5 min read
Updated on Apr 30, 2023
Life insurance policies are important if you are looking at securing yourself as well as your family’s financial future. Over the years, a life insurance policy has been primarily associated with the key earning member of a family in India. Moreover, in the Indian context men have supposedly been playing the role of the member providing for a family. So, life insurance has been associated with men as compared to women.
Nevertheless, things have changed now and women have started playing a key role in the financial matters and earnings of a family. Women are now financially independent and taking charge of families independently. Also, unlike earlier women now are aware and not dependent on others for their needs and decisions. Thus, women know about investment plans and understand them too. Moreover, even if they find it difficult to grasp some terms, they make sure to seek guidance so that they can make better buying decisions. So, overall things are changing for good now.
Since women now are focused about investments and have sound knowledge about what life insurance is, let us talk about the reasons why life insurance is important for women and why should women invest in life insurance?
Insurance policies support individuals in numerous ways. Life insurance is one such key insurance plan that allows the insured person to secure his/her own future along with securing the future of their family members or their dependents. Thus, life insurance does serve a great purpose to financially secure people’s lives.
In India, the market of life insurance is growing in a huge way. Millions of families have benefitted from these policies. There are families who could survive because of life insurance after the demise of their head-earning members. So, overall life insurance does have a pivotal role to play. But despite that the number of women insured with life insurance policies is way less as compared to the number of men. In fact, just about 32 % of people insured with life insurance policies are women in India.
The reasons could be varied including:
These reasons show why many women lack the opportunity of buying life insurance. However, that doesn’t mean that women should not avail insurance policies as there are several reasons for women to have a life insurance plan.
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Among the many reasons why women need life insurance, below are some points to consider:
Read More: Defining Survival Benefit in Term Life Insurance Policy
To Sum Up
The importance of life and medical insurance for women is evident. Over the years, there has been better penetration of insurance among females with better knowledge about life insurance meaning. However, it is still less than men in India. But with the rise in women workforce and the varied policy options by insurance companies such as women-specific insurance plans, the situation is sure to change soon.
Also read: Steps Involved in Making a Death Claim On a Life Insurance Policy | 18 Life insurance terminologies a policyholder should know | Defining Survival Benefit in Term Life Insurance Policy
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