life value of stay-at-home mothers and protect them with an appropriate term insurance cover. 

How Much Would A Term Insurance Cost?

The premium payable towards an online term insurance plan primarily depends upon your age, the cover amount you chose, and the policy tenure you have selected for your policy. For example, purchasing an online term insurance plan cover of Rs. Fifty lakhs for a female working professional of age 30 for a period of 30 years, would cost approximately up to Rs.3,894 annually. In other words, if you see the amount spent on online term insurance daily, it comes between Rs. 10 to Rs. 15, which is insignificant compared to the substantial financial security and stress-free lifestyle that the plan provides to the policy. 

To make sure that you have the term insurance plan that aligns with your requirements, consider the below mentioned points: 

  • Perform online term insurance comparison to select a plan that offers benefits specific towards the female clientele
  • Choose an insurer with a high claim settlement ratio

Why Women Must Buy Life Insurance

The biggest reason a woman must buy online term insurance is that she has a definite human life value (HLV) in their household. A century ago, the contribution of women wasn’t worth considered valuable enough for ensuring. In today’s time; however, both working women and stay-at-home mothers have been proven to have a significant emotional and financial contribution to their family. 

In a nutshell, online term insurance policies have empowered women and have made them independent in numerous ways. Following are the significant ways in which an insurance plan comes to the rescue of women –    

  1. Provide Financial Security for Family

A major benefit of online term insurance is long-term financial security. Disciplined investments into a term plan over time can help women secure their family’s financial future. The lump sum amount received under the plan may then be used to supplement major life goals such as higher education of children and their marriage. Also, this amount can be of great help in case of an emergency. 

  1. Protection of Human Life Value of Stay-At-Home Mothers 

As a homemaker, women play different roles in their family. They fulfill a varied set of duties towards their parents, in-laws, spouse, and children. Having term insurance can help homemakers contribute to their family’s financial stability, even when they are not there with them.  

Additional Benefits of Online Term Insurance for Women

  • Critical Illness Cover

Insurance companies providing online term insurance in India provide the option of critical illness coverage. If the insured female is diagnosed with any critical illness from the pre-determined list of diseases, they are entitled to receive a lump sum benefit, which in turn, helps them opt for the best treatment possible without thinking about the expenses. 

  • Retirement Planning

As a pure form of life insurance, term plans do not offer any maturity benefits. With the introduction of online term insurance plans with TROP (return of premium) benefit; however, these plans now refund the entire amount of annualized premium invested towards the plan. As a result, these plans can also be viewed as retirement instruments, where the insured receives a lump sum amount on surviving the policy tenure. In turn, this amount would help in meeting medical expenses and other costs of post-retirement life. Women, therefore, should surely invest in a term insurance policy to secure their later life. 

Term Insurance Is a Crucial Investment for Women Nowadays

Purchasing an online term insurance plan can provide women with the appropriate financial security from critical illness treatment expenses, accidental disabilities, and other contingencies of life. Term plans are a reasonable investment, especially if you purchase them at a young age. 

Nowadays, while smart term plans also offer maturity benefits (premium return benefit), they provide your family with much-needed financial security in case of a crisis, such as the demise of the insured person. With the lump sum amount received, the family can repay their liabilities and support important goals, while dealing with the bereavement of their beloved.

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