REASONS WHY WOMEN SHOULD PURCHASE LIFE INSURANCE

 


Introduction

In today’s modern world, gender distinctions are starting to blur. Women are achieving success in all areas, which has led to more financial independence and freedom. Women in today’s society have also started taking up the role of. By sharing the cost of housing, mortgages, and children's education, they raise the standard of living for families. Moreover, they even help their retired parents with their finances. In addition to women who work, homemakers also contribute significantly to the economy. The cost of the family will increase if outside aid is required for childcare and household chores. Hence, it is important that the income and other invaluable contributions of women, such as yourself, be protected. Life insurance is one such financial instrument that can protect your family’s financial security and ensure stability in the event of any unfortunate event. That’s why women also need to be insured.

However, as we can see, women own even less than 30% of the insurance plans that the insurance firms sell. In addition, women who purchase insurance coverage are also underinsured. As a result, it becomes equally necessary for women in our country to take precautions against unforeseen disasters.



Let us see the reasons why women should buy life insurance

Financial Independence: Your loved ones might have several goals. Your younger sibling, for instance, might wish to start a startup; maybe your kid wants to go abroad for college; or perhaps your parents will wish to travel after they retire.

Tax Benefits: One can avail of tax benefits under Section 80C of the Income Tax Act. The premium paid for the insurance plans is allowed as a deduction from the total income of the taxpayer and, hence, allows you to pay less tax.

Estate Planning: One of the main reasons parents worry about their children is the idea of how they will survive when they are no longer able to protect them. Benefits from your life insurance policy might be left as a legacy for your loved ones in the event of any terrible circumstance. Because most women live longer than men do, insurance is a good investment for them. Women can protect their family members' financial stability and leave a legacy for them in the event of a tragic incident by getting life insurance.

Wealth Building for Financial Goals: Women are meticulous financial planners by nature. They inherently keep planning finances to meet future financial needs and goals. Life insurance policies are the best financial instruments for women to save and plan for future needs. They not only help in building your wealth and savings but also help in generating better returns while providing life insurance.

Old Age Security through Regular Income Post-Retirement: A life insurance plan can assist you in making an effective retirement plan in addition to assisting you in realizing your dreams or providing financial security and assistance to your loved ones in the event of an unfortunate incident. Barring all the above reasons, a life insurance policy for women ensures that they will lead secure, comfortable lives after retirement. A retirement plan can offer a certain level of security in later age of life against increasing inflation, increasing medical costs, and ever-increasing standard of living costs. An annuity life insurance plan offers regular payouts or survival benefits to the policyholders / nominees. It also helps to women in other ways if they do not want to depend on children in their post-retirement phase of life.

Conclusion

The importance of obtaining an insurance policy cannot be emphasized for both men and women. Life insurance is a must, whether it's for the family's financial security or to accumulate funds for the future. A sense of security, financial freedom, and the assurance that your loved ones can carry on with their aspirations are all benefits of having life insurance. You can assure a secure future for you and your family by making a tiny commitment today.

“Liberty for women comes with her ability to make sound financial decisions for her life and to secure her loved ones.”

Location: Mumbai, Maharashtra, India

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