New Delhi: In modern times, securing an individual’s life is not a luxury anymore, it has instead transformed into a necessity. Earlier, people used to associate insurance with men, who were considered the sole bread earner of the family. Given the patriarchal nature of Indian society, earlier, insurance covers were made prioritising men in the community.

Women, however, were deprived of any specific insurance policy created to empower their financial independence.

Now, people’s living expectations and scenarios both have changed, men and women at present contribute equally to the household earnings.

With men, women too have started taking full responsibility for their lives as well as their career objectives. Along with, authority comes risk, to eliminate or diversify risks, women are buying insurance covers in abundance.

Let’s take a quick look at factors justifying women buying term life insurance 

Financial liberty

The primary reason to buy such plans is to make sure the financial protection of the dependents in case of the policyholder’s death. Women are opting aggressively for insurance covers to offer a safety net to their loved ones by providing a lump sum payment upon their passing.

Life insurance policies play a vital role as it offers them an opportunity to save and invest their money without much risk.

Covering Debt and Expenses

Insurance covers like whole life insurance helps in providing coverage for outstanding debts and expenses. Women possessing credit cards, personal loans or mortgages are cleared put by life insurance policies in case death of a policyholder; not burdening the family members with debt.

Preparing for retirement

After the woman figure of the family ceases to work or gets retired, the question of sourcing regular expenses sinks in. To manage situations like that, one needs to be insured by opting for such a saving plan for retirement which assists them in steady post-retirement income. In such a way, women can continue to live without seeking help from their relatives and survive being financially independent.

Affordable women-centric term insurance plans

ICICI PRUDENTIAL iProtect Smart

This particular insurance plan offers life cover up to 1 crore with a claim settlement of 97.8 per cent for a minimal premium of Rs 673 per month.

HDFC Life Click 2 Protect Super

HDFC’s most affordable term life policy offers cover for about 1 crore at just Rs 614 per month as a premium. The policy’s claim settlement percentage is among the highest numbers with 99.39 per cent.

MAX LIFE Smart Secure Plus

Having a maximum limit of 85 years, Maxlife’s term life insurance coverage provides life cover of 1 cr with a claim settlement of 99.51 per cent with a premium price of Rs 685 per month.

(Written by- Mahek Nigam

Edited by- Mayank Kasyap)