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To address the health needs of women, insurers have recently launched innovative features to term insurance plans focused on healthcare
Term Insurance for women
Women are the backbone of many families, juggling multiple roles and responsibilities. However, amidst caring for others, their health and well-being often take a backseat. The adage ‘health is wealth’ rings especially true for women, whose ability to support loved ones hinges on their physical and financial resilience. By prioritizing their health and securing the financial future of their dependents, women can ensure well-being for themselves and their families.
This neglect is often deeply rooted in societal expectations, which often place women’s needs and well-being at the bottom of the priority list. Unsurprisingly, insurance penetration among women in India remains alarmingly low, particularly in non-metro areas, largely due to unawareness, societal conditioning and traditional norms. However, it’s undeniable that women contribute significantly at home, regardless of their employment status. Recognizing this, the industry has introduced new products and innovations to cater to women’s growing need for term insurance.
New features in term insurance focused on healthcare
To address the health needs of women, insurers have recently launched innovative features to term insurance plans focused on healthcare. These features provide extensive health management services, with annual benefits valued at Rs. 36,500. The package covers tele-OPD consultations and lab tests for Diabetes, Thyroid, Lipid Profile, Calcium Serum, and Complete Blood Count, among others. Considering how women struggle to make time for themselves amidst juggling multiple roles, it also includes annual health check-ups in the comfort of their home, as well as consultations with nutritionists and mental health specialists, delivering a holistic approach to healthcare.
Women stand to gain significant value from these plans—psychiatrist consultations, which normally cost anywhere from Rs 3,000 to 5,000, are now free, as are diet and nutrition consultations, which can cost up to Rs 10,000 per month. This provides exceptional value for the premium paid. Pregnant women receive a Rs. 2,000 pregnancy wallet to cover pregnancy-related tests and consultations. By offering these comprehensive services, the industry ensures that women’s unique health needs are met at every stage of life, addressing both immediate concerns and promoting long-term well-being.
Another crucial feature to mention is the critical illness rider. With this rider, policyholders receive a lump sum amount if they are diagnosed with a critical illness, that impacts their ability to earn. There has been a significant rise in the number of cases of breast cancer and cervical cancer in India in the past few years. Hence, opting for this rider is especially important. The critical illness rider offers financial support right from the diagnosis of the illness. It acts as a financial cushion helping reduce the financial hardship during a life-threatening disease.
Understanding the importance of buying term insurance by women
It goes without saying that term insurance is a must for all women. Whether you’re a homemaker or a working woman, buying term insurance is essential for the financial future of your loved ones if you are not around. The economic value of a homemaker is immeasurable, as they play a crucial role in managing household responsibilities, caring for children, and ensuring the smooth functioning of daily life.
Their contributions allow other family members to pursue their careers and maintain a stable home environment. Their efforts towards running a household are at par with a salaried individual. Without term insurance, however, their invaluable work and the financial stability they provide could be at risk in the event of an unfortunate circumstance.
Term insurance is equally important for women who are the breadwinners or provide financial support to the family. As the primary earners, they play a critical role in supporting their household financially, and their sudden absence could leave a significant gap in the family’s income. With term insurance, they can ensure that their loved ones are protected and that their financial obligations, such as mortgages, education, and daily living expenses, are covered.
A welcome advantage for women is that term insurance costs 30% cheaper for them as compared to men owing to their longer life expectancy. Insurers have also gone a step further to make term insurance accessible for NRI homemakers. Living far from extended family in a foreign country, these women are integral to maintaining the household and supporting their families. Should they no longer be there, their families could face significant difficulties. Moreover, replacing their domestic contributions—whether caregiving, household management, or financial support can be costly. Term insurance offers a crucial financial safety net, ensuring their families can cover both immediate and long-term expenses without added stress.
Despite being equal contributors in the household, majority of women rely on their spouses for financial decisions. By understanding and managing their finances, women can ensure they are self-sufficient to deal with any situation, from emergencies to retirement, and can build a stable financial foundation for themselves and their families.
