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The role of women in the home and the business world has changed a lot over time.
As a good financial practice, in today’s world, a woman should have life insurance whether she is the primary breadwinner for her family, an executive in the business world, a single parent working a 9-to-5 job, a homemaker, or anything in between.
Life insurance for women is very important and should not be overlooked, no matter what they do for a living or if they are married or not.
In India, the rates for life insurance policies are easier on the wallet for women than for men. Let’s learn more about how life insurance works for women.
Why is life insurance necessary for women?
Life insurance plans are excellent security and long-term savings tools, and women can benefit from them in many ways.
To know the meaning of life insurance in one’s life and how it works is of utmost importance. It could very well be considered a safety net for the family to protect your pay or your family in case of an emergency.
Also, it helps give your family the money they need to take care of obligations if you pass away suddenly or become disabled. Considering how unhealthy today’s lifestyles can be, it’s easy to get sick, have a sudden health problem, or even breathe your last.
Having a life insurance policy can help you protect against all of these things because even if your family loses your income, they will still be able to live well. There are various life insurance policies available to choose from.
Why should a woman buy life insurance?
Women need to know about the benefits of buying a life insurance policy, which has features that will help them in many ways. Here are some of the most important reasons to buy life insurance:
- Financial Security: A life insurance policy is seen as a financial safety net for the family if the breadwinner expires. Most women live longer than men, and they need a considerable amount of money to cover their long lives. So, they need to plan their finances and prepare for their part carefully. Hence, they should also think about getting life insurance.
- One-time payment: A life insurance policy doesn’t need to be checked on all the time. You only need to pay the premium by the due date or well before the grace period ends. You don’t have to worry about figuring out how to evaluate the performance of the funds in your market-linked insurance plan or how to move money from one asset class to the next. Suppose the plan is set to end when the woman turns 60 years old. In that case, she can expect a large sum, which she can easily get from the life insurance company and use to buy an annuity plan for herself. Because women tend to live longer than men, some companies might charge a lower premium for women.
- Social Security Cover: Women also buy insurance when they think their life is more at risk due to some reason or the other. Women also buy life insurance to save money to help their children and families in case something happens to them. Under Section 80C, the policyholder is eligible for a tax break on their income tax. A woman who works and pays taxes can also get tax relief. Under Section 80C, the number of premiums paid by any person or life partner can be used to claim tax deductions up to Rs. 1.5 lakh.
*Please note: Tax deductions differ in the old and new tax regimes. They are subject to change.
A life insurance calculator helps find the premium estimate of a life insurance plan so that each woman can buy one that suits their needs.
It takes several things into factors. A life insurance policy is perfect for women whose jobs change, like when they go from being stay-at-home moms to working outside the home. It gives them and their families both financial freedom and budgetary security.
Whether it’s about investments or insurance, a woman should be involved when family finances are being talked about. Buying a life insurance policy is the easiest and, in most cases, the least expensive way to insure your life and secure your family’s future.
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