Women today are more socially motivated and work hand in hand with their husbands to meet their needs and give their children a better future. Over two-thirds of India’s women are family breadwinners or co-breadwinners. But they are able to let the men in the family take over when it comes to their financial planning. Unfortunately, as far as the house ladies are concerned, the attitude towards money is still pretty much the same as it was decades ago. Working women need to know that if they share all other family responsibilities, they also need to come up with some smart financial planning that can help them protect their lives against uncertainties that can affect their financial status.
In all facets of life, women have broken barriers-whether it’s the glass ceiling in the corporate world or international records in various sectors. In terms of investment, however, women in India have been rather hesitant to deviate from conventional forms of investment such as gold and bank deposits. There’s one investment, though, that is extremely crucial for everyone that we don’t really think about life insurance. While life insurance has grown into a variety of instruments that provide protection and security for life, our thoughts on this worthy investment remain basic. There are various life insurance policies that cater to women’s needs in different stages of their lives. Whether you are a young professional who is still trying to figure out your investment options or a mother who is looking to secure the future of your kids. Here is the list of life insurance you can go for explained by Jayant Harde:
The First Time Investor & Term Plans
Probably one of the simplest tools-term plans-is the first type of life insurance. As the name suggests, term plans are basic life insurance covers that have a fixed period of time with systematic premium payouts. The flexibility of the cover and the added tax advantages it provides under section 80C of the Income Tax Act, 1961 must be one of the greatest benefits of the term plan.
The systematic investor & ULIPs
ULIPs or Unit Linked Insurance Plans are ideal for women who have a fair understanding of their income, expenditures, needs and wishes. If you’re keen to make strategic investments but wary of trying high-risk instruments directly, ULIPs are great for you! These are long-term investments with a minimum lock-in period of 5 years which yield considerably higher returns while also ensuring the safety and security of their families. Like mutual funds, the fact that ULIPs are also excluded from the Long Term Capital Gains Tax also gives them an upper hand in the investment market.
New Moms & Endowment Plans
Becoming a mother is a huge milestone and on one’s way adds heaps of responsibilities. The best way to embark on this journey must be to ensure your child has a safe and secure future, even in the event of uncertainty. This is the image of an endowment strategy. It is a typical option for life insurance offering a lump-sum payout.
Women & Critical Illness Plans
One of the most common myths about term insurance is that you only need some plan which provides a bigger payout! As our needs change from time to time, with this we need to upgrade our life insurance policy. This is the reason every woman needs to invest with Critical Illness Cover in Life insurance policies. Combined with the sheer increase in susceptibility to critical illnesses such as cancer and heart disease, the high-stress environment in which we live has made this investment a must for every financial plan. A Critical Illness Protection Plan allows every woman to eliminate the financial stress of dealing with health issues such as cancer or heart disease by allowing access to lump-sum payouts of a portion of your life insurance coverage that helps manage the financial side of the disease.
To know more about best LIC plans, you can visit our website https://www.jayantharde.com or contact our representative at +91 712 2282029 or meet us at 51, Gurukripa, Old Sneha Nagar, Wardha Road, Nagpur – 440015.
Source: https://hardejayant.blogspot.com/2020/02/life-insurance-plans-for-every-working.html
