One must have heard an old proverb that states “Women build homes, and men build houses.” It is an undeniable fact that women are the fundamental component of a family. However, due to busy schedules, they sometimes forget to secure themselves. And, one assumes that if you are a working woman, you would be better off in this equation but the studies point to a different picture. Women’s participation in the life insurance space is far lower than men’s. If you are a working woman and haven’t actually pondered over the fact that you should buy a term life insurance plan for yourself or not, this article is for you.
Why Is Life Insurance Necessary for Women?
The most obvious reason is that their term life insurance plan needs are not taken seriously enough. For instance, a mother’s influence on a child’s development is just as crucial to the family as a father’s. However, a working mother makes two contributions to the home: Adding income and efforts in home management.
Thus, a working mother’s total human life value (HLV) would be:
HLV from Home Management + HLV from Income
Sounds a little complicated? Let’s demonstrate it:
Value of a Mother’s Human Life based on Income: Hypothetically, if a woman is not employed in outside work, their term life insurance plan would be Rs. 50 Lakh and in case they are working, their value to the family increases even further. For example, if Asha is earning Rs. 50,000 each month, her human life value would be between Rs. 60 and 90 lakhs. In other words, whether the woman is earning or not, they make a huge contribution to their family and if they are, it further affects their lifestyle and future financial goals.
Value of a Mother’s Human Life based on Home Management: In case of the unfortunate death of the mother, many domestic chores, particularly childcare, may need to be replaced and the majority of the chores she was doing will cost money. Considering this, the human life value will be around Rs. 50 lakh for her term insurance for women’s needs and by accounting for both the partners, their human life value will easily exceed Rs. 1 Crore.
How do you purchase India’s best life insurance policy?
Now that you are aware of your need for a term life insurance plan and its significance, you should look around for the most affordable term insurance plan. To choose the best life insurance plan for you and your family, consider the following factors:
How strong its online presence is: You want to be able to purchase life insurance without having to deal with a lot of paperwork or running around. At the same time, you also want the security to send your paperwork to the insurer immediately and safely. Moreover, you will be able to fill up the application anywhere you want to, get the data on the go without having to go anywhere. You must realize that having an online presence is more than just having an insurance product website. It indicates that every step of the purchasing process—aside from the medical exams—is done online. Thus, you may plan, budget, select your benefits, and finish your application entirely online.
Customer Support Option: An online presence is not much of a use if there is no proper customer support in place. The product specifics, such as brochures, benefits, and the terms and conditions of the insurance, can be tricky to understand. Hence, you want the proper customer support in place that can help you understand the benefits, sum assured, etc.
Claim Settlement Ratio: One cannot overlook claim settlement experience when discussing life insurance. One buys the life insurance policy so that their family can get the sum assured on time and the chances of an insurance company clearing the payout is even more when the claim settlement ratio is on the higher end. Therefore, your only option is to work with an insurer that has transparent policies and procedures for settling claims. So that your policy’s claim will be handled quickly—between one and five working days—provided it satisfies the basic requirements. On the other hand, the claim settlement ratio provides you with an accurate view of the insurer’s overall performance with claims. A strong claim settlement record is anything greater than 98%.
Premium Payment Alternatives: Considering the unpredictability surrounding your family and job decisions, premium payment alternatives will be crucial to you. Term insurance for women is often a long-term agreement, lasting more than a few decades.
You will have to pay premiums for the duration of the coverage if you select the conventional method. This doesn’t make sense, particularly in light of the possibility that you may soon leave your job to prioritize your family and raise your children. A limited premium payment term is what you need, such as being able to pay the premium for a 30-year life insurance plan in just five to ten years. This way, if you decide to take a sabbatical from work and devote more time to your family, your term insurance for women won’t expire.
So we are saying,
Many working women underestimate their financial contributions to their families. Their income and household management abilities combine to provide a high human life worth. Life insurance protects your family’s financial future in the case of your death. Consider traits like a strong online presence for simple application and claim settlement, responsive customer service for policy clarification, and flexible premium payment alternatives to accommodate your changing life stages. Don’t put it off any longer; get term life insurance to protect your future and the well-being of your family.