5 Reasons Why a Women Should Buy a Life Insurance
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5 Reasons Why a Women Should Buy a Life Insurance

Term Insurance Quote
  • 17th May 2021
  • 1,180

5 Reasons Why a Women Should Buy a Life Insurance

Insurance is often associated with men. This could primarily be because men made up for most of the country’s workforce, and hence the need to protect their life with an insurance cover is crucial for the family. However, things are now changing. More and more women are joining the workforce, and many households are being primarily run by women. Not only this, but women play many vital roles in a family as mothers, daughters, sisters, etc. This brings a need for women to buy life insurance too.​

Some reasons why women need to protect their loved ones by buying life insurance:

1. It can offer women financial independence: Life insurance plans such as whole life insurance, unit-linked investment plans, endowment plans, etc., offer women financial freedom. These plans offer women an opportunity to save and invest their money without too much risk. The life protection component secures their loved ones in their absence, and the growth of their money allows women to cater to their needs and those of their family members without any hassles.

2. It can offer financial protection to their children: A life insurance plan can be instrumental in the life of a parent. The sum assured from the life insurance policy can help the child carry on with their life even in the absence of a parent. This money can be used for education, travel, loan repayment, marriage, and a lot more. As a parent, women need life insurance to offer a better future to their children.

3. It offers their loved ones financial support: Women contribute a lot to their families. Whether they are earning money and partaking in the family’s expenses or covering duties of a mother, daughter, or sister, their role in a family is indispensable, and their absence can be hard on the family. A life insurance plan can offer their loved ones the necessary funds to lead their lives as before, without compromising on the standard of living.

4. It offers tax benefits: Purchasing a life insurance plan can help make additional savings in the form of tax benefits. The premiums paid towards a life insurance policy qualify for tax benefits up to ₹1.5 lakhs under the Income Tax Act of 1961. This can help women save money and use it to invest further, thereby improving their financial standing and providing their families with a better life.

5. It offers security for old age: Having a retirement corpus is essential for all people. But the need is especially greater in the case of women. Women tend to live longer than men. Hence, they might need a bigger retirement fund too. A life insurance plan can ensure that they have the required means to lead a comfortable retired life without having to depend on others for money.

Life insurance plans for women by Kotak Life

Pure protection plans

o Kotak e-Term Plan

Savings and investments plans

o Kotak Single Invest Plus
o Kotak Single Invest Advantage
o Kotak POS Bachat Bima
o Kotak Ace Investment
o Kotak Assured Income Accelerator
o Kotak Premier Endowment Plan
o Kotak Assured Savings Plan
o Kotak Premier Money Back Plan
o Kotak Classic Endowment Plan
o Kotak Premier Income Plan
o Kotak SmartLife Plan
o Kotak Premier Life Plan
o Kotak Guaranteed Savings Plan
o Kotak Wealth Optima Plan

Retirement and pension plans

o Kotak Premier Pension Plan
o Kotak Lifetime Income Plan

To sum it up

Life insurance is crucial for women, and all women must invest in it as soon as they can.

- A Consumer Education Initiative series by Kotak Life

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