Gone are the days when women were only managing their households. Today, women are educated, independent and give their equal contribution to their households. The ratio of working women has increased manifold over the last few years. However, despite the financial independence, several women still lack proper security in terms of their and their family’s future. The viable way to secure the future is to invest in a term insurance plan for working women.
Here are some of the most important benefits of term insurance for working women:
- Planning for the Financially Independent Working Woman
As a working woman, you are financially independent and can handle your own finances without having to look up to someone else to take care of your money. Investing in a life insurance plan can act as a savings option by ensuring that a certain amount of money is kept aside for future contingencies. This will also help you to chalk out a financial plan that caters to your short-term and long-term goals keeping in mind your current financial requirements.
- Attractive Discounts on Term Plan Premiums for Women
Recent studies have shown that women tend to live longer than men. This fact makes it less risky for insurance companies to insure women. Thus, the premium rates for term insurance is lower for women making it more cost-effective. As a working woman, you can easily invest your money towards a term plan as it provides insurance cover at affordable rates.
- Secure Your Family Against the Burden of Debt
If you have any pending loans or debts such as home loan, education loan, business loan, etc., a term insurance plan can prove beneficial in that space too. You do not want to burden your family with debt obligations after you are gone. Therefore, your dependents can use your term insurance policy to pay off all the pending liabilities in case of your unfortunate demise.
- Tax Benefits to Reduce Current Financial Burden
As per the Income Tax Act, 1961 term insurance policies are exempt from taxes. As a working woman, if you pay your income tax, a term plan can prove extremely beneficial. The premiums you pay for the policy are exempt from taxes underSection 80C , whereas the maturity proceeds are given tax benefit under Section 10(10D) of the Income Tax Act.
- Mother’s Legacy for the Children after her Demise
One of the major worries for all parents – working or non-working is their children. As a working woman, you can safeguard the life of your children financially by investing in a term plan now. Term plans benefits can help your loved ones deal with the loss and carry on their lives in such difficult times.
- Critical Illness Cover Against High-Risk Conditions for Women
As women are at a high risk of breast cancer and heart diseases as compared to men, adding a critical illness cover becomes extremely important. Most insurance providers offer several riders that can be clubbed with the term plan to enhance the coverage. You can choose the critical illness rider to keep you safe from critical ailments like cervical cancer, breast cancer, heart diseases, stroke, paralysis, etc. This will ensure your financial independence even in case of a medical emergency.
As a woman, you should realize the value of your contribution and insure yourself with a comprehensive term insurance plan. However, despite the striking need, the penetration of insurance in women is extremely low. Thus, you must be aware and trust the e-Term plan from Kotak Life, with economical premiums and competitive features, to be the assured security for your future. Invest well, be happy!
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Reviewed By :
Prasad Pimple
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors