Five Must – Have Insurance Plans for Women

Women generally have a tendency to procrastinate when it comes to making financial decisions about themselves. They are so busy juggling home and office, that they tend to forget themselves. But, it is imperative for them to give a deep thought to themselves. It is important for them to make financial arrangements considering the uncertainties of life. Life is unpredictable and that is where the role of insurance comes into the picture. On this Women’s Day, why not gift your spouse the security of her life and save every family must have insurance plans for women. In this blog, we are focusing on five important insurance plans which must be a part of a women’s financial kitty to ensure they are emotionally and financially prepared against odds of life coming their way in the form of untimely death, illness, disease, or old age.

1. Term Insurance Plan

With changing times, the role of women is also changing. Women are now not only restricted to their homes today but are also now income earners. Therefore, they play a vital role in being a contributor to their family’s income. The household expenses, financial goals, and future of the kids are dependent in collation to the total income earned by a man and a woman in the family.

So, in times of her untimely demise, the family’s financial frame and standard of living would be certainly affected. This is where a robust life insurance policy comes into play in the form of a term insurance plan. The term insurance plan is a pure insurance plan which will support the nominees in case of an untimely death of the insured by financially compensating with the death claim amount equivalent to the sum assured under the term policy.

Term plans are the most affordable form of life insurance. Such plans offer a higher sum assured at the cheapest premium price as only death is covered and there are no frill benefits of maturity. Females have a special price differential and are charged lesser premiums as compared to males on the basis of having higher longevity to live.

2. Health Insurance Plan

Despite the difficulties, women ensure that their family’s health is always taken care of and often neglect their own health. Unfortunately, they are not very cautious of their health. Increasing heart-related diseases, gestational diabetes, cancer, reproductive health, and depression are just some of the reasons why women in India need to look at buying a health insurance policy.

It is often observed that women are part of some family floater health policies and very few women take independent health insurance policies. Having a health insurance policy will not only suffice unless you have a robust sum insured under the policy considering your age, past ailments, location, preference of hospitals and aggravating health care expenses, etc.

An Individual health insurance plan is essential and will certainly offer you a cushion impact in case of a medical exigency or planned treatments.

There is a certain maternity-based health insurance plan which adds value but is a little expensive as compared to health plans without maternity. It is advisable to take such plans right after the marriage stage so that they can offer you benefits when required the most.

3. Critical Illness Health Insurance Plan

Women’s health issues are different as compared to men’s and need special attention. But sadly, very few women give importance to their own health. Mostly, women remain ignored, dependent, or busy playing hide and seek between home and office. Women are more prone to certain critical illnesses like cancer being one of them. Cases of cervical and breast cancer are rising in the urban habitat due to many associated factors. There are other critical illnesses like CABG, Heart attack, Multiple Sclerosis, Stroke, Major Organ Transplantation, Kidney Failure, etc. which women are prone to.

Treatments for any of these dreadful diseases are expensive and are not affordable for a middle-class family. The expenditure to cure can run lac easily. Thus, here comes the need for a Critical Illness Health Insurance plan which is a fixed benefit insurance plan.

Fixed benefit health insurance plans as the name suggest offer a fixed and guaranteed amount of the claim to the policyholder in case of an occurrence of an insured event as per the policy terms. Such plans offer you a lump sum amount equal to the sum insured irrespective of your actual expenses. Fixed benefit health insurance plans include insurance products like Critical Illness Insurance Plans, standalone Cancer/Heart Insurance Plans, Daily Hospital Cash plans where the benefits payable are fixed.

Women with a genetic critical illness must ensure they have a critical illness health insurance plan.

4. Retirement Plan

Retirement is the second innings of life. Women are on their toes throughout their life managing kids, house, office, and whatnot. They hardly get any time to look upon their personal finance needs. But timely planning for their retirement corpus is essential. To enjoy the freedom of being financially independent and taking care of your own expenses in the retirement stage is desired by everyone. But, it comes with proper retirement planning. Also, women tend to live longer than men as per statistics which makes it all the more imperative to plan for the funds required in the later stage of life.

Retirement plans can offer you a fixed pension which acts as a source of your income in those retired days. Retirement plans come with a life cover and without a life cover. It’s up to the policyholder to decide which one to buy.

5. Motor Insurance

Everyone has their interest in car & bike and everyone want that, they own a car. If you are a working woman and have your own car, you must drive the car to the office. Suppose, while driving a car you met up in an accident and your car got damaged just because of an accident. In such a scenario, you need car insurance that’ll cover the whole maintenance of the car. As per the Motor Vehicle Law of the Indian Constitution, if you are buying a car or own a car, then you should ensure your car. After a car accident, car repairing will be quite expensive and sometimes we do not even think about repairing the car. But, you ensure your car with motor insurance it’ll quite helpful for you, in terms of car protection and expenses related to repairing.

A woman’s life makes a difference to so many people around her. Therefore, investing in a life insurance policy and creating a secured future for herself and her loved ones will be the prudent decision.