Priyanka has traits of an independent woman who is prepared to take responsibilities and face all the upcoming challenges in her life. She has always been a hardworking woman.
When Priyanka was a little girl, she used to set small goals for herself. These were daily goals—such as learning how to climb a tree or winning a race. Now at the age of 28, she took a goal of financial planning and securing her loved ones against the uncertainties of life.
She decides to call her father to discuss her thoughts. Her father explained the importance of life insurance for a woman. The discussion starts with opting for a life insurance plan which is the first step towards gaining financial security. Life Insurance policies go a long way in helping women to look not only after their future financial goals but also fulfilling their responsibilities towards their dependents. Term insurance plans help women support their families especially if they are the sole earning member of the family. Life Insurance plans also cater to diverse needs, such as long-term savings goals, children’s education, and retirement planning. There are plans which also cover critical illnesses and accidental total and permanent disabilities.
Insurance policies have indeed empowered women and have made them independent in numerous ways. Following are the three major ways in which a life insurance plan comes to the rescue of women
- Accumulate lumpsum wealth
A major benefit of investing in life insurance policies like endowment plans or ULIPs is long-term savings. The regular amount invested over a period of time builds a sizable corpus. The accumulated amount may then be used for various purposes such as funding an international holiday or meeting marriage expenses and so on. This amount also acts as contingency during emergencies.
- Protection of household finances
Women play multiple roles in their family. They take great care of the needs of their aging parents and children along with supporting their spouse. Investing in a life insurance will help women gain the required financial assistance to take care of their family. It will protect the family members financially even in their absence.
- Retirement planning
A secure cash flow during retirement years helps in meeting medical and day-to-day expenses. Women may, therefore, invest in a ULIP and secure their golden years. Post-retirement they may live their life without any hassles, knowing that they are financially protected.
Priyanka’s dad then asked her to start investing and protecting her family’s future. Another major benefit for women is that they can enjoy the benefit of lower life insurance premiums.
After taking insights from her father Priyanka decided to choose the path which will lead her to a secure and a carefree life ahead.