Women have been excelling in almost all walks of life and are gaining financial independence and freedom. With increasing, opportunities and great earnings women have also started to become the breadwinner of the family as well. While excelling in their career they are also raising the living standard of the family by sharing the expenses, loans, and children’s education as well. Apart from managing the work outside they are equaling managing the house responsibilities. Given the fact that women are supporting and contributing in so many invaluable ways, thus it’s important that it is protected. And God forbid but if anything, untoward happens life insurance is one such key financial instrument that will protect your family’s financial security and children’s future. The total women population in India comprises roughly 49% and their contribution to the economic activity of the country is significant and is increasing every year. As per the report, women bought 92.16 lakh life policies during 2019-2020 against 103 lakhs in 2018-2019, logging a fall of 11.76%. While there is a disparity in the number of life insurance policies bought by men and women every year, there are strong reasons that indicate why life insurance policy for women is important.
Buying life insurance is extremely important and is your contribution towards securing your loved one’s future in a systematic manner.

Here are 8 reasons why life insurance policy for women is important

1. Increased earning- Men are still considered to be the primary breadwinner of the family. However, as per the 2017 data, 28% of women in heterosexual relationships are the primary breadwinner of the household, a number that has been steadily climbing. And that’s what makes it all the more important for women to buy life insurance policies. Even if the woman is not the primary breadwinner but her supplementary income is important and requires protection so that in case of death it doesn’t cause any financial strain on the family.

2. Invaluable contribution of stay-at-home women- There are many women who choose to stay at home for childcare instead of pursuing a full-fledged career. And if a stay-at-home mother passes away unexpectedly the spouse should be able to manage the childcare expenses. Also, in many cases, women tend to return to work when their children are older, and buying an insurance policy at later stages of life is expensive in comparison to young age. So, it’s ideal to invest in a life insurance policy for women.

3. Women live longer- It is proven scientifically that women live at least 6-7 years more than men so they have to plan their life for a long period of time. Thus, it’s imperative that women buy a policy for a longer period of time so that it covers them well and also helps in building cash value that can be used during a lifetime to supplement retirement income.

4. Lower premium amounts- The life expectancy of women is more than men and the prices of life insurance policies are mainly dependent on the mortality risk. Since the mortality risk of females is lower in comparison to their counterparts, they have to pay a lesser premium for their life insurance plans.

5. Helps in building wealth- Women are mostly known to plan finances and save meticulously. Thus, life insurance is a great option to build your wealth and savings while also be able to generate better returns along with a life cover.

6. Retirement income- Apart from giving safety and security to your loved ones, life insurance plans also help you plan post-retirement income. Plans like ULIPS and other plans also help accumulate wealth and have a regular flow of income post-retirement.

7. Protection against critical illness– Life is unpredictable and we all are at risk of crucial medical conditions. However, women especially are at the risk of certain types of cancers that may require a substantial amount of money which can cause a financial burden on the entire family. And in such a situation, a life insurance cover with critical illness cover comes in handy and helps you tide through the expenses as well.

8. Tax benefits- A life insurance plan has many benefits and while covering for your life and family such policies also help in saving taxes as per the provisions available and as per the tax slabs one falls into.

While these are some of the major benefits of having a life insurance policy for women, depending on your needs and goals there are various options available and you can check out some of the great women insurance plans offered by HDFCLife. They have various women-specific policies like Click 2 Invest, click 2 protect life, and cancer care.

Reasons you should invest early for your child’s education

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