international-womens-day

Life Insurance Guide: Women’s Day Special Edition

Locate branch
Resume journey
Pay Premium
Contact us


Why Do Women Need Life Insurance?

Life's unpredictability underscores the importance of safeguarding the family's financial well-being. Whether the woman is the primary breadwinner or a significant contributor to the family's finances, prioritising life insurance is essential. By obtaining life insurance, the policyholder can provide a vital source of financial security for their loved ones in the event of their passing.

Life insurance makes sure that your loved ones are taken care of if you are unable to continue providing for them, whether you are a working woman, a business owner, a parent, or a spouse. Insurance providers in India offer life insurance to women as per their needs and requirements. Irrespective of what stage and role you are in your life currently, life insurance has multiple benefits for you. Let us discuss these categories in detail.

  • Working Women

    A well-structured life insurance policy serves as a cornerstone for maintaining financial stability, particularly in the face of unforeseen events such as the death or critical illness of a spouse. For working women seeking to secure their financial future, investing in pension plans emerges as a prudent strategy.

  • Young Mothers

    For a child’s better education and future, young mothers can start early savings by investing money every month in child plans. It is a great way to provide their children with a stable future.

  • Homemakers

    While homemakers do not have a conventional salary, their contribution must always be addressed. Their everyday tasks from managing households to providing emotional support, cannot be quantified. Thus, life insurance ensures that, in such unfortunate circumstances, the family has the financial resources to cover immediate expenses and maintain their standard of living.

  • Women Planning for Retirement

    As women age, prioritising retirement plans becomes increasingly crucial. Incorporating life insurance with a cash value component into one's financial strategy can prove to be a valuable asset, offering supplementary financial security throughout retirement.
     

What are the Benefits of a Life Insurance Plan for Women?

Given the evolving roles and contributions of women, prioritising their financial security this Women’s Day 2024 through life insurance is crucial.

Here are some of the benefits of investing in life insurance for women to explore:

  • Financial Safety Net: Life insurance offers financial security to one's family in the event of the insured's untimely demise. Upon the policyholder's death, the insurer pays out a death benefit to the designated beneficiaries, assisting them in covering various expenses.

  • Lower Premiums: Women may qualify for reduced term insurance premiums relative to men due to their extended life expectancy and decreased susceptibility to certain health issues.

  • Wealth Creation and Savings: Investing in a life insurance policy is not just an expense; rather, it is a strategic investment option that can help in wealth creation. Numerous investment-linked insurance plans, like ULIPs, allow women to participate in the financial market while securing their future.

  • Tax Benefits: Life insurance policies provide tax benefits, as premiums paid are eligible for deductions. This dual advantage of financial protection and tax savings makes life insurance an appealing aspect of a woman's comprehensive financial planning strategy.

  • Contentment: The biggest priority for a woman is the safety and security of her partner and children. A life insurance policy serves as a safety net for children, spouses, and parents who need care.

  • Legacy: As many women manage their family's finances, preparing for unforeseen circumstances is crucial. Whole life insurance plans serve as a means of wealth accumulation for future generations, extending up to age 100.
     

Did You Know?

In the FY 2022-23, women were issued 97.38 lakhs life insurance policies, constituting 34.20 per cent of the total policies, which amounted to 2.84 crore policies.


How to Choose the Right Life Insurance Plan?

To choose the best life insurance policy as a Women’s Day special gift, here are some of the factors that can be considered:

  1. Coverage Amount: Before applying for a life insurance policy from a particular lender, an insurer should consider the financial needs of your family, like educational fees, loans, and day-to-day expenditures. A thorough analysis of these details will help them in determining the total coverage amount.

  2. Policy Duration: It is crucial to factor in the duration of coverage, aligning it with both your financial objectives and the age of your dependents. Opting for longer-term policies can often yield greater value in the long run, ensuring sustained financial security for your loved ones.

  3. Type: There are numerous types of life insurance policies available in the financial market, like ULIP, term insurance, whole life insurance, etc. An insurer must choose the most suitable types based on your requirements and budget.

  4. Riders and Add-ons: Assess additional riders or add-ons to augment your coverage, such as critical illness riders, accidental death benefit riders, or waivers of premium riders. These add-ons can provide additional layers of protection and financial security, addressing potential risks and unforeseen circumstances.
     

Key Takeaways

  • International Women’s Day is associated with the colour purple which symbolises dignity, justice and loyalty towards the women’s movement.

  • It also marks a call to action for accelerating gender parity.

  • As per IRDAI, women make up 34% of the total insured population in India.

  • Term plans and Unit Linked Investment Plans are considered the best insurance options for women.

  • Women enjoy the benefit of lower premiums which makes life insurance a good option for retirement planning.
glossary-img


The Perfect Gift For This Women’s Day!

This International Women's Day 2024 is all about making women feel more secure and loved. Life insurance serves as a safeguard against unforeseen circumstances, providing calmness and stability in times of crisis. Canara HSBC life insurance is a comprehensive and flexible insurance solution that caters to the diverse needs of women. The well-designed insurance solution empowers women to take control of their financial future.

“Progressing with this year’s theme, Invest in Women: Accelerate Progress, investing in life insurance for women is a perfect gift. Investing in life insurance for women ends gender parity, So, this Women's Day, give the gift of life insurance to the women in your life and give them a sense of protection and assurance.”
 

Life Insurance - Top Selling Plans

We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.

Family Shield: Enhanced Protection

iSelect Smart360 Term Plan
  • 3 Plan options
  • Life cover till 99 years
  • Steady income benefit
  • Block your premium at inception

Start Young, Pay Less, Stay Secured

Young Term Plan
  • Life cover till 99 years
  • Coverage for spouse
  • Block your premium rate
  • Covers 40 critical illness

Fixed Returns, Zero Risks & Worries

iSelect Guaranteed Future Plus
  • 4 Plan options
  • Life cover + Guaranteed benefits
  • Accidental death benefit
  • Premium protection cover

Recent Blogs

How to Choose the Best Savings Plan in India?
02 Aug '24
890 Views
Read More
Life Insurance
Reasons Why Stay At Home Parents Need Insurance Too
02 Aug '24
874 Views
Work hours extending beyond the standard nine-to-five grind, no provision of leave, juggling work between multiple departments, and no payment-welcome to the life of a stay-at-home parent.
Read More
Life Insurance
Making Claim Settlement Easy for Your Beneficiaries : Canara HSBC Life Insurance
02 Aug '24
872 Views
Making Claim Settlement Easy for Your Beneficiaries : Canara HSBC Life Insurance introduces 1 day settlement of death claims, with 98.12% claim settlement ratio
Read More
Life Insurance
Life Insurance The Key to Happiness Post-Retirement
02 Aug '24
871 Views
How does your retirement planning tackles the question of passive income? Can you set yourself free from the need to work after retirement?
Read More
Life Insurance
9 Ways you Can Use Life Insurance in your Life
02 Aug '24
871 Views
Benefits of life insurance span throughout all important stages of your life. Whether it is the financial safety of family or your own retirement uses of life insurance plans are far more than it seems…
Read More
Life Insurance

FAQs

Yes, a housewife can get life insurance to safeguard their families financially in the event of their demise.

year and death resulting from pre-existing conditions. It's imperative to thoroughly review and comprehend the terms and conditions outlined in the policy.

The ideal age to acquire life insurance depends on individual circumstances and financial objectives. However, obtaining life insurance at a younger age, such as in your 20s, typically offers benefits such as lower premiums and a longer duration of coverage.

Many insurance companies offer life insurance for women aged 18 to 65. However, it's wise to contemplate obtaining coverage at a younger age to lock in lower premium rates.

Women have the option to select from a range of life insurance plans, including term insurance, endowment plans, or Unit-Linked Insurance Plans (ULIPs). The decision hinges on individual requirements, financial objectives, and risk tolerance levels.