From childhood, we have been educated to establish a habit of saving money. As we grow up, we realize the importance of financial security and for the same, it is required to do some financial planning well in advance in order to achieve our ambitions and future goals.
Since we can’t always foresee the difficulties that may arise, we may be able to form a backup plan and term insurance plans are one of the ways to make sure you are financially stable and have emergency savings set aside for loved ones. Having the right term insurance for housewife or for single women in general will ensure you are prepared for whatever life throws at you. The penetration of insurance awareness amongst is considerably low and coverage among women in rural India is even more worrying with only 1% being insured. There’s a significant requirement for women to make independent financial decisions.
If you are woman whether working at a company or homemaker, you need to consider adding term life insurance plan to your financial planning portfolio to be able to leave a legacy for your loved ones.
Term insurance: what is it?
Buying term insurance for housewife is one of the simplest and safest ways to safeguard the future of your family but alas, there is a misconception that homemakers do not require term insurance. Homemakers, like other members of society, play a pivotal role within households. In the event that the policyholder unfortunately passes away, the death benefits will be paid to the family or the next to the nominee. The reason why a term life insurance plan is the most preferred way to provide security to your family is because of the reasonable premium it comes with. This allows the family to get large sums assured at a reasonable premium without putting pressure on their income. When you are buying term insurance for housewife, you will also get flexible payout options, death payout options, and reasonable premiums. For housewives, it is suggested that they buy term life insurance plan online as it enables them to evaluate several options and select the one that provides more coverage for less money.
Why Should Your Financial Planning Include a Term Insurance Plan?
Incorporating a term life insurance plan into your financial planning process provides the policyholder with several advantages, including:
Tax benefits: Tax deductions of up to INR 1.5 lakh are available for premiums paid on term life insurance plan under Section 80C of the Income Tax Act 1. Furthermore, there is no tax on the amount received at maturity.
Provides financial protection: Purchasing a term life insurance plan gives the policyholder piece of mind because it guarantees a secure future for their loved ones.
Helps in Fulfilling Financial Obligations: A term insurance policy can assist your family in meeting their financial responsibilities, such as covering debt repayment, overdue loans, EMI payments, school expenses, etc.
Can support your partner with debt: Sometimes, women would take out joint loans with their husbands in order to help share the repayment burden. If something were to happen to you because of unanticipated circumstances, your spouse would be the only one who has to repay the money. You may assist him in repaying the loan(s) even if you were not there if you have term insurance for housewife insurance in place.
Serves to Replace Income: A term insurance plan’s coverage provides a substitute for income for the policyholder’s family members or nominee. Your family will be kept financially stable by the survivor support provided by the term insurance plan.
Various Options for Payout: With term insurance policies, you can select payouts on a quarterly, annual, or monthly basis. This enables you to pay the premium in accordance with your budget and convenience.
Growing Financial Dependency: Women are making a significant contribution to home income as gender parity increases at an exponential rate in India. While there is still more work to be done, women today make up 17% of India’s GDP. Indian families could suffer greatly from the loss of revenue because women’s contributions to household income are becoming more and more important. Therefore, even in their absence, mothers must make sure that their family’s future is secure.
The Female Homemaker’s Contribution: The value of Indian homemakers to the family is frequently overlooked. Furthermore, in contrast to common misconceptions, we are able to assign a monetary value to their contributions. Indian homemakers are responsible for at least Rs. 45,000 worth of household chores, according to a survey from ET Wealth. The family would have to spend a lot of money on childcare, elder care, housekeeping, cooking, and much more if the homemaker was not present. A homemaker’s passing could cause significant financial hardship for the family. Women must therefore obtain insurance to safeguard their own finances and that of their families.
Retirement Planning: A lot of people do not know that term insurance policies can be used to save money. Yes, certain term insurance policies include maturity benefits as well. According to a poll done among 4500 respondents across 16 locations, only 33 percent of women have savings set aside for future financial stability. This survey revealed that women prioritize investing in their children’s college education over making plans for their own retirement. This highlights the essential need for women to choose term insurance plans with maturity benefits in order to receive the combined benefits of protection and savings.
So we are saying,
Women, with their extraordinary ability to play several roles as carers and providers, achieve careful equilibrium in their lives. Amidst the obligations of caring for their family and contributing to household finances, they frequently neglect the significance of prioritizing their personal well-being. While they diligently attend to the needs of their loved ones, they must acknowledge the importance of self-care, which includes obtaining proper insurance coverage for themselves. After all, maintaining their own health and financial stability is critical to ensure long-term resilience and security for themselves and their families.
Creating a plan that will enable you to get to your goals as efficiently as possible is the main goal of financial planning. Selecting a term insurance plan enables you to easily attain your financial goals and ensure your family’s financial future. To guarantee the best benefits at the lowest price, it’s critical to invest as soon as possible in a term insurance plan. You can achieve your financial objectives faster if you get started early enough.
