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Check out insurance plans designed for working women

March 21, 2014 15:15 IST

Check out insurance plans designed for working women

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Yashish Dahiya

Women are increasingly taking up financial responsibilities of their family. And this transformation of the role indicates that they also need to be insured just like her father, brother or husband, says Yashish Dahiya.

It goes without saying that there exists gender parity in most sections of society.

From driving trucks to being CEO of multinational companies, today women are empowered and are at par if not ahead with their male counterparts on professional front.

Being an equal bread earner in the family, women today are also actively involved in all financial matters pertaining to the household. 

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Image: It is extremely crucial for women to buy insurance polices as per their requirement.
Photographs: Courtesy, Source For Change

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Check out insurance plans designed for working women

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In fact, as per a recent survey conducted by Nielsen across a few cities in India,  over 23 per cent of the working women have now begun to take their own financial decisions.

This consolidates the fact that women today are striving hard to become financially reliant. 

An important part of financial planning for a woman includes insurance. However, statistics shows, that in India, men score over women in purchasing insurance policies. Insurance is an all-pervasive need and it is equally important for women to get insured like their male counterparts. 

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Image: Women should not shy away from buying comprehensive insurance cover for themselves.
Photographs: Mansi Thapliyal/Reuters

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Check out insurance plans designed for working women

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The most important reason for working woman to buy life insurance policy is that she is also managing domestic financial responsibilities at the same time.

If you are a single and working woman, it is very important for you to own life insurance policy because you have ageing parents or any other dependents. 

As more women are taking up more responsibilities toward contributing towards the family income, the risk of a loss of income in case of an eventuality increases. Having a life cover under such circumstances can prove to be helpful.

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Image: Women should not shy away from buying insurance policies.
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Check out insurance plans designed for working women

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Many insurance companies offer women specific plans these days in order to cater to this segment of the market.

Women are equally prone to health risks at various stages of their lives

A woman must opt for these special plans as they provide comprehensive coverage and further saves them from any financial impact in times of crisis.

These products are aimed and positioned as instrument for women to help meet their financial goals. Furthermore, soaring medical costs can prove lethal as it may consume your savings and entire earnings.

Hence, it makes sense for a woman to buy special insurance plans covering entire risks.

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Image: It makes sense for a woman to buy special insurance plans covering entire risks.
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Check out insurance plans designed for working women

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Below are some of the types of insurance available and meant especially for women.

Life insurance plans: Term life insurance is a risk cover on the life of an individual.

These are pretty standard in nature where the risk cover commonly known as ‘sum assured’ is pre determined amount of money which is paid to the designated nominee on demise of  the life assured.  

Term life insurance can be bought by paying stipulated amount annually. The cover lasts till the end of policy period which could be as long as 35 years.  

Term life insurance is the cheapest among life insurance policies. These are bought with the intention to secure your family and safeguard againsts one’s liabilities.  

Buying life insurance has tax benefits. It is advised to buy life insurance in early stages of life.

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Image: It is advised to buy insurance policy at an early age.
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Check out insurance plans designed for working women

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Health insurance plans: Health is of prime importance to every individual. Including women.   

Most women health insurance plans cover complications during pregnancy and other congenital disabilities too.  

Moreover, a few health insurance policies meant for women, provide cover to new born babies with any congenital disease.  

There are several women specific critical illness plans which cover illnesses specific to women such as breast cancer, cervical cancer and fallopian tube cancer.  

Most of the insurance provides three year premium holiday for women along with monetary benefits.

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Image: Insurances companies have comprehensive plans for women-specific illness.
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Check out insurance plans designed for working women

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Travel insurance plans: This category ensures safety and risk free travel to an individual.

Most of the comprehensive travel insurance plans provide medical cover, trip cancellation and trip delay coverage including baggage lost as well. 

Women specific travel insurance plans are cheaper than travel insurance plans for men.

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Image: Most of the comprehensive travel insurance plans provide medical cover.
Photographs: Arko Datta/Reuters
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Check out insurance plans designed for working women

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Motor insurance plans: Many general insurance companies offer motor insurance plans for women as well. As women are considered safe drivers than men, these insurance companies provide motor insurance plans at cheaper rates than what they offer to men.

Furthermore, coverage provided is extensive for women as well.

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Image: Motor insurance plans are avialable for women as well.
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Women specific plans indeed provide extra benefits but one must not forget to do a realty check on them.

The decision to buy health insurance coverage must be based upon age, number of dependents you are supporting along with consideration of cost of medical care in the city you live.

While choosing an insurance company, one must perform thorough research.

Online general health insurance policies are much cheaper than policies offered offline.Moreover, insurance aggregators provide comparison tools to compare these policies online.

Comparison of health insurance policies, travel and motor insurance policies enables a woman to buy the policy that provides maximum coverage to them within their budgets. 

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Image: Women should do realty check on what the insurancce firm is offering her while selling any policy.
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