Protecting what matters: Why women should prioritise life insurance

Every Women's Day, we celebrate the incredible contributions of women to their families, workplaces, and communities. From panel discussions and inspiring speeches to WhatsApp forwards, the day is filled with recognition of a woman’s role in society. But what if, instead of just words, we took meaningful action that provides lasting peace of mind? Life insurance offers that assurance, ensuring financial security for women and the loved ones they care for.

Why Women Need Life Insurance and Why They Need It Now
 

Let me explain this with two examples: 

Consider Suhaani, a single mother and manager in a company; and Malavika, a teacher who left her job to care for her newborn. Suhaani, as the primary earner, needs life insurance to secure her children’s future.

But Malavika, too, contributes a lot towards her household as a homemaker. Now, imagine what a difference life insurance would make if something were to happen to either one of them. It's reassuring to know that their families, especially their children, would be financially protected. Life insurance for women, whether working or homemaker, is important as it provides financial security to their family in their absence.

We cannot control what happens, but we can certainly prepare for it. Many women delay getting life insurance, assuming there will always be time. The reality is—waiting can be costly, because:

1.    Tomorrow is uncertain. Accidents, illnesses, job loss, medical emergencies, and other unexpected events can happen at any time. They can change your family’s financial situation overnight.A delay in getting life insurance could mean leaving your family unprotected when they need it most.

2.    Premiums increase with age. The younger you are, the lower your insurance premiums will be. Delay in buying life insurance only leads to higher costs later.

3.    Peace of mind starts today: Knowing that your family will have financial protection brings a sense of security. It allows you to focus on your goals without constantly worrying about what will happen in the future.

Future-Proof Your Family

The best time to secure your financial future is now and choosing the right plan is the starting point. Different kinds of life insurance plans are available depending on your requirement. It is important to understand what each type of plan offers so you can pick the one that fits your needs:   

Term Plans: These provide simple, low-cost coverage that replaces lost income. They are best if you want basic protection for your family.

 Savings Plans:Savings plans not only offer protection but also help you save money over time. They can be useful for paying for education or other future needs.

Unit-Linked Insurance Plans (ULIPs): ULIPs offer a powerful combination: financial protection and the potential for wealth creation. By investing in market-linked funds, ULIPs allow you to build wealth while securing your future.

Benefits for Women

The insurance sector offers several benefits tailored specifically for women:

•    Lower Premiums: Generally, premium rates are lower for women, which makes purchasing life insurance more cost-effective for families.

•    Protected Payouts: Women can purchase a policy under the Married Women's Property Act (MWPA) and nominate her child/ren as beneficiaries. By doing this, you can ensure that, in your absence, the benefits are legally bound to go only to your children. This legal protection prevents creditors from claiming these benefits in case you have any financial liabilities.

Shape Your Future Today

Insurance is not a luxury—it’s a necessity. With easy online access, securing your future is simpler than ever. Whether you’re a homemaker, professional, or entrepreneur, the right policy empowers you to live on your terms.

This Women’s Day, invest in your security. Because your future matters—and it starts with you.

The author is Head-Marketing at Bandhan Life.