Life Insurance Policy for Unmarried Women and Single Mothers

2024-08-02

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For centuries, the traditional role of the primary financial provider of an Indian family was played by the men in the family, who made a majority of the financial decisions in the household as well. However, times have changed and with it, women have gained a greater share of financial freedom and responsibilities in Indian families than ever before. Not only are women today deemed an equal partner in terms of financial power, they are also often the sole financial provider for themselves and their families. The prime demonstration of this fact is the financial influence carried by unmarried women and single mothers today.

Low Insurance Coverage Among Women

Despite the rise in financial independence enjoyed by women today, there is one investment aspect in which women are still severely lagging behind - life insurance. Despite some of the best life insurance plans featuring in the market, women remain an underinsured section of the population. According to a report by the Insurance Regulatory and Development Authority of India (or IRDAI), only 32% of the total individual life insurance policies sold in India were availed by women [1].

This is a dire statistic for women across India, but it is especially disconcerting when one considers women-led households such as in the cases of unmarried women and single mothers. For these households, availing the best life insurance plan in the market is not just an option, but an urgent necessity.

Let us take a closer look at how unmarried women and single mothers can greatly benefit from availing the best life insurance plans in the market:

For Future Expenses

A recent UN Women report states that as many as 13 million households in India are headed by single mothers [2]. Each of these households include varying numbers of children and their financial assessment must also take into account the children’s growing needs and future goals. On the other hand, unmarried women, several of whom are a part of the workforce, must take into account future needs of their dependants, such as parents or siblings.

The best life insurance plans can help both of these demographics by providing their nominees with ample coverage. A life insurance policy can thereby ensure that the future financial needs of their loved ones are always met, even in their absence.

To Protect Dependants Against Liabilities

Like others sections of the society, unmarried women and single mothers in India often make use of various debt and credit options to meet their financial needs. However, for households that depend on them, these financing options could lead to undesired long-term repercussions. In the event of their unfortunate demise, the families of these women could find themselves saddled with debt and other liabilities for years to come.

If you are an unmarried woman or a single mother, you can protect your dependants from such circumstances by availing one of the best life insurance plans in the market.

As a Precaution Against Medical Emergencies

There are various illnesses that women are specifically affected by or have a higher chance of contracting. However, a medical condition or critical illness in a family can lead to not only emotional loss but severe financial loss as well. As health care costs keep rising across the country, being diagnosed with a difficult disease can be a devastating burden on her household.

To safeguard your family and household from the financial repercussions of illnesses, the best life insurance plan can be the aid you need. Not only will it provide for your family’s finances in the event of your unforeseen demise, you can also avail a critical illness cover to protect them specifically from the financial losses of an illness.

Conclusion

As women are empowered around the country to make bigger, bolder financial decisions for themselves, life insurance must make up an essential part of this change. Whether you are an unmarried woman with dependents or a single mother, make your pick for the best life insurance plan in the market and avail a policy today.

For a dependable term life insurance best suited to your needs, consider availing theiSelect Smart360 Term Plan from Canara HSBC Life Insurance. This term plan guarantees extensive coverage to your family, provides customisation options and is accompanied by a bevy of helpful add-on covers such as the critical illness cover.

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