Today woman walk shoulder to shoulder with man. She is multi-tasking by handling career and family responsibilities with panache. Thus there are life insurance policy for each woman customized to suit the needs of a working, working from or at home or are housewives. Since she has come a long way so have the insurance companies by designing women centric life insurance policy. The insurance policy can only reduce the monetary impact of the loss of the woman in a home. She is the bearer for future, home maker as well as bread winner, so she deserves gratitude, love, and security provided by insurance.
Earlier women were restricted between the four walls of the house; they have evolved from being just a housewife to a bread winner. They have carved a niche for themselves. Few roles they have even surpassed the male sex and secured highest posts in the fields. Best example is our very own first lady President, Dr.Pratibha Patil. Various roles played by a woman with aplomb are that of a professional, home-maker, mother, financial planner…and the list continues.
The above paragraph brings out that in earlier time women need not be covered because they lived indoors so risks were lower and since their monetary contribution was zero no need for insurance.
But this has changed, this has created the need for higher education for girl child, better health care facility especially pre and post natal care (although most pre-natal and birth-related policies have to be taken not later than the 20th week of pregnancy) etc.
Categories for life insurance:
- Working women
- Women with taxable income by way of interest, dividend, rent, etc.
- Housewives (who do not have an income to say)
Working women and women with taxable income have the same products available as for the men. But for a home-maker, her insurance is dependent on her husband’s life cover and income; meaning her life insurance cover cannot exceed that of her husband’s. This is the only limitation/restriction beyond which she can have all basic covers like life, personal accident, mediclaim, critical illness.
Few special covers offered are as follows:
- Cover for certain female critical illnesses
- Occurrence of certain congenital disabilities in a new-born
- Cradle care – covers the newly born child’s defects, deformity, malformation, congenital abnormality of any kind at time of delivery
Exclusions:
- Post delivery complications
- Still-born child
- Death of the mother during childbirth
- Miscarriage, infanticide
- Any defect that is not congenital
- Malfunctioning of any organ (as opposed to malformation)
- Any defect, which manifests itself after 200 days of the delivery
Majority of policies are benefit-only policies (these come into effect on occurrence of the specified event happening).
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