Indians are savers in general and bank on their savings at times of crisis. This thinking is transforming with time and there is growing brainstorming about savings along with income. They believe that insurance will save in times of calamities. Though present women are earning equal to men, it can be said that they are not free enough to take decisions on their insurance.
Though there are 2 earners in the family, wife and husband, mostly the husband alone has insurance policies, this is true even in the case of wife earning more than her husband. According to survey by insurance sector, only 20 to 30% women have insurance policies. Every woman, employee/business person, or even housewife, should have an insurance policy on her name. So, they should first have knowledge on these and only then can take a prudent decision.
Help in case of accident…
It is impossible to predict an accident whether you stay at home or go outside. So, every woman must have an individual accidental policy. This policy makes them independent on others when the need arises. This policy compensates for any accident or partial permanent disability. If the accident is a larger one and something untoward happens, the whole policy amount is paid. It is always better to link any home loan with accidental insurance.
For medical expenses..
At times of high medical bills, every individual of the family must have health insurance. In addition to general health policy that covers treatment, medicines and doctor fees, a maternity benefit policy can be taken. This type of policy generally has some waiting period. Maternity benefit policy pays for pregnancy and delivery expenses. Some policies provide insurance to the newborn also and some policies pay for some vaccinations.
There are some diseases that are exclusive to women. Uterine, breast and cervical cancer are on the high nowadays. Larger amounts are need for treatment of these. Most women hesitate to get treatment for these if found due to the family’s financial status. To avoid such situations, critical care policy should be taken. Compensation is paid once a diagnosis is made so that better treatment can be obtained as well as clearing some loans or having some repairs to the house.
It is not a big deal for women to drive. Important thing to note here is that insurance to vehicles driven by women should have some extra benefits. Transport of vehicle at times of emergency, roadside assistant that provides services during breakdown, etc riders should be added. Insurance company will help anytime when women are faced with issues during drive.
Along with these, home insurance policy is also a must. Frequent travellers should have traveler’s insurance. This will be very beneficial during health problems or loss of luggage during a trip.
When compared to men, women will have special needs with respect to insurance. So, women should take special care while taking a policy and study it thoroughly to be sure it caters all your needs.