Times are changing and women today are gaining financial freedom more than ever before. This starts with -the outlook to take care of their finances and be actively involved – in making financial decisions.
Women today are proactively making investments to create a corpus that can take care of major life goals as well as their sunset years. However, it is important that they recognize the importance of financial planning and its role in helping them achieve their envisioned goals and ensure financial security. Investing in the right financial products is a good starting point. This should be followed by – maintaining a robust investment portfolio that can help them achieve financial security and -financial independence.
Insurance is a must-have for every woman in view of the current market dynamics. Whether you are fresh out of college, a new recruit, a single mother or someone returning back to work post a gap or even a caregiver for dependent family members – a life insurance policy is that one safety net that will ensure protection against most of life’s eventualities. This begins with investing -in the right life insurance policy to safeguard – loved ones whilst providing stability for their families. It also eases a lot of thefinancial burden if something unforeseen befalls.
Making informed and smarter choices when it comes to life insurance will help women to maximise savings, secure thefuture and safeguard the aspirations of their near and dear ones.The key to optimizing the protection of a life insurance plan is to ensure that you have opted for the right coverage for your family.
Women can choose from a range of life insurance policies. They should align the right plan with the right stage of their life. This can be achieved by carefully assessing their policy requirements and considering factors such as income sources, dependent members, debt, liabilities. In addition to financial security, selecting the right life insurance policy that falls under the exempt EEE status can help women maximise savings and meet financial goals, making it an extremely efficient investing option.
Women have the power to shape the lives of those around them. Therefore, they should be empowered to make informed and smarter life choices by having a comprehensive understanding of financial planning and the importance of life insurance for securing their future. This will go a long way in enabling women to reach their personal and professional goals.
Authored by Sandeep Mishra, Head – Partnerships, Group Business, Business Development & Distribution Training at Bharti AXA Life Insurance
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