Women's contribution to the family today can't be ignored. Her absence can indeed destroy the family's life balance. A term plan can't make up for her absence, but at least can provide the much-needed financial cover during that horrific time.
Gone are the days when men were considered to go out to earn bread for a living and women were expected to look after household duties. In today's world, women are equally competing with men, be it any field. With the rising cost of living and aspirations to achieve more, men and women both in most households are earning an income. Times have changed a lot in the past few years.
The loss of even one income of the household will cause a significant effect on the financial balance. Taking this into consideration, a term insurance will help to become a financial pillar in the times of crises. Let us help you answer a few questions:
What is term insurance?
Term Insurance is one of the purest and cheapest forms of life insurance. The policyholder needs to pay a fixed premium for a certain amount that is assigned as a sum assured. In case of death of the policyholder during the policy term, the beneficiary receives this amount.
Getting a term plan is the initial step towards building a core financial plan. Term plans should never be seen as an investment, they exist as a financial protection for life's uncertainty.
If my husband already has a term plan then why should I get it?
Planning for a term insurance plan needs to be done considering total income of the family. Your income contribution might be significant to your family total income. The core factor is if your income is lost, is there any provision to replace it? The answer to this will be obviously NO. So, in case of your unfortunate death, term plan will continue to provide your children and dependents the financial freedom they are enjoying presently.
I am a homemaker, what would be the benefit of term plan to me?
The loss of a family member is irreplaceable. Even if you are a homemaker and pass away unexpectedly, all the responsibilities will come on your partner. The life of your partner won't be the same taking care of additional responsibilities, for example taking care of children or parents. This will start to have an effect on their working life. With the financial benefit of a term insurance, your partner will be able to take care of your duties even if that meant cutting down on working hours. With term insurance, long term financial obligations like loans or children's long-term education expense can be met by your partner in your absence.
There are some really important and special benefits for women when it comes to term insurance
- Special premium rates, especially for women
- Attractive non-smoker premium rate benefit for maintaining a healthy life
- Comprehensive protection with option to choose Critical illnesses rider and other added riders as well with your term plan
How should I choose a term plan?
- Look for a plan that has added benefits for women as mentioned above
- Reputed insurer
- High claim settlement ratio
How much would a term insurance cost?
Term insurance premium primarily depends upon your age, the cover you choose and the term of the policy. A term cover of Rs. 1 crore for a woman of age 30 for a period of 30 years will cost something around Rs. 6500 to Rs. 10,000 annually. So, if you see the amount spent on a term plan daily is around Rs.18 to Rs.28 which is nothing compared to the huge financial cover and peace of mind it gives.
As the awareness and importance of term plan for women grows, we will have more and more women buying a term plan. Don't delay getting your term plan, as the older you get the more expensive it will be to buy a term insurance. Get yourself the right cover immediately and secure your loved ones.
Recommended Read: Term Insurance Plans for Working Women
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