Is life insurance necessary, considering the fact that one has to pay premiums regularly? May be not that important now, but will be a great help in future. Insurance is often mistaken as an investment product. It is a product which gives protection benefit. On buying a life insurance policy you feel that your life is secured. It helps you when you need the financial support during crisis. While parking our surplus funds for retirement we only consider those products which give returns at regular intervals. Most of the times we forget to insure our life.
Is life insurance needed for women? A woman needs to be monetarily independent, as she has to manage her career, bring up her family, and take care of her aging parents. A woman who is the single parent taking care of her children must be insured. In her absence her child will not be financially deprived. A working woman who financially supports the family must also be insured. The insurance policy will help to fill the financial gap in her absence. And a home maker must be insured as her services are priceless.
However, not many women are insured. There are only two companies in India which offer life insurance policies for women. The two companies are Bajaj Allianz Life Insurance Co. Ltd. and Life Insurance Corporation of India. Bajaj Allianz Life Insurance Co. Ltd. offers two different policies for women - Bajaj Allianz House Wives and Bajaj Allianz Working Women where as LIC offers Jeevan Bharathi.
Both these policies are designed specially for women. Bajaj Allianz Life Insurance Co. Ltd. covers Critical Illness Benefit, Reconstructive Surgery Benefit for Breast (s) due to Breast Cancer, Congenital Disability Benefit and Complications of Pregnancy Benefit. LIC of India covers Female Critical Illness Benefit and Congenital Disability Benefit.
Another advantage that women get is they have to pay low premium on life cover as compared to men as the mortality rate is higher in the former.
Women in India must insure their life as tomorrow is uncertain. Insurance helps to live a carefree life.
October 14th, 2008 at 3:29 pm
Hi Bhakti,
As far as I know, all the Life insurance products can be bought by women, Sum assured may differ on the basis their HLV. The Bajaj Allianz products you have mentioned in your post are critical illness riders, which can be attached to Unit gain.
These critical illness riders are specially design for women as it covers the diseases specific to women.
November 18th, 2008 at 2:02 pm
Ya, Shikha you are on the right track that all life insurance products can be bought by women, but the writer has mentioned the two policies that are exclusively for women.
December 18th, 2008 at 1:02 pm
Hey thats a wonderful piece of information you have shared with us….these types are plans are rare and with the information you have bestowed its a great help to the women fraternity…cheers!
December 18th, 2008 at 1:04 pm
Wow! I really didn’t know such plans exist…thanks a lot for this wonderful write-up now i know where to look for vital information…you guys rock.
December 18th, 2008 at 1:06 pm
Why do wonmen require such securities and special plans…i mean there are so many other plans available in the market then why design a special plan for women…definitely I have nothing against them…just a thought?
December 18th, 2008 at 1:10 pm
Hi thank you very much for this wonderful write-up…I really needed to know whether such plans exist and my search ends here.
December 18th, 2008 at 4:27 pm
Why there are plans for women…why they are treated so special…why there are no special plans for men?…just a thought?…is it because they are considered a weaker class…i think gone are the days when they were weak and we can very well do with other plans that’s available in the market.
December 18th, 2008 at 4:52 pm
Who thought there would be special plans for women…glad there are insurance companies who think of their benefit…however what makes me think is are there any special plans for men?