Insurance is an excellent tool for handling those unexpected
risks in life like accidents, death, onset of a critical disease, natural
calamities and many others. While there exists insurance in many forms, the
level of awareness among the general public, especially women is not very
encouraging. A survey conducted by National Council of Applied Economic
Research a few years back revealed that the proportion of male insurance policy
holders for all type of insurance is much higher in comparison to female
holders, irrespective of an urban or a rural setting. The male female ratio for
life insurance policies is 79:21, with the ratio slightly improving when it
comes to health insurance.
Women do not mind stepping out of their houses and
contributing to their family incomes and taking decisions on their career and
other important matters at home, but many disregard their need for
insurance. In addition to being an
important hedge against risks, insurance would also prove useful as an
instrument for securing one’s retirement funds or planning for child’s
education in some cases.
Life insurance
The importance of insurance remains the same whether for a
male or a female. Life insurance plans are specifically targeted at the earning
members of a household. It is intended to replace the loss of income and cover
other liabilities of the surviving family members. Many financial planners go
by this logic and do not recommend life insurance for homemakers. However,
there is another side to this.
There is an economic value to the services rendered by the
homemaker at home, though there is no transfer of payment. If, in any untoward
circumstance a homemaker is unable to render these services, there is an
additional burden on the family in getting these jobs done through someone
else. Considering this factor, it is better for women, whether working or at
home to get their life insured. Some insurance companies like Aegon Religare
Life Insurance offer term insurance policies to spouses of individuals who buy
their online term insurance plans. The sum offered is up to Rs 1 crore.
The importance of life insurance goes up, when you have
dependents on you; they may be your parents, siblings, children etc. Term
insurance (a product where you pay premiums but the money insured is paid back
only in case of death) is an ideal product to have in your portfolio. Premiums
for these policies are much lesser in comparison to other General
Insurance products that pay back money at certain intervals. When it
comes to life insurance there are not many women specific insurance policies.
However, if you are looking just for term insurance, any online policy would
hold well.
Medical Insurance
While many may still underestimate the need for a life
insurance, the importance of medical insurance cannot be undermined. A working lady or the one at home, anyone can
fall sick and may be in need of medical care. During these days of rising
costs, a normal visit to the doctor sets you back with a bill not less than Rs
500/-, imagine the kind of expenses that you incur for a hospitalization or
treatment of critical illness.
That's Really Nice Blog For the Women Insurance and the General Insurance.
ReplyDeletegood one blog on General Insurance.
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