Last Updated on February 6, 2020 by Gopal Gidwani

Women will always play an integral part of Indian society. While many of you might work rigorously to provide financial support alongside your spouse, the rest of you might bear the entire responsibility of the house. Whether you are a working woman or a full-time housewife, you play a crucial role in every household. While your family might cherish your presence, your loss can be hugely mourned over by your financial dependants.

As a woman, you should buy term insurance to ensure that the financial future of your loved ones is secure in your absence. A term insurance plan can offer financial protection to your family members in the long run that can help them maintain their standard of living. Before you purchase a term plan for your family members, let’s understand what term insurance is in detail.

A term plan is the purest form of insurance that primarily aims to safeguard the interests of your loved ones after your demise. Initially, a term plan would only offer death benefits to the nominees included under your policy. However, a term policy has evolved over the past few years to match your dynamic needs. Today, a new-age term plan can provide you with a combination of death benefits as well as survival benefits.

The new-age term plans can offer exclusive benefits to suit the needs of all the empowering women today. With the term insurance benefits, you can meet the financial goals of your loved ones as well as secure their future for a specific duration. Therefore, let’s go through the top three reasons to understand why you need term insurance.

1) It can allow you to meet the educational needs of your children
Every parent’s top priority can be their child’s education. While many of you might jointly save to meet the educational needs of your child, the rest of you might solely strive every single day to provide for your child’s education. As a single parent, you might struggle to accumulate funds for your child’s education. If you are unable to fulfil the educational requirements of your kid, you should buy term insurance to fund the education. The right term plan can provide financial support to ensure your child receives the best education.

2) It can let you lead a comfortable retirement period
Today, it has become possible to receive survival benefits under term insurance. The new-age term plans can return your whole premium amount on the maturity date, which acts as the survival benefit. With the survival benefit, you can lead a comfortable retirement period when the flow of your income stops. The amount received on maturity can help you to fulfil your post-retirement goals as well as achieve your routine household expenses such as rent payment, grocery, utility bills, and so on after retirement.

3) It can let you include your spouse under the same plan
Many working women share the financial responsibility of the house with their partner. However, if anything happens to one of you, the surviving partner might have to bear the financial burden of the whole household. To ensure your spouse does not have to take up the financial load of the family alone, you should buy term insurance. In case of your unfortunate, untimely death, a term plan can offer a death pay-out to the joint partner to help them sustain financially without you.

To conclude, term insurance can play a crucial part in your life. Although there are various insurance options such as endowment plans, money-back policies, whole-life insurance, you should first buy term insurance for its flexibility and affordability. As a first-time buyer, you can purchase a term plan either from your insurance agent or online from the website of the insurance company. While offline plans can be time-consuming, an online term plan can be relatively cheaper, time-saving, and hassle-free.