How to choose a term insurance policy for working women and homemakers

financialexpress.com:

The path to financial security begins with securing one’s future against unseen setbacks, and what better a way to ward off these setbacks than to invest in a robust term insurance plan. Irrespective of gender, everyone needs a term plan to secure their dependents beyond their lifetime. While India is home to 48.4% female population, historically men have assumed the role of financial planner in a family.

In recent years, the role of women in India has undergone an evolution. Women have emerged as strong pillars of society, seamlessly juggling multiple roles. Amid these multifaceted responsibilities, the need for securing one’s financial future through astute decisions has never been more apparent.

It’s often presumed that only the onus of women making monetary contributions to buy a term insurance plan. The reality is homemakers are also equal contributors in a household – whether or not that can be measured in monetary terms. Keeping up with the changing norms, the insurance industry continues to build products that can adequately cater to women’s dynamic needs. As more women become primary earners or contribute significantly to household income, having a term insurance policy becomes paramount. It guarantees that in the unfortunate event of the policyholder’s demise, her dependents will have the financial resources to maintain their quality of life and pursue their aspirations.

Here’s how women can ensure they have adequate term insurance coverage:

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In India’s socio-cultural environment, conversations around death are still a taboo. In this case, evaluating coverage or, in a way, attaching a price to life might get even more difficult. While