Celebrate Women's Day By Protecting Your Loved Ones With Life Insurance

Accidents, illnesses, job loss, medical emergencies, and other unexpected events can happen at any time. They can change your family’s financial situation overnight.

In today’s fast-paced world, financial security is essential for everyone, and women are no exception. Akhil Almeida, Head - Marketing, Bandhan Life emphasises the importance of life insurance for women, regardless of whether they are working professionals or homemakers.

Almeida offers two examples to highlight the varying needs of women when it comes to life insurance. Take Suhaani, a single mother and a manager at a company. As the primary breadwinner, she understands that life insurance is essential to safeguard her children's future. On the other hand, Malavika, a teacher who left her job to care for her newborn, also plays a crucial financial role in her household. While she may not be earning a salary, Malavika’s contribution through managing the household is invaluable, and her family would be at risk financially if something were to happen to her.

Life insurance provides the peace of mind that families—especially children—will be financially protected in the event of an untimely tragedy. However, many women delay purchasing life insurance, assuming that they have plenty of time to plan. Almeida warns that this delay can be costly, as unforeseen events like accidents, illnesses, or medical emergencies can change a family’s financial situation overnight.

Moreover, premiums for life insurance policies are lower when purchased at a younger age. Waiting to buy life insurance could mean facing higher premiums later on. Almeida stresses that getting coverage early ensures financial protection for your loved ones and a sense of security for yourself, allowing you to focus on your future without constant worry. Securing life insurance is not just about preparing for the unexpected—it's about taking control of your financial future today, he adds.

Different Kinds Of Life Insurance

The best time to secure your financial future is now, and the key first step is choosing the right life insurance plan. With a variety of options available, it’s important to understand the benefits of each plan to find one that suits your needs, stresses Almeida.

• Term Plans: These plans offer simple, low-cost coverage that can replace lost income. Ideal for those seeking basic protection for their loved ones, term plans provide a straightforward solution to safeguard your family’s future.
• Savings Plans: In addition to providing protection, savings plans also help you accumulate savings over time. They can be particularly useful for funding future expenses like education or retirement, ensuring both protection and financial growth.
• Unit-Linked Insurance Plans (ULIPs): ULIPs combine the benefits of life insurance with the potential for wealth creation. By linking to market-based funds, ULIPs allow you to build wealth while securing your financial future.

How Insurance Industry Helps Women

Almeida points out that the life insurance industry also offers several advantages specifically designed for women.

• Lower Premiums: Premiums are often lower for women, making it more affordable to secure coverage and providing cost-effective protection for families.
• Protected Payouts: Under the Married Women’s Property Act (MWPA), women can purchase a policy and designate their children as beneficiaries. This ensures that, in the event of the policyholder’s absence, the benefits are legally protected and go directly to the children, preventing creditors from making claims on the benefits due to any financial liabilities.

Life insurance isn’t just a luxury—it’s a necessity. With online access making it easier than ever to secure coverage, now is the perfect time to take control of your financial future. Whether you are a homemaker, professional, or entrepreneur, the right life insurance plan can empower you to live life on your terms, says Almeida. This Women’s Day, make an investment in your future. Your security starts with you—and your future matters.