Essential Insurance Policies Every Woman In Their 30s Should Consider
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Women in their 30s should prioritize health, wellness, jewellery, life, and maternity insurance to protect their savings and ensure financial security.
Insurance For Women.
Women in their 30s are at a point in their lives, where career advancement, family planning, health and life protection and financial independence, all take centre stage. While investments and savings are necessary, this is also a time when they need to be vigilant about protecting their savings and wealth from any kind of financial uncertainties. And hence, insurance becomes a significant protection tool for the savings and financial planning of today’s financially sound and independent women.
Let’s take a look at some of the essential insurance policies that every woman should have:
Comprehensive Health Insurance with OPD and Preventive Care Benefits: Healthcare expenses in India are escalating at an annual rate of 14%. For married/ single/ working women/ mothers, a comprehensive insurance coverage with OPD benefits, provide access to preventative care, practitioner consultation, and diagnostic tests without considerable out-of-pocket expenses. These policies usually include maternity care, gynaecological treatment, and major illnesses such as breast and cervical cancer. In India, breast cancer accounts for about 13.5% of new cancer cases, with approximately 1 in 28 women likely to develop it during their lifetime. The country is expected to see an annual increase of about 50,000 breast cancer cases this decade. Thus, OPD and preventive care is a must for today’s women.
Wellness Plans for Holistic Health: Studies show that women are more vulnerable to health issues, compared to men; the major reason being women juggling across multiple roles and responsibilities. Hence, wellness plans are extremely important for today’s women, who act as multi-tasking powerhouse. Unlike ordinary health insurance, these plans cover preventive care, health assessments, mental health support, fitness programs, dietary consultations, gym memberships, assuring comprehensive health management. Benefits like therapy sessions, yoga, alternative treatments, can act very important in preventing women from serious illnesses over the years. Many plans also provide telemedicine, offering online doctor’s consultation, catering to women’s privacy and comfort of accessibility.
Jewellery Insurance: In India, gold is almost synonymous to women, being a symbol of wealth, tradition and cultural significance. Indian women collectively hold a staggering 24,000 tons of gold, representing 11% of the world’s gold and contributing to a significant part of India’s GDP. In India, it is estimated that only about 1% to 3% of gold held in households is insured. This low percentage is primarily due to a lack of awareness about the importance of insuring gold, as well as cultural beliefs surrounding gold ownership. Many people view gold as a traditional asset that does not require insurance. However, with the increasing instances of theft and loss, there is a growing awareness of the need for securing valuable possessions like gold through insurance. Most women in India, own gold primarily acquired through their marriages, and jewellery insurance protects this gold from loss due to theft, fire, natural calamities. It is important to make a list of everything and get it valued, getting a valuation certificate and then suggested to opt for an ‘All-risk’ or 100% cover, as it offers more comprehensive protection.
Life Insurance for Financial Security: This is especially important for women, who are primary income earners in the family and support dependents and/or have outstanding debts. A term life insurance can protect the family, ageing parents if any kind of unprecedented death happens to the woman (policyholder) during the term duration of the policy. It is recommended that a term plan should be taken with coverage of at least 10-15 times her annual income. Women usually have to pay lower premium than men, making it more pocket-friendly and adding riders like critical illness or accidental death benefit would also provide more coverage. Term plan also ensures financial responsibilities like home loans, child education for the family.
Maternity Insurance for a Stress-Free Pregnancy: There is a change in social dynamics as more women are prioritizing their careers and opting for later marriage and many women are delaying childbearing until their thirties. Hence, a maternity insurance can give financial protection to women, reducing the cost of birth, which ranges from ₹50,000 to ₹3,00,000 in a private hospital. A good maternity plan covers hospitalization, pre- and post-natal care, delivery charges, and care of the newborn, which reduces a huge stress from the new-born parents. Some plans also cover complications that arise out of pregnancy and costs incurred from a C-section. Most maternity insurance policies generally have a waiting period of 2-4 years, and hence, it is advisable to opt for this plan, well in advance.
While women play multiple roles today, taking care of their families, financials, succeeding in their career paths; it is equally important that they give equal importance to themselves. By suggesting these tools for their financial protection, we salute the power of women and honour their contributions towards their families and the country.
This is authored by Chetan Vasudeva, Senior Vice President of Business Development at Elephant.in, Alliance Insurance Brokers
The views expressed in this article are those of the author and do not represent the stand of this publication.
