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Happy Women’s Day 2023: With the changing times, the importance of financial security is increasing. This is very important thing for everyone. The Corona epidemic has explained its importance to everyone very well. This becomes all the more necessary for that section of women who are confined to homes and do not have any regular earning of their own. Appropriate insurance plans can play an important role in providing financial security to such women.
Low penetration of insurance among women
Insurance is considered to be the best option for protection against any type of critical illness, death and disability. However, in a country like India, the reach of insurance is still very low. After the Corona epidemic, the awareness of insurance has increased among the people, but it can be said that India is still in the initial stage of adopting insurance. On the other hand, if we talk about the adoption of insurance among women, then an even more disappointing picture emerges.
There are many reasons behind the low penetration of insurance, including limited awareness about the benefits of insurance and lack of trust in financial services. Also, women in India often prioritize their family’s financial needs over their own, leaving them unable to focus on financial planning for themselves. One of the major reasons for the lack of insurance among women is also the lack of products that are designed to meet their specific needs. Now some customized insurance products have also started coming for women, which are mainly as follows…
Independent Term Insurance for Home Makers
Any type of financial planning and financial planning has always been linked to earning potential. Housewives who are not earning any kind of income, but they have always contributed a lot in strengthening the family financially. Earlier, they had to depend on the income and choice of their partner to buy life cover. In that too he was covered with only 50 percent of the sum insured. Independent Term Homemaker Plan is bringing a change in the world of insurance. It provides financial security to those housewives who do not have any means of earning. Under this scheme, women in the age group of 18 to 50 years with an annual household income of Rs 5 lakh can buy the Independent Term Homemaker Plan.
maternity plan
These days most insurance companies have special plans to meet the special needs of women including maternity benefits. The option of maternity benefit along with health insurance can significantly encourage women to move towards insurance. Health insurance companies provide comprehensive coverage for all expenses incurred during the maternity period including pre and post delivery care, delivery and hospitalisation. The sum insured can be up to Rs 2 lakh for the expenses incurred during the maternity period, but opting for maternity coverage can reduce the financial burden and encourage more women to opt for insurance. Additionally, some health insurance companies also provide coverage for fertility treatments, and newborn daycare procedures.
Flexibility with Modular Health Plans
Modular health plans are very beneficial for women. These plans give policyholders the flexibility to customize the plan and choose specific benefits based on their needs and budget. Apart from this, these plans can meet all the specific care needs of women. In addition, reproductive, sexual health and maternity care can also meet the needs related to preventive health services.
What do experts say
Sarbveer Singh, President and CEO, Policybazaar.com, an online insurance services platform, explains that an important advantage of modular health plans for women is the ability to tailor the plan to their needs. In addition to comprehensive maternity coverage, women can increase their sum insured up to 100% in some plans or they can opt for benefits that can help cover daycare procedures without hospitalization. Women who require regular check-ups can opt for OPD coverage, while women who maintain a fit and healthy lifestyle can be given the benefit of discounts and lower premiums.
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