To address women’s health needs, insurance companies have recently introduced innovative features for healthcare-focused term insurance plans.
Women are the backbone of many families, taking on many roles and responsibilities. However, in the midst of caring for others, their health and well-being often take a back seat. The saying ‘health is wealth’ is especially true for women, whose ability to support loved ones depends on their physical and financial resilience. By prioritizing their health and securing the financial future of their dependents, women can ensure the well-being of 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. Surprisingly, insurance penetration among women in India is alarmingly low, especially in non-metro areas, largely due to ignorance, social status and traditional norms. However, it is undeniable that women make significant contributions to the 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 are focused on healthcare
To address women’s health needs, insurance companies have recently introduced innovative features for healthcare-focused term insurance plans. These facilities provide comprehensive health management services, with an annual benefit of Rs. 36,500 is. The package includes tele-OPD consultation and lab tests for diabetes, thyroid, lipid profile, calcium serum and complete blood count. Considering how women struggle to find time for themselves between multiple roles, it includes annual health check-ups in the comfort of their homes as well as consultations with nutritionists and mental health specialists, offering a holistic approach to healthcare.
Women get significant value from these schemes – psychiatric consultation, which usually costs Rs. 3,000 to 5,000, is now free, as is diet and nutrition counselling, which costs Rs. 10,000 may be incurred. This offers exceptional value for the premium paid. Pregnant women Rs. 2,000 pregnancy wallet to cover pregnancy related tests and consultations. By providing these comprehensive services, the industry ensures that the unique health needs of women at every stage of life are met, addressing immediate concerns and promoting long-term wellness.
Another crucial feature mentioned is the morning of serious illness. With this rider, policyholders get a lump sum if they are diagnosed with a critical illness, which affects their earning capacity. The number of cases of breast cancer and cervical cancer has increased significantly in India in the last few years. Therefore, choosing this rider is especially important. The critical illness rider provides financial assistance from the diagnosis of the illness itself. It acts as a financial cushion to help reduce financial hardship during a life-threatening illness.
Understanding the importance of buying term insurance by women
It says that term insurance is a must for all women. Whether you are a housewife 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 housewives is immense, as they play a crucial role in managing household responsibilities, taking care of children and ensuring smooth functioning of daily life.
Their contribution allows other family members to pursue their careers and maintain a stable home environment. His effort to run the household is equal to that of a salaried person. Without term insurance, however, their invaluable work and the financial stability they provide could be at risk in unfortunate circumstances.
Term insurance is equally important for women who are breadwinners or provide financial support to the family. As the primary breadwinner, they play an important role in supporting their family financially, and their sudden absence can leave a significant gap in the family’s income. With term insurance, they can ensure that their loved ones are protected and their financial obligations, such as mortgage, education and daily living expenses are covered.
A welcome advantage for women is that the cost of term insurance is 30% cheaper for them than for men due to their longer life expectancy. Insurance companies have also gone a step further to make term insurance accessible to NRI housewives. Living away from extended family abroad, these women are integral to maintaining the home and supporting their families. If they are no longer there, their families may face significant difficulties. Moreover, replacing their domestic contribution – whether caregiving, household management or financial support – can be costly. Term insurance provides a critical financial safety net, so that their families can cover both immediate and long-term expenses without additional stress.
Despite being equal contributors to the family, most women rely on their spouses for financial decisions. By understanding and managing their finances, women can ensure that they are self-sufficient to face any situation, from emergencies to retirement, and build a stable financial foundation for themselves and their families.