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Term Insurance Benefits For Single Women


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Dec 05, 2018

By : Bajaj Allianz Life

A ladies handbag is her Armageddon Resource Centre, carrying everything ranging from tissues to snacks, from coins to a Swiss army knife, and from makeup to pepper spray. Naturally, because women know the power of being prepared. Everything in that handbag is there for a reason and that reason is to be prepared for anything.

We extend that preparedness to every aspect of our lives. Naturally, financial planning is no exception to this. As soon as a woman starts earning, she understands the importance of putting away a certain sum for the future to ensure her current and future goals are taken care of. When exploring what financial instruments should be a part of one's portfolio, life insurance is often low on a single woman's priority list, but it is highly underrated.

Read on to see why life insurance should be in every woman's financial bouquet.

1. Pay off Debt

Single women may have student loans, home loans or credit card loans. Even though her salary comfortably covers it every month, it is important to be insured for the loan amount because if she were to pass away before it's paid off, her co-signers or dependents are liable to repay it. To ensure others do not suffer for her lack of foresight, it's important to take out a life insurance policy which covers those debts.

2. Startup ventures

Single women often chose to start their own venture. For this, they may start with minimal capital, and take a business loan to further fund their business. Naturally, an insurance that serves as an emergency fund or ensures that the loan does not become just one partner's liability is essential. In a start-up, one partner's passing could spell doom for a budding concept, and this insurance is needed to be sure the company stays on a financially sound footing even if one partner isn't there.

3. Future Family

Single women might want to get married at a later stage of their life and often choose to continue working post marriage and motherhood. At that time, most get a life insurance. But a smart move is to get insured when they are younger, since insurance premiums are lower. Getting insurance earlier will mean paying less every month for exactly the same life insurance cover!

4. Lifestyle diseases

Hectic, stressful lifestyles, increased pollution, poor diet and minimal exercise have led to lifestyle diseases such as diabetes, hypertension and heart disease taking on epidemic proportions. By getting insurance at a young age, one is relatively healthier, and that leads to lower premiums. This is certainly a compelling reason to get both health insurance and life insurance right now!

5. Tax

With tax season around the corner, one is looking for financial instruments that would help one save tax. Insurance offers the chance to save up to ` 1.5 lakh from the taxable amount, leading to significant tax savings under Section 80C of Income Tax Act 1961, subject to provisions mentioned therein.

Of the various life insurance policies available, term insurance plan is a popular one because of its affordability. Since the insurance is only covering risk, it often works out to a lower premium for a much higher sum assured. This makes it affordable to get the insurance cover needed. It is important to get insured, and single women, particularly young women, benefit immensely from getting life insurance cover at an earlier age.

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3Discount is available for regular premium and limited premium payment frequency under all variants of this product.

2Above illustration is considering Male aged 25 years | Non-Smoker | Life Cover Variant | Policy term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | medical rates | Annual Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

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The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.