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Types of insurance policies women should have for financial security

Updated on February 2, 2018

We never know what life may bring to us. Anytime, anywhere we may face any mishap, and in a moment, life becomes uncertain and at that time, we cannot do anything. Especially, in case of women, the whole family gets shattered and disturbed the woman of the family faces any accident or health condition. It does not matter that whether they are single or married, working or non-working. Taking care of financial security is a necessity for every individual today. Insurance policies have been the comparatively new ways of financial security, earlier women used to invest in mostly gold and fixed deposits.

Here are different types of insurance policies, which women should think of having for their own and families’ financial security-

Term insurance policy-

Whether it is a woman or a man, the term plan is considered as one of the most important life insurance policies for working people. In this policy type, the premiums are at a lower rate for women if compared with men. If a woman is having her older parents or a small child, then she must opt for term plan insurance for their financial security. In case of untimely demise of the policyholder, the sum assured is given to her family member/nominee. There are various term plans available in the market, which come with different riders like cancer cover, critical illness cover, etc.

Health insurance plan-

Every woman should have this insurance for herself. As there is a rise in critical diseases like cancer, heart conditions, stroke etc. due to sedentary lifestyle and stress, it has become important to invest in health policy. A health policy takes care of the expenses in case the policyholder has to face any health conditions or go through any surgeries.

Unit-linked insurance policy-

Many women look for a plan, which will fulfill their long-term goal like their children’s education, building wealth for retirement, then ULIP is a great investment tool. It helps you to save a good corpus for a longer period and gives a cover against any untoward happenings. There are two types of funds in ULIPs and you can choose according to your risk appetite. They are mainly Equity and Debt. One of the best features of ULIP is that you can anytime switch between Debt and Equity and it is completely free of cost and you can switch en number of times. This is a great option for women, which brings good returns if invested for a period of 10 years.

Cancer insurance policy-

This is another type of insurance policy, which every woman should have. According to the survey of WHO, cancer is the second leading reason for deaths India. Breast cancer is one of the common cancers found amongst women. Plus, there are also cancers like ovary cancer, lung and cervix are also found in them. And the treatment cost can be huge and affect all your savings. Getting a cancer policy will ensure you have the financial backing needed at that crucial time.

Buying different types of essential policies ensures a safe future for you and your loved ones. Every woman should think and plan for the financial security from the young age.

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