Why it’s important for women to buy life insurance

In this policy, the investment risk in the investment portfolio is borne by the policyholder. 

Less than 30%* of insurance policies sold by insurance companies are owned by women. In addition to this, women who buy insurance policies are underinsured as well. Hence, it becomes equally important for the women in the country to safeguard against uncertain events.

Here are 4 reasons why women should buy life insurance.

1. Financial independence

Your loved ones may have multiple aspirations. For instance, your younger sibling may want to start up. Or your child may wish to pursue higher education abroad. Or your parents might want to travel after retirement. By investing in HDFC Life Click 2 Wealth, you could enjoy inflation beating returns over the long term and help your loved ones fulfil their aspirations.

2. Tax benefits

All life insurance plans offer tax benefits* under section 80C of the Income Tax Act. The premium paid for the insurance plans is allowed as a deduction to the total income of the taxpayer and hence, allows you to pay lesser tax.

3. Leaving a legacy

One of the major reasons to worry for all the parents is the thought of their children’s sustainability when they are not around to protect them anymore. In case something unfortunate happens, you can leave a legacy for your loved ones. Most women outlive men in general, hence insurance products are a cost friendly product for women. Buying a life insurance policy leaves a huge sum (sum assured) for their kids to sustain their lifestyle even after the death of the individual. Hence, women can explore HDFC Life Click 2 Protect Super which is a leading term insurance plan.

4. Security in old age

arring all the above points, a life insurance policy for women guarantees a safe, financially secured and a comfortable life for them post retirement. A retirement plan can offer a certain degree of security in old age against increasing inflation, increasing risk of ailment, increasing medical costs and ever-increasing standard of living costs. An annuity life insurance plan offers regular payouts or survival benefits to the policyholders / nominees. It also works in the other way around, where the women do not have to depend on their children in their post retirement age.

The importance of having an insurance policy cannot be stressed upon enough, be it for men or women. Life insurance provides a sense of security, empowers you with financial independence and ensures that your loved ones can continue to fulfill their aspirations.

ARN: ED/10/22/29826