Insurance Industry News

Why women need independent insurance

With changing times, gender roles have changed with most women in leading roles traditionally relegated to men. While women today are sharing the same responsibilities as a man, they shy away from taking independent financial decisions despite sharing the same fiscal obligations and risk.

Women today are leading their male counterparts in all walks of life, yet the mind-set towards insurance has not changed. According to industry reports, women constitute only 20-30 percent of insurers’ portfolio.

It is important for female members of the family to understand and evaluate the risk before selecting an insurance policy. This is irrespective of whether they are home makers or working women.

Dependency on family/ spouse/ parents

For a vast majority of women, personal finance is not a topic of family discussion; even financially independent women prefer their assets being handled by their fathers or spouse. However, the financial needs along with insurance might defer for the fairer sex compared to their counterparts.

Medical insurance

The average life span for women in India is 69 years which means they do need adequate savings to fund their medical expenses at the later stages of their lives. Hence, it is important for them to be adequately covered by an apt health insurance policy early in their lives.

This could be a basic indemnity policy that covers hospitalisation, medication and doctor’s fees. The other feature to look for in health insurance is maternity benefit which usually has a lock-in period of 48 months. The maternity benefit takes care of the expenses related to child birth like hospitalization expenses, both pre and post-natal. Many policies also cover the new-born baby. Certain products may cover breast cancer, which may be more useful to women than a one-size-fits-all policy or a family cover.

Critical insurance policy

Women are prone to certain kind of critical illnesses like ovarian cancer, breast cancer, cervical cancer, etc. A standalone critical illness policy specifically covering such illness should be considered by women.

Motor insurance 

While there are today large numbers of women drivers, they are not aware of the specifics of an auto insurance policy or its benefits. Various add-on covers in the policy offer free towing of the vehicle in emergency situations, roadside assistance etc, which is important for a lady driver.  Hence it is important to look for additional riders in a motor insurance policy that would assist a women driver in need.

Dependency on group health insurance by the employer

The group cover provided by employers is often thought to be enough, without employees realizing that there can be need for a higher sum assured, or that there won’t be any insurance protection on quitting the job. Many times, the insurance is an indemnity policy and may not cover critical diseases or day procedures. Thus, it is always advisable to have an independent plan which will suffice the treatment of a chronic ailment or a critical disease.

Home and travel insurance

Single women staying alone in urban cities for work or higher education is on the rise, consequently traveling alone on vacation has also seen a definite uptick. Thus, it is imperative for them to consider home & travel insurance to protect themselves against theft, burglaries and natural disasters both at home and while traveling during the holidays.

Loathing the premiums

Irrespective of being a homemaker or a working individual, an insurance safeguards against any unforeseen tragedy. Products like Motor insurance, home insurance, travel and health insurance covers against a large bracket of hazards and protects the policy holder for future financial risks.