Importance of insurance for women

Feb 11 2013, 14:03 IST
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SummaryWhile women are taking their own financial decisions when it comes to savings and investments, many don’t consider insurance products with any degree of seriousness

at the money you will require to get the pension you want. To do this you must tell the counselor the age at which you wish to retire which should coincide with the vesting date of the plan.

Child plans

Another area of concern to women is the money needed for their children. This money can be for marriage, further education or just to provide a loved one with a head-start in life. Whatever the end use be, this is a very critical need to save. A number of insurance companies have designed plans specifically for these needs. These are called child plans.

A child plan, like any other insurance plan, involves the payment of a regular premium. This premium is invested and the regular premiums go towards building a corpus that is paid out as a lump-sum at the time when it is most critical — before your child goes for higher education or before their marriage.

The best time to invest in a child plan is at the time when the child is born. This helps to maximize the corpus at the time when it is most needed. Child plans come with an option whereby if something were to happen to you the insurance company will pay all future premiums and ensure that your child gets the corpus as planned. This is called a waiver of premium option and one should not buy a child plan without this option.

As demonstrated insurance can help you plan your life better in a number of different ways. Insurance makes you both secure and prepared.

—Author is Chief Marketing Officer & Head — Talent, AEGON Religare Life Insurance

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