Insurance is important for everyone, whether it is for protecting your family, your health, your income, or your possessions. While both men and women need insurance, it is important for women to purchase separate, and adequate insurance plans as their requirements differ from men.
This Women’s Day let’s focus on the importance of insurance in a woman’s life and more importantly, on why they need it. Do women need insurance that is different from their husbands, sons, and fathers? Yes, they do and here’s why:
1) Women are biologically different
If you are a woman, and planning a family, you need to consider that maternity costs can be exorbitant. Any complications during pregnancy or childbirth could increase these costs further.
Rather than taking a dip on savings or take additional loans to pay for these, a healthcare insurance with maternity cover could cover these expenses.
2) Women are more susceptible to cancer
A survey conducted by the Indian Council of Medical Research (ICMR) has revealed that more women than men are being diagnosed with cancer, with breast cancer being the most prominent. Women should be covered adequately by medical insurance as this will make the treatment affordable.
Tip: You could also invest in a term plan that includes a critical illness rider. However, it is advisable to purchase both medical insurance, as well as term life insurance for added financial protection. Some medical insurance plans cover pre-hospitalization costs and offer cashless facility to save you from paying hospitalization expenses. Both kinds of insurance also give you tax benefits.
3) Women tend to live longer than men
The Economic Survey 2022 estimates women to live longer (70.7 years) compared to men (68.2 years). Now, imagine a housewife or retiree in her 60s or 70s, without an adequate income, single-handedly shouldering the responsibilities of any debts or even dependents! No woman wants to be in this situation, and this can be safely avoided by investing in the right instruments – early and consistently. Single women need that financial support.
India currently has over 72 million single women, many of whom are unmarried, divorced, widowed, and separated. Whatever your current financial circumstances, it makes immense sense to plan for financial independence, and a life where you can support yourself and your dependents if needed. ULIP, Savings Plans, Endowment Plans, and Pension Plans could be options that meet the needs for a comfortable and self-reliant life.
4) Achieve aspirations and ambitions
Life is measured in milestones – a house, children’s higher education, upgrading to bigger car, a big international vacation, and more. The bigger the goal, the bigger the budget. An investment in the right instruments – like a ULIP, can enable wealth creation as it offers market-linked returns. In addition, the dividends can be further invested into other financial instruments to get better returns.
Irrespective of the reasons why women should be adequately covered, insurance is a great investment tool that can help you protect all the certainties of your life.
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