Women and Insurance: Time to cut that gap

Mr. Rakesh Goyal, Director, Probus Insurance Broker Limited

Today, you will find women excelling in every walk of life. And also, contributing to their family income and economy of the world around her. Choosing careers in all fields of science, economics, mathematics, and technology, imparting knowledge beyond experience and standing up tall in the not-so-explored career options, making her excellent is not just as a homemaker but also as a professional in various fields. In many organisations, women are the decision-maker.

Mr. Rakesh Goyal, Director, Probus Insurance Broker Limited
Rakesh Goyal – Director, Probus Insurance, anInsurtech Broking Company

However, one of the most crucial concerns prevailing now is if women are excelling in many areas and contributing to their family’s income then why do they step behind or ignore when it comes to investing for them. As per the survey conducted by the national council of Applied Economic Research, the ratio of male to female policyholders is higher. It is very important for women to come forward and to know about their finances and understand the ways to manage them. Having a proper plan of the finances by having a portfolio, where insurance is an investing component, will not only save money but will also leave back financial confidence to the dependants.

Moreover, owing to the lifestyle and burden of handling responsibilities, women usually tend to fall sicker or get in contact with some chronic health conditions as compared to men.

Also, multitasking all the time has a severe effect on the health of the women which makes an ideal health insurance plan a must. Planning for buying a health insurance plan should be done as soon as possible as this will act as a financial safety net in case of medical emergencies.

Additionally, catering to the health insurance needs of the women, there are also many women-specific plans which are specially designed to cover various illnesses that women are more prone to acquire during her entire life.

How to buy an insurance plan to help women?

An ideal insurance plan can offer innumerable perks to women in many different ways. The amount obtained from the term plan payout could help her family by providing funds to pay off the debts (if any) in case of her premature death or disability. Talking about single women, an

insurance plan can help to add on the retirement income, on having a retirement plan or provide support to dependants in her absence, in case she is the life assured under a term plan.

In addition to the above benefits offered by the insurance plan, women can leave behind enough money for quality education of their children or their classy wedding which she desired for, by suitably opting to invest in financial instruments or Savings, Money Back, Child plan. For the ladies who love traveling, the returns on maturity can be a way to get to see places of their dreams. Or also, as a donation for females who aspire to give back to society by donating to charitable organizations. In short, opting for the best insurance plan is as long term savings and investments.

Final Word:

The bottom line is, no matter the women might be the primary breadwinner or an active contributor to the family’s income, an executive in the corporate world or a single parent with nine-to-five job, a homemaker who loves to look after her kids or strong single women, each woman needs to have some of the other financial back-ups.

As it is rightly said that, “She who nurtures you and protects you, needs protection too”. Let us all pledge that this Women’s Day by coming together and trying to break the gap between insurance and women by bestowing some love to your sweetheart mom, your adoring sister, your loving wife or your darling daughter by gifting her insurance plan and securing her with the best she deserves.

 Views expressed in this article are the personal opinion of Rakesh Goyal – Director, Probus Insurance, anInsurtech Broking Company

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