Life Insurance
Financial Planning
2024-05-14 4 Min read
0
For a long time, Indian women have relied on the men in the family to manage their money matters. From investing to insurance, most decisions have typically been made first by a woman’s father or brother and then by her husband or son. Over the past few years, women have played a significant role in the workforce. As equal partners in monetary contributions, they have a rightful say in the economic decisions that are made. This paradigm shift has also increased the awareness of financial security.
More and more women and families are realizing the importance of life insurance policies, not just for working women but for homemakers as well. Term insurance has emerged as a simple yet efficient tool in effective financial planning for women. A term life insurance 5plan is not just easy to understand but also quite affordable, making it a rather prudent choice for everyone. So, whether you work from home, have a 9-to-5 job, are unmarried or a single parent, are a freelancer who works from home, or are an entrepreneur, investing in a term insurance plan is indeed required.
What makes term insurance an essential tool for women’s financial planning?
On average, women in India have around 2.5% higher life expectancy than Indian men. Life expectancy tells a lot about overall health, risks of developing certain health problems, and chances of raising life insurance claims. When it comes to term plans, women can benefit a lot from it. Having said that, let’s move forward with mentioning the distinguishing benefits of term plans for women:
1.Safeguard the future of your loved ones
Term plan guarantees a death benefit to the nominee in case the life assured dies during the policy tenure. Hence, a term plan is purely purchased with the aim of safeguarding the loved ones left behind. The policy becomes especially important for working women whose absence can put the family under financial stress. With a term plan, you can secure the financial future of your family.
2.Leave a legacy for your family
Women who are not working and do not hold major household income responsibilities should also invest in a term plan. Leaving a legacy behind for your family is what never goes in vain. A term plan is a great way to leave a lasting impact on the lives of your loved ones. A term plan benefit ensures stability, financial security, and support in times of need.
3.Allow your loved ones to easily pay off your debts
Settling an outstanding debt by utilizing the term plan payout can be of huge benefit. Families of working women may find it quite difficult to cope with the upcoming financial challenges amid the stress of debts. A term plan can solve these issues and ensure the security of your family.
4.Term insurance helps you save on taxes
Apart from future financial security, a term insurance plan also assists you in managing your current financial burden. Yes, tax benefits are another essential benefit of a term plan. Under Section 80C of the Income Tax Act of 1961, you can enjoy a tax deduction of up to ₹1.5 lakhs. Under Section 10(10D) of the Income Tax Act of 1961, the death benefit remains tax-free.
1.Safeguard the future of your loved ones
Term plan guarantees a death benefit to the nominee in case the life assured dies during the policy tenure. Hence, a term plan is purely purchased with the aim of safeguarding the loved ones left behind. The policy becomes especially important for working women whose absence can put the family under financial stress. With a term plan, you can secure the financial future of your family.
2.Leave a legacy for your family
Women who are not working and do not hold major household income responsibilities should also invest in a term plan. Leaving a legacy behind for your family is what never goes in vain. A term plan is a great way to leave a lasting impact on the lives of your loved ones. A term plan benefit ensures stability, financial security, and support in times of need.
3.Allow your loved ones to easily pay off your debts
Settling an outstanding debt by utilizing the term plan payout can be of huge benefit. Families of working women may find it quite difficult to cope with the upcoming financial challenges amid the stress of debts. A term plan can solve these issues and ensure the security of your family.
4.Term insurance helps you save on taxes
Apart from future financial security, a term insurance plan also assists you in managing your current financial burden. Yes, tax benefits are another essential benefit of a term plan. Under Section 80C of the Income Tax Act of 1961, you can enjoy a tax deduction of up to ₹1.5 lakhs. Under Section 10(10D) of the Income Tax Act of 1961, the death benefit remains tax-free.
SUD Life Protect Shield Plus
SUD Life Protect Shield Plus is a term insurance plan that comes with a 2-fold benefit. While being an affordable life insurance option, it allows you high coverage. Here are some of the benefits that you can expect with the SUD Life Protect Shield Plus plan:
1.Get coverage for up to 80 years
The specified tenure designed for SUD term life insurance is up to 80 years of age. This means you can enjoy coverage of that SUD term plan until you turn 80. You can take an entry to the SUD term plan even at the age of 60 years and enjoy the coverage till 80 years of age.
2.SUD Life Protect Shield Plus is protection at an affordable cost
SUD Life Protect Shield Plus offers a relatively lower premium. Affordable premiums play a major role in bringing more and more people under the shed of a term plan. Get high future financial protection for your family at a premium that goes well with your budget. You no longer have to strain your savings to purchase a term insurance plan. SUD is there to ease your requirements.
3.Make the most of the flexibility offered by the Protect Shield Plus plan
Not just affordable but SUD Life Protect Shield Plus is also flexible in nature. You can customize your plan as per needs. You can choose premium paying terms; single pay, limited pay (5/7/10/12/15 years) or regular pay. The premium payment option also has various options, such as single/yearly/half-yearly/quarterly/monthly. You can choose a sum assured that best suits your family’s needs in your absence and a policy tenure of your preference.
4.High sum assured of up to ₹2 crores
When investing in a term insurance plan like SUD Life Protect Shield Plus, most women would often look for a high sum assured. With SUD, you can choose a plan with a sum assured as high as ₹2 crores. By carefully evaluating the upcoming financial requirements and ongoing ones, you can calculate how much your family will need in future. That can be the amount you want as a term insurance benefit for your family.
1.Get coverage for up to 80 years
The specified tenure designed for SUD term life insurance is up to 80 years of age. This means you can enjoy coverage of that SUD term plan until you turn 80. You can take an entry to the SUD term plan even at the age of 60 years and enjoy the coverage till 80 years of age.
2.SUD Life Protect Shield Plus is protection at an affordable cost
SUD Life Protect Shield Plus offers a relatively lower premium. Affordable premiums play a major role in bringing more and more people under the shed of a term plan. Get high future financial protection for your family at a premium that goes well with your budget. You no longer have to strain your savings to purchase a term insurance plan. SUD is there to ease your requirements.
3.Make the most of the flexibility offered by the Protect Shield Plus plan
Not just affordable but SUD Life Protect Shield Plus is also flexible in nature. You can customize your plan as per needs. You can choose premium paying terms; single pay, limited pay (5/7/10/12/15 years) or regular pay. The premium payment option also has various options, such as single/yearly/half-yearly/quarterly/monthly. You can choose a sum assured that best suits your family’s needs in your absence and a policy tenure of your preference.
4.High sum assured of up to ₹2 crores
When investing in a term insurance plan like SUD Life Protect Shield Plus, most women would often look for a high sum assured. With SUD, you can choose a plan with a sum assured as high as ₹2 crores. By carefully evaluating the upcoming financial requirements and ongoing ones, you can calculate how much your family will need in future. That can be the amount you want as a term insurance benefit for your family.
Conclusion
Whole life insurance in India still has a long way to go, there is already a stark difference in the number of men and women who opt for life insurance policies. Take a step towards changing the dynamics of women’s participation in securing the future of their families. Choose your ideal term insurance plan today, and rest assured of a financially secure future for your loved ones.
Reference
● https://www.businesstoday.in/personal-finance/insurance/story/term-insurance-is-upto-30-cheaper-for-women-here-is-why-380137-2023-05-05
● https://www.sudlife.in/term-plans/sud-life-protect-shield-plus
● https://www.sudlife.in/Products/Prsentation_SUD%20Life%20Protect%20Sheild%20Plus_V02.pdf
● https://www.sudlife.in/Products/Protect%20Shield%20Plus%20Brochure%20-%20V03.pdf
● https://www.sudlife.in/term-plans/sud-life-protect-shield-plus
● https://www.sudlife.in/Products/Prsentation_SUD%20Life%20Protect%20Sheild%20Plus_V02.pdf
● https://www.sudlife.in/Products/Protect%20Shield%20Plus%20Brochure%20-%20V03.pdf
Disclaimer
Star Union Dai-ichi Life Insurance Company Limited is the name of the Insurance Company and “SUD Life Protect Shield Plus” is the name of the plan. Neither the name of the Insurance Company nor the name of the plan in anyway indicates the quality of the plan, its future prospects or returns.
SUD Life Protect Shield Plus | UIN: 142N088V01 | A Non-Linked Non-Participating Pure Risk Premium Individual Life Insurance Plan Star Union Dai-ichi Life Insurance Company Limited |IRDAI Regn. No: 142 | CIN: U66010MH2007PLC174472
Registered Office: 11th Floor, Vishwaroop I.T. Park, Plot No. 34, 35 & 38, Sector 30A of IIP, Vashi, Navi Mumbai – 400 703 | Contact No: +91 22 7196 6200 | 1800 266 8833 (Toll Free) | Timing: 9:00 am – 7:00 pm (Mon – Sat)| Email ID: customercare@sudlife.in | Visit: www.sudlife.in | For more details on risk factors, terms and conditions, please refer to the sales brochure carefully, before concluding the sale. |Trade-logo displayed belongs to M/s Bank of India, M/s Union Bank of India and M/s Dai-ichi Life International Holdings LLC and are being used by Star Union Dai-ichi Life Insurance Co. Ltd. under license.
SUD Life Protect Shield Plus | UIN: 142N088V01 | A Non-Linked Non-Participating Pure Risk Premium Individual Life Insurance Plan Star Union Dai-ichi Life Insurance Company Limited |IRDAI Regn. No: 142 | CIN: U66010MH2007PLC174472
Registered Office: 11th Floor, Vishwaroop I.T. Park, Plot No. 34, 35 & 38, Sector 30A of IIP, Vashi, Navi Mumbai – 400 703 | Contact No: +91 22 7196 6200 | 1800 266 8833 (Toll Free) | Timing: 9:00 am – 7:00 pm (Mon – Sat)| Email ID: customercare@sudlife.in | Visit: www.sudlife.in | For more details on risk factors, terms and conditions, please refer to the sales brochure carefully, before concluding the sale. |Trade-logo displayed belongs to M/s Bank of India, M/s Union Bank of India and M/s Dai-ichi Life International Holdings LLC and are being used by Star Union Dai-ichi Life Insurance Co. Ltd. under license.
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