In the earlier days, gender roles were clearly drawn. The man was the breadwinner who worked to provide for the family, and the woman would stay at home and take care of the household and children. Things have changed now, and women are matching men step by step in every field.
Personal Financial Planning for the Independent Working Woman
As an independent working woman, you can plan your own finances well and allocate your money to various asset classes to match your life goals. You do not need to ask for advice or opinions from anyone else.
But, while planning, you must have thought about mitigating the potential financial havoc caused by life’s uncertainties. You must be worried about the future. What would happen to your family in the unfortunate case of your early demise? How will they cope with the loss of your income?
Read along to know more about a financial product designed to mitigate this exact situation.
Term Life Insurance
Term life insurance is a product explicitly designed to mitigate such a situation. It aims to safeguard your loved ones from the financial loss caused by your early demise. The premiums for term life insurance are amongst the lowest. The coverage that term life insurance provides tends to be relatively high. It is a product suitable for most adults.
Want to know more benefits of term life insurance? Read along.
Lesser Premium for Women
Insurers calculate the premium that they can offer based on the risk involved. In the case of term life insurance, the risk is that you die within the policy term. If that happens, they probably will have to settle your claim for a large sum assured. And all you have been paying them is the relatively small amounts of premiums.
Insurers run profitable businesses by managing this risk efficiently. In your case, you are lucky. The average life expectancy of women in India is more than that of men. That reduces the insurer’s risk of covering your life. Thus, they can offer lower premiums to women as compared to men.
But that’s not all. There are even more benefits. Read along to know what they are.
Safeguard your Family From your Debt Burden
You might have taken loans for the house, automobile or your business. You are paying off these debts by regularly paying your EMIs. However, in case of your premature demise, this debt burden would fall upon your family.
Not very desirable, is it? However, there is a solution: your term life insurance policy. Then, upon your death, your family will receive the sum assured, and this sum assured can be used to pay off your debts by your family.
We aren’t done here. There are more benefits. Read along to know what they are.
Tax Benefits
As a working woman, if you pay income tax, there’s good news for you. Your policy premiums are tax-exempt under section 80C. Maturity benefits are exempt under section 10D. So your term life insurance policy contributes to your current income by saving taxes.
I’m sure you know by now that the benefits don’t end here. There’s more. Read along.
Mother’s Legacy for Children
As a mother, you think about your children a lot. You have plans for their education and their future. But, what happens to them if you pass away too soon? In that case, a term life insurance policy will take care of your children’s needs. Consider the sum assured to be your legacy to be passed on to your children.
Host of Benefits
As a working woman, you lead your life independently. You take care of your family proactively. The host of benefits offered by term life insurance adds to that independence. Even in the unfortunate event of your passing away too soon, your policy takes your place. It provides for your family as you would.
Read more about Why Is Term Life Insurance Cheaper for Women?
OneAssure is a distribution platform that helps you make the right decisions on matters where health and finances converge. Visit oneassure.in to know more about your health insurance choices.