The need for financial independence is crucial for everyone, and women are no exception. Moreover, having a financial plan that you can extend to your loved ones is even better. This is what makes a term insurance policy a vital part of a woman’s financial planning. When it comes to single women, creating a strong financial support system is necessary, given the added responsibilities that they have to shoulder. A term plan can give a single woman’s family members security and stability to continue with their lives with sufficient funds in their absence.
Reasons why a term insurance plan is important for single women:
1. A safety net for loved ones: For single women, a term plan is an ideal way to build a safety financial net for their loved ones. As sole providers for their parents and dependent siblings, single women can leverage a term plan easily to ensure that their family can live a financially secure and dignified life in their absence.
2. Funding career goals: Despite the burden of multiple responsibilities, single women enjoy a certain degree of independence which enables them to take on new ventures and fulfil their dream business plans. However, the initial investments could build up some debts which need to be repaid over the course of time. A term insurance policy ensures that the loved ones do not reel under the pressure of these debts in case of the insured’s untimely demise.
3. Health cover against critical illnesses: Given the hectic schedules and additional duties single women have to keep up with, lifestyle diseases or even illnesses like breast cancer or ovarian cancer can be a result of excessive stress. Adding a critical illness or health rider to a term insurance policy can enhance the coverage of a term plan substantially and cushion one against the illnesses that are listed in the plan.
4. Financial planning through tax saving: Single women can lower their tax liability with a term plan. Under Section 80C of the Income Tax Act of 1961, women can claim a tax deduction of up to Rs. 1.5 lakhs on the premiums paid towards a term insurance policy. Such savings on tax can help one invest in different avenues and create a more robust financial plan.
Term insurance plans for single women by Kotak Life
Kotak Life offers an economical and pure risk-cover term insurance plan that can help single women secure their family’s future with sufficient funds. The Kotak e-Term Plan is also known for offering special premium rates to women, which makes the term plan an ideal choice for single women.
The following are the offerings of the plan:
Kotak e-Term Plan
- Single women can get a minimum sum assured of ₹25,00,000, while there is no limit on the higher end. One can also choose the Premium Payment Term as per their preference.
- To secure one’s family, one can choose from Life, Life Plus and Life Secure plan options. Under the Life Plus Option, then the benefit payable can go up to a maximum of ₹1 crore, which includes 100% of the sum assured on death as well as the payable Accidental Death Benefit.
- Women can add riders like the Kotak Permanent Disability Benefit Rider and the Kotak Critical Illness Plus Rider to further enhance the plan’s coverage.
To sum it up
Term insurance can give single women peace of mind and stability. Knowing that their loved ones are secured can also provide single women with the confidence to excel in their profession, start new ventures, and live a stress-free life.
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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
