Posted by 
Today, women play an equal role in the workplace that men do, and they are participants in all relevant economic activities and financial contributions. As a result, women now place a higher value on financial stability. This is valid in both domestic and professional contexts. Getting a term insurance policy that fits your requirements is one of the best ways to guarantee your loved ones and family member’s total protection and security, and this is especially crucial for women.
Women have important reasons for wanting term plan coverage, especially since they are becoming equal partners in creating resources for their families in India. A basic life insurance plan, a term plan provides the benefit of increasing the primary corpus until a certain term, and in the event of the policy subscriber’s death, the insurer pays the sum insured to the subscriber’s nominee(s).
But unlike life insurance, a term insurance policy has no maturity benefits, meaning that even if the policyholder lives out the plan’s term, they will not be eligible for any benefits, cash, etc. A term insurance plan, however, also has relatively affordable premiums that won’t break the bank. In addition, a lot of insurers currently provide return-of-premium options for term insurance coverage. With this option, the policy subscriber will receive benefits upon policy maturity in the form of premiums paid toward the coverage.
Term plans are essential to any sound financial portfolio since they provide affordable coverage for your dependent family members and future security. You must, therefore, make an investment in a good term insurance plan that provides the finest terms of coverage as responsible customers. This is equally crucial for women. Any concern regarding a woman’s financial safety directly affects the family’s finances because women participate in the financial operations of the household on an equal basis. A woman who purchases an appropriate term insurance policy guarantees that her dependents will have a sizable financial safety net in case of her untimely death.
In actuality, regardless of their marital situation or line of work, it is a must for all women. Married women and their husbands should participate in joint initiatives. As a result, they are eligible for family floater plan benefits. But all working women who are able to pay the regular premiums have to choose individual term plans, not just as nominees, but as active contributors as well. Having a term plan is crucial for a single mother who supports dependent children or other family members. This provides a guaranteed way to live a stress-free life without worrying about the financial resources for her family, in addition to ensuring that her finances remain safe for her loved ones. Make sure the term insurance plan you select fits your needs and examine the features of the numerous options provided by different insurers before deciding on one.
Importance of Term Insurance for Women
- Protecting Your Finances:
Gaining financial security is a goal shared by all. Irrespective of your role—working woman, housewife, or daughter taking care of aged parents—you undoubtedly want to safeguard your financial future. That’s precisely what a term plan with a maturity benefit gives you. In the event that the insured person passes away, the death benefit would provide some financial security to the woman’s dependent family members. You can be qualified for a premium return even if you live longer than the policy term, depending on the plan type you choose. The funds can subsequently be utilized to accomplish a long-term goal, such as travelling or purchasing a car.
- Pay Off Debt:
Women today are self-sufficient in their finances. To help them realize their goals, several of them even take out loans. In the event that these women’s spouses, kids, or parents experience financial difficulties throughout the loan repayment process, it might be a sudden situation. Purchasing a term insurance plan will help you ensure that you pay off your personal debt and leave a legacy of love and stability for your family.
- Plan for Retirement:
It’s more crucial than ever to make retirement plans because of the increasing rate of inflation. Prior to making the decision to retire, women must also organize their financial affairs. Buying a term insurance policy with a maturity benefit is a fantastic method to accomplish this. When the insurance matures, the corpus, which has been accruing over time, will be paid to you in one large payment.
- Tax Planning:
In the workplace today, women are dominating. Since a large number of them are earning members, they ought to have term insurance to aid in their tax preparation. The Income Tax Act of 1961’s Section 80C exempts from taxation premiums paid for the maintenance of any type of life insurance plan, including term insurance. The maturity or death benefit that these plans provide is likewise tax-free.
Reasons Why Women need Term Insurance Plans:
- They Contribute to the Income of Their Family:
Women nowadays make up a larger portion of their families’ income. Their loved ones would be left without a sufficient income in the event that the woman suffered anything, which would result in financial difficulties. To guarantee that their loved ones will always have financial stability, women must get a term plan.
- They Have Expenses:
Many single women believe that since they are not financially dependent on anybody else, they do not require insurance. But people often don’t know that whatever debt they have is immediately assumed by the nearest relative. This suggests that in the event of a woman’s death, her elderly or retired parents may find it difficult to repay their debt for a home or a car. Term plans allow women to ensure they don’t leave a legacy of debt. As an alternative, they could give their relatives the money they require to settle their debts.
- They Are Very Important as Homemakers:
Let’s say a woman has chosen to care for her family at home. If something were to happen to her, her family would suffer without her. The other parent will be left to handle the duties of both parents by themselves, in addition to grieving and losing a loved one. To help make up for the loss, the family might have to hire a cook or nanny. Women should safeguard their lives with a term plan because these costs build up over time.