Life Insurance for Working Women in India: What You Need to Know

Women are no longer restricted to kitchen and other household chores. They contribute equally to the family finances while managing the household and caring for children. While contributing to financial progress, women generally forget to think about long-term financial planning and their well-being. A life insurance policy is the ultimate solution for working women to lead a stress-free life for the future of their families.

How is a Life Insurance Policy Beneficial For Working Women in India?

By going through the list of benefits that a life insurance policy provides to women in India, you will be able to decide how important it is to add to your financial portfolio:

• Financial security to the family: Your family will get coverage amount by a life insurance policy after your unfortunate death that will help them meet all necessary expenses.
• Low premium rates: Almost every life insurance policy in India benefits women in terms of low premium rates. Under the same or better coverage, women tend to pay low premium costs.
• Outstanding debts: After your demise, your dependents would be able to pay outstanding debts, if any, from the coverage amount by your life insurance policy.
• Tax benefits: The coverage amount that your dependents will receive after your demise will be tax-free under Section 10(10 D). Even the premium cost is tax deductible under Section 80C of the Income Tax Laws Act.
• Critical illness benefits: Considering the life-threatening common diseases among women, such as breast cancer, cervical cancer, fallopian cancer and ovarian cancer. Most women opt for critical illness riders.
• Helping hand: You may not be the primary earner in your family, but your life insurance policy would still act as a helping hand.

Choosing The Best Life Insurance Plan For Women in India

Women get good coverage at lower premium rates than men. Insurance companies base premiums on life expectancy; statistically, women tend to live longer than men. To choose the best life insurance policy for a woman in India, you also must consider these factors:

• Required Coverage Amount: You must first carefully consider the coverage amount required by your family after your demise. Consider these factors while determining the coverage amount:
  1. Human Life Value (HLV): Calculate it based on your current income, debts, expenses and future responsibilities.
  2. Consider your retirement planning, children's education, and living standards.
  3. The required amount to replace your income for a specific period.
• Premium cost: Choose an insurance plan with a premium cost that fits your budget. For example, you can buy a 1 cr term insurance plan.
• Add-ons: Add the necessary riders to your policy for more coverage, such as critical illness, disability, etc.
• Term of policy: Select the term of the policy that aligns with your financial responsibilities, such as until your children are financially independent.
• Company’s Reviews: Other customers' reviews do matter when deciding on a life insurance policy. Keep your eyes on the claim settlement ratio so your family can get claim benefits easily.

Conclusion

Life insurance provides your family with financial security and peace of mind. Buy the right policy that fits your needs at low premium rates and enjoy tax advantages. Add valuable riders at minimal costs to further protect against various unforeseen circumstances.

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