According to an old adage, men construct houses, and women create homes. Women are the major pillars of a family unit and hence the builders of society. That is why they are so important for a family’s survival and progress. However, in their busy schedules of taking care of the family, they frequently lose the opportunity to safeguard this asset.
Why Do Women Require Life Insurance?
Studies show that female involvement in the life insurance market, which is a basic financial requirement, is significantly lower than that of males. While there are several causes for this, the most obvious is a failure to take their life insurance requirements seriously. For example, the presence of a mother in the household is just as vital for the children’s development as the presence of a father.
However, in terms of monetary worth, a working mother’s contribution is twofold:
- Increasing the family’s income
- Home management efforts
As a result, the total human life value (HLV) for a working mother is HLV from income + HLV from home management.
Choosing the Most Effective Life Insurance Policy in India
You should hunt for the ideal life insurance plans now that you understand your insurance requirement (human life value). You want to be able to obtain all the possible life insurance benefits without having to fill out a lot of paperwork. You will be able to safely send your papers to the insurer using the online life insurance plan. There are extra advantages to purchasing life insurance online:
- Fill out your application from anywhere at any time
- Collect all of the facts without feeling rushed
- Discuss with family and enhance your research
- Fill out the personal information in complete privacy
You must understand that an online presence is more than just a website for insurance products. Except for the medical examinations, the entire buying procedure is done online. As a result, you can plan, estimate costs, select your benefits, and finish your application entirely online.
Customer Assistance Options:
When we are talking about the presence of the entire purchase process online, it should also include customer support. The insurer should also make product information, such as brochures, benefit illustrations, and insurance terms and conditions, available online.
In other words, you want the insurer to be completely transparent. You may come across information that is difficult to interpret, in which case customer service should assist you. Here are some things to look for in the customer service section:
- Contact mediums available – call, chat, e-mail
- Availability throughout the day – 24×7 or at a particular time
- The service agent’s knowledge and empathy – did he/she understand your query, and are you happy with their response?
Claim Settlement Ratio:
- How can you overlook the claim settlement experience when it comes to life insurance? Understand that the claim settlement is the true test of your life insurance policy. However, you are unlikely to be present when it occurs. So the only thing you can do is work with an insurer who has defined claim settlement standards and processes. Claim guarantee terms are now included in the top online life insurance products.
- This implies that if your insurance fits these basic standards, your claim will be handled in as little as 1 – 5 working days. The claim settlement ratio, on the other hand, provides an accurate view of the insurer’s entire claim performance. Anything above 98% is considered an excellent claim settlement rate.
Premium Payment Alternatives:
- Given the uncertainties surrounding job and family choices, premium payment options will be critical for you. Life insurance contracts are often long-term, lasting over a couple of decades.
- In the normal model, you’d have to pay premiums for the duration of the insurance. This might not seem reasonable, especially if you anticipate taking a sabbatical from your profession in the near future to raise children and prioritise family.
- What you may need is a short premium payment period, such as paying the premium for a 30-year life insurance policy in 5 to 10 years. This way, if you decide to take a sabbatical from work and focus on your family, your life insurance coverage will not lapse. One should also remember the life insurance tax benefits that come with a policy.
Additional Life Insurance Benefits:
Additional bonuses enhance the protection quality of your life insurance policy. The popular life insurance plans include extra coverage to give financial support in the following situations:
- Accidental passing away or incapacity
- Diagnosis of a life-threatening disease such as cancer, heart attack, etc.
- Waiver of all outstanding premiums in the event of any such claim
We hope that this will assist you in finding the finest life insurance coverage for yourself and your family. While you’re at it, do remember the life insurance tax benefits as another great advantage of a life insurance policy.
Note: Currently, there are two tax regimes in India – old and new. You can choose any one regime for tax filing after discussing it with an expert. You can also change your regime during the next financial year. So choose the right tax regime to enjoy life insurance tax leeways.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
Source link: https://www.canarahsbclife.com/blog/life-insurance/how-to-select-the-best-life-insurance-plan-for-working-women.html
