Today, an increasing number of women in India are living an empowered life. Besides taking on the responsibility of managing the household, many of them have stepped out to make a career and become financially independent to contribute to the family expenses. Gone are the days when the man of the house was the sole breadwinner. Purchase life insurance.
As a result, financial planning has also now become a responsibility of the self-empowered ‘woman of the house’ who can now contribute to secure the financial future of the family.
Last week I attended a session addressed by Mr. Aalok Bhan, Chief Marketing Officer, Max life Insurance on the importance of life insurance plan to secure us and our loved ones against financial uncertainties. For the ladies in the audience, it was an enlightening talk as we were introduced to the fact that we, as women play an equally important part in our family’s financial decision making. Interestingly, a survey ‘Max Life India Protection Quotient’ in association with Kantar IMRB has found that only 19% of women in metropolitan cities own term plans, compared to 22% of men.
Despite 40% of the total workforce in India being women, why do we not plan our investments? Known to put the needs of their family first, when it comes to investing for themselves, women are a bit apprehensive. Most of the women are confident in managing their day-to-day budgeting but are not too comfortable discussing money with family.
Reasons why women tend to shy away from financial planning
In Indian society, financial contribution in the household setting has predominantly been a man’s responsibility
Women traditionally are not encouraged to engage with money unless it is for daily or an urgent expense
No physical term life insurance
Some of the women perceive finances as far too complex a task for them to handle
Women often get so busy with household chores and children that they feel they do not have the time to understand details about investments
Then, why women need life insurance?
There is a need for life insurance for women in India just as much as for men. Women typically have a tendency of taking their financial protection for granted, hence miss out on purchasing life insurance themselves.
A few reasons why women should invest in life insurance policies are:
Financial protection: - When you are responsible enough and share the financial responsibility with your husband, you should not compromise on protecting those dependent on you financially.
Cover for critical illness: - Anatomically, women are considered to be at a higher risk of developing chronic health conditions than men. But neglecting personal financial security, women are found to save lesser in comparison to men for untimely death of the breadwinner and medical emergencies. We all know medical expenses are rising with each passing day, it is important that both men and women are invested in a robust critical illness plan that saves the family from financial strain, in case of a critical illness that requires long –term medical intervention and significant expenses
Effective: - Several studies have established that wives outlive their husbands and hence their life expectancy is more. This is the reason why life insurance companies also tailor premiums that are more cost-effective for women. From term insurance plans that offer comprehensive financial protection at a nominal premium to various market linked plans and traditional endowment plans that are a prudent option for long term wealth creation, women have a range of options to choose the one that suits their requirement best.
Leave a lasting legacy: - Every mother wants the best for her children. Managing a house and fulfilling professional responsibilities is not an easy task. Life insurance helps to get the financial protection that will ensure children’s dreams are fulfilled and milestones are successfully met even in the absence of their dear mother.
Now with changing trends where women also provide for their family financially, it is a must for all of them to purchase life insurance plans for themselves. This not only applies to working women but even housewives, single women and single mothers who need to be insured to ensure financial independence at various stages of life.
So, ladies secure your future and happiness with a good life insurance plan.
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Disclaimer: The opinions expressed in this post are the personal views of the author. They do not necessarily reflect the views of Momspresso.com. Any omissions or errors are the author's and Momspresso does not assume any liability or responsibility for them.