Contribution of women in Indian society has come a long way. However, many women are still shying away from making financial investments. Know why they should come out and get more involved…
As per a study, it's shocking to know that less than 20% of woman in India have some sort of financial investment. Women in the family are always seen as the one who have to make a sacrifice for everything. Their motherly nature has always been of putting themselves last and serving their family and loved ones first. This might be the reason that even today in spite of being financially independent they don’t think of having an investment for themselves. Also, the society, as a rule, has the belief that all major and final decisions are to be made by the Head of the Family which is often a Man.
The time has come to put aside all these outdated beliefs and spread awareness amongst women about the importance of making financial decisions and ensuring financial protection for themselves. Below are the compelling reasons why you should have a good investment portfolio for protection of yourself and your family.
Financial protection
When you are responsible enough and take care and share the financial responsibility with your husband you should not compromise on protecting your finances. Life insurance will give you the mental peace that your children will be protected in future in case something happens to you. The icing on the cake is that some Life Insurance Plans are up to 20% cheaper than the same plan given to males. Now that’s a bargain deal you don’t want to miss!
Insurance plans designed especially for woman
Special Insurance plans are being designed which are aimed to generate more value for women policyholders. For instance, Health plans covering maternity cover, Life and health insurance plan covering women-specific critical illnesses and diseases, ULIP plans covering life stage events like childbirth, critical illness, unfortunate death of spouse etc. A few insurers cover maternity in health insurance after a waiting period of 2-6 years which are available as riders as well.
Life insurance can help your savings grow
Small savings of putting money in a jar or investing in a local chit fund were the traditional methods which were used by woman in the past to save money. However, with market-linked life insurance products like Unit Linked Insurance Plans (ULIP plans) can give better returns and at the same time offer life insurance protection. So plan your investment well and see the money grow like a money plant!
Saving for retirement
If your husband has invested in a retirement plan that does not make you invincible to financial worries in your old age. With the ever-growing inflation rate depending on one person’s retirement might become challenging to maintain the current lifestyle. You can use life insurance products for systematic and organised financial planning for retirement.
Leaving a legacy for children to remember
Every mother wants the best for their children. Managing a house with children and doing a professional job is not an easy task. Due to this hard work children are able to get access to best facilities. Every mother would want to ensure that no obstacle comes in the way of her children’s wishes of getting good education, dream wedding etc. Life insurance helps to get the financial protection that will ensure your children’s dreams are fulfilled and milestones are successfully met even in the absence of their dear mother.
Types of Insurance Plans Women Can Buy
Term Life Insurance Plan
Term life insurance will keep your dependents financially secured and term plans are available at a concessional rate for women. It is better to buy a term plan early as the younger you are the more beneficial it is for you with regards to lower premium and more number of years of coverage.
Endowment life insurance plan
Endowment life insurance plan can help you with savings. You can invest in an endowment plan to meet your short term or long term financial goals. A saving plan can also help you save for important milestones in your life like children education and marriage.
Critical illness coverage plan
Working woman undergo a lot of stress managing work and household duties. This can take a toll on their health which might result in a critical illness. To ensure you get a good treatment and keep your hard earned savings secured from a critical illness coverage plan will be a useful addition to your financial investment planning. There are critical illness plan especially tailored for women where the focus is on women-specific type of cancer e.g. ovarian or cervical cancer.
With a lot of investment options for woman around today, it’s time they step in and get the adequate financial cover and right investments for themselves. This will not only benefit themselves but it will also ensure that their hard earned money gets an opportunity to grow and also get the financial protection against life risks.
So, if you are woman please make yourself aware of the financial world and take an active part in the financial investment decisions in the family. As the famous saying goes, “If you educate a man you educate an individual but if you educate a woman you educate the entire nation”.
Recommended Read: Why Should Women Buy Term Insurance Without Fail?
