Women’s Day 2022: Whether she is a professional or a stay-at-home mom running the household – a woman is an important member of a family. Unfortunately, life insurance is still not very common among women, despite the fact that several studies indicate that women are more prone to serious illnesses. As a result, women are more likely to go through childbirth or suffer health consequences. In addition, wage gaps still exist in many industries, making it harder for women to cover expenses than men.
Life insurance presents itself as an important tool for women. According to industry experts, a woman should recognize her worth and choose solutions that provide protection from life hazards. It seems a lot of women are recognizing this fact. Santosh Aggarwal, CBO-LI, Policybazaar.com, said: “It is time women start thinking of life insurance as a safety net for family and dependents as there are many types of life insurance plans available in the market such as term Insurance. ,
Agarwal further added: “All these schemes aim to protect your income or that of your family in case of an emergency. Given the current state of lifestyle, it is quite easy for someone to be diagnosed with a serious illness, get a sudden injury, or even die. Your life insurance cover can protect you from all these situations as should your family lose your income, their lifestyle is protected.”
In the year 2021, out of 4,000-5,000 female customers who visited PolicyBazaar website, 48 per cent invested in term life covers with sum insured of Rs 1 crore and above, while another 30 per cent invested in covers of Rs. . 50 lakh and above. The share of term life policies purchased by women in the age group of 30-40 years was 45 per cent in FY 2011-22, while the share of those in the age group of 41-50 years was 13 per cent.
“While choosing a term plan, one must choose the right insurer, depending on the claim settlement ratio, solvency ratio, market reputation, age, financial responsibilities, lifestyle, daily expenses, debt etc. The amount of cover required is low. It is advisable to buy the policy at an early age, as more policy term will be available and women will get more.”
Here are the important things to note before buying a term life insurance policy:
get adequate insurance cover
Deciding how much cover you should get is an important decision and should be taken very carefully. You need enough coverage to cover all your liabilities (like home loan), living expenses of your family for at least 30 years, and future goals like child’s marriage, their education etc.
policy term
The next important option is deciding the term of the policy. If you are buying the policy at a young age, it is advisable to go for the maximum available policy term to get a relatively low premium.
medical tests
It is advised to avoid taking medical tests. There are two ways to go about this, some companies put buyers through extensive medical tests and others simply ask the buyer to give a declaration of good health. Going for a medical test is beneficial as the premium can be lower if the test shows that the buyer is in good health. Importantly, if a buyer undergoes a medical test, the onus of diagnosing a pre-existing disease falls on the insurance company.
Add Riders to Term Insurance
Term insurance riders are an added benefit in a term insurance policy that gives you supplemental coverage. Such riders offer additional benefits over and above the main life insurance policy, which pays only in case of death of the policyholder. Some riders that can be taken care of include critical illness riders, accidental death benefit rider, waiver of premium rider, etc.
Choose a suitable pay-out option
The premium of your insurance policy depends on the pay-out option chosen by you. One-time payment or regular monthly income payment (if available in your plan) can be opted for. The choice should be made as per the requirement and feasibility as the premium pay-out will vary depending on the option.
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