Life Insurance Policies that Every Woman Must Consider Buying This Year

Apr 30, 2018 | 7 months ago | Read Time: 3 minutes | By iKnowledge Team

There was a time when health and financial covers were the sole prerogative of the man of the house. After all, he was the breadwinner. So, if anything happened to him, his dependants—wife, children, and parents—would have to be taken care of. But those days are far behind. As more and more women joined the workforce, they got their share of dependants, too. So, if you are one such woman, you must ensure that your family will have to make no monetary compromises even in your absence. You can do that effectively with insurance plans. Here are five insurance plans every woman must consider buying:

1. Term insurance plan

A term insurance policy is a must-have if you have dependants. It gives your nominee a death benefit in the case of your demise within the policy period. It could be in the form of a lump sum or a monthly payout. But, if you outlive the policy period, the insurer pays nothing. You can use online premium calculators to decide on a suitable amount and tenor. There are three types of term insurance plans:

Level term insurance: In this, the amount of cover and the premiums remain constant for the entire policy tenor.

Decreasing term insurance: The cover decreases over the years but the premium remains the same. But why would you want that? This is mainly for those who have a lot at stake in the early years of the policy tenor. Suppose you are a single mother and have taken a housing loan. This policy will make sure that your children do not lose their home if you are not around.

Increasing term insurance: This works the other way around. The cover increases as the premium remains constant. So, if you think your responsibilities will increase as you grow older, you may opt for this.

2. Health plan

Stress- and lifestyle-related diseases are on the rise worldwide. And Indian women are not immune to this trend. Here are some stats: A 2017 study showed that 50% of Indian women are at the risk of heart diseases. Plus, 17.7% urban middle-class women have diabetes (2016 figure). So, whether you are single or married, have dependants or not, a health plan is a must for every woman.  

Maternity insurance add-on: If you are planning to start a family a few years down the line, consider taking the maternity insurance add-on with your health plan.

Cancer insurance plan: Apart from the usual mediclaim policy, also consider buying a cancer insurance plan, such as the Aegon Life iCancer plan. After all, India ranks third in terms of the number of woman cancer patients in the world. And it tops the list in terms of mortality from breast and cervical cancers.

3. Child insurance plan

For a mother, usually, nothing comes before her children. So, if you have kids, consider buying a child insurance plan. This is more so if you are a single mother. This will secure your child’s future and take care of his/her education. Something like Aegon’s iMaximize can give your child wings to fly.

4. Retirement plan

Once you are done with all your responsibilities, you would want to spend your golden years doing things you couldn’t so far, isn’t it? It could be a long-wished-for vacation or pursuing a hobby. A good retirement plan would make sure you do not have to ditch your dreams. Even if you are a homemaker, do not ignore a retirement plan. It can help you look after yourself if your husband passes on before you do.

5. Unit-Linked Insurance Policy (ULIP)

ULIPs offer the dual benefits of insurance and investment. A part of your money goes towards life insurance, while the other part is invested in stocks, bonds, and mutual funds. ULIPs are ideal for meeting long-term goals, like building a retirement corpus. Aegon Life, for instance, has several ULIPs to meet different needs. 

Bottom line

The woman of today is no longer financially dependent on the man. Not only can she look after herself, she can take care of others too. And insurance plans can lend a helping hand in dealing with this increased responsibility.

Advt. no.:IA/Apr 2018/3901

 


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