Tuesday, 04 March 2025

Breaking Barriers: Women & Financial Security

We all agree that women are born with a natural talent for saving, budgeting, and managing household finances, don’t we?

They are sharp, smart, patient, and capable of handling money with precision. Yet, for centuries, financial decision-making and investments have been perceived as a man's domain. While this trend is slowly changing, it is time to Accelerate Action.

Women have started taking charge of their financial future now.

Gone are the days when women were expected to only manage the household while men handled finances. Today, women are entrepreneurs, CEOs, and independent professionals. They are also homemakers who make invaluable contributions to their families. No matter the role, one thing remains constant – financial security is crucial, and life insurance is the foundation of that pillar of security.

Yet, research shows that women are less likely to have life insurance than men. A 2023 report by IRDAI found that only 34.2% of the total 2.84 crore total policies were issued to women which is a 0.5% (Source: IRDAI Annual Report 2022-23) drop from the previous year. This gap needs urgent attention because life insurance not only gives you protection, but it also empowers YOU. Whether you are a working professional, a homemaker, or a single mother, having the right life insurance plan can safeguard your financial future and protect your loved ones.

Why women need life insurance more than ever

Financial freedom: A safety net for life’s uncertainties

Women today are not just earning; they are managing expenses, investments, and securing their future. Life insurance ensures that financial stability remains intact, even in the face of uncertainties.

Let’s look at the journey of Meera, a 35-year-old marketing professional and a single mother. She took a term life insurance plan to ensure that if something happened to her, her son’s education and future wouldn’t be compromised. Today, she has peace of mind knowing her son is financially secure.

Protecting loved ones: But what about YOU?

Women are often the backbone of their families, prioritizing their children’s security, education, and well-being, or taking care of aging family members. But in doing so, they sometimes overlook their own financial protection. Life insurance is not restricted to securing the future of loved ones, it’s about ensuring your own independence and stability.

You tirelessly work to secure your children’s future and provide a stable home. Life insurance ensures that your spouse and kids are financially protected, no matter what.

You shoulder every responsibility alone – your child’s education, healthcare, and future. A solid life insurance plan ensures that they never face uncertainty.

Your financial security is just as important as anyone else’s. Protect your aging parents, build wealth, and create a future where you are financially independent and secure.

The Unsung Sheroes: Value of Homemakers

According to a 2023 World Bank report, homemakers contribute unpaid labour worth $10 trillion globally, yet their financial value is often overlooked. If something were to happen to a homemaker, the family would still need financial support for childcare, home management, and everyday expenses. Life insurance provides that cushion.

The Health Factor: Women need extra protection

Women often face higher medical expenses due to maternity costs, breast cancer, and other health conditions. All life insurance policies include critical illness riders that provide financial relief in case of serious medical emergencies.

With the right term insurance plan, you can secure your future and get coverage for critical illnesses at an affordable premium. Explore our plans to ensure you and your loved ones are protected when it matters most.

Pay Less, Get More: Lower insurance premiums for women

Most of us are ignorant about the fact that women pay lower life insurance premiums than men. This is because of their higher life expectancy, making life insurance not just essential but also affordable.

Here are some smart insurance choices for women

Term Insurance: Affordable coverage with high benefits to secure your family.
Savings & Investment Plans: Helps you save for big goals like buying a home or funding a child’s education.
Retirement Plans: Ensures financial independence after retirement with a steady income.
Critical Illness & Health Riders: Offers coverage for unexpected medical expenses so you don’t dip into savings.

Tax benefits & wealth growth with life insurance*

Investing in life insurance not only secures the future but also saves money through tax benefits:

Premiums paid are eligible for deduction under Section 80C (up to ₹1.5 lakh per year)*.
Payouts from life insurance are tax-free under Section 10(10D)*.

Busting common myths about life insurance

1. “I don’t need life insurance because I don’t earn.”
Even if you don’t earn a salary, your contribution to the household is invaluable. Life insurance provides financial stability to your family in your absence.

2. “Life insurance is expensive.”
There are many affordable term plans that provide crores of coverage for as little as ₹28 per day**.

Learn more about our plans and how it can protect your future.

3. “My Spouse’s Insurance is Enough.”
Relying solely on your partner’s insurance is risky. Having your own policy ensures you and your dependents are always financially protected.

Choosing the right insurance plan is key. How to do it? Here you go!

Assess your needs: Consider your income, financial responsibilities, and dependents.
Compare policies: Look for plans that offer maximum benefits at the lowest cost.
Opt for riders: Add critical illness or accidental riders for extra security.
Review regularly: Update your policy and customize your sum assured as your responsibilities grow.

Ladies, it’s time to take control of your financial future, your security, your power.

Financial security is not just about wealth; it’s about freedom, confidence, and control over your future. You spend your life ensuring the well-being of those you love; now it’s time to do the same for yourself. Whether it’s securing your child’s future, preparing for retirement, or having a safety net for the unexpected, life insurance is a step toward true empowerment. So, this International Women’s Day, are you ready to #AccelerateAction? Explore life insurance options today and ensure that you and your loved ones are always protected. Speak to our advisor now!

Disclaimer: http://bit.ly/2GZeRHI

Visit Us: https://www.reliancenipponlife.com/

Mktg/RNLIC/Womens Day Blog/V1/Mar25

*Tax benefits may be available as per prevailing tax laws and are subject to changes based on amendments from time to time, consulting a tax expert is advisable.
**T&C Apply