Compiled by Pallab Kumar Manna, writer

Economic Value of House wives’ Life

It is found that nearly 159.85 million women in India are engaged in “household work” as compared to 5.79 million men.

A recent report released by the Ministry of Statistics and Programme Implementation showed that on an average, women spend 299 minutes a day on unpaid domestic services for household members versus 97 minutes spent by men on an average. She prepares food, manages procurement of groceries and shopping needs, cleans and manages the house and surroundings, undertakes decoration, repairs and maintenance work and tends to children and aged members of the household.

According to population surveys, wives are about three years younger than their husbands, and women live about nine years longer than men. Therefore, we can predict a woman will live approximately 12 years alone after her husband’s death. Couples may live comfortably throughout their retirement together, but pension payments will significantly decrease after the husband dies.

That is why we need to prepare in advance for these 12 years so as not to financially burden next generations. When providing life insurance to a couple, one should calculate the amount of funds necessary for those 12 years.

Why Life Insurance on women’s Life is Important, even if she is not an earning woman ?

1) A life insurance policy is a great way to prepare for future expenses.

Whether a long term life milestone or a provision for your children endowment life insurance plans are a great way to save up for those goals and provide you with a sense of financial independence even if you are not an earning member of your household

2) Saving for your future

If you were a working woman it is important to ensure that your household maintains its dual income well after your and your partners retirement.  A life insurance policy for the both of you is a way of ensuring that you continue to equally contribute to the welfare of your household far into the future.

3) Paying off loans whether personal or business

In the event that you are rendered incapable of repaying any loans you might have in your name you don’t want to saddle your children or beneficiaries with those debts for long haul. Leaving them with life insurance plan could be a financial relief and help them settle your affairs with minimal disruption to their own.

4) Coverage for critical illnesses

Medical emergencies can prove to be a great burden on a family’s resources,so consider investing in a specialise policy that caters to critical illnesses planning. In the event of an illness that requires expensive treatment, you do not have to break your bank and can protect your family from the burden of high medical bills.

5) Leaving behind a legacy

A life insurance policy provides your children with the capital they need to ensure a successful future. Irrespective of what point they are at in their lives, the money from the policy can go a long way towards education, buying or building a house, or making investments of their own.

Life insurance offers you a large amount of financial independence and long term stability, irrespective of whether or not you are an earning member of your household securing your and your families future.

6) Tax benefits

Every earning individuals look for ways to reduce their expenditure and enhance their savings. Life insurance policies allow men and woman to save on their premiums to secure a financial cushion for their loved ones. India’s government has made it possible for the people to save on tax on the maturity benefit of most of the life Insurance plans as well.

Compiled by Pallab Kumar Manna writer and trainer JEEVAN PRABAHA Magazine for Insurance Agents.

To put it simply a higher risk profile usually means a higher premium amount since the possibility of claims is higher as well.

In general, women are considered do you have a lower risk profile than mean.n mean men. Therefore, the importance of life insurance for women becomes even more attractive in terms of lower premium rates.

The role of the breadwinner in a household is no longer confined to a specific gender. Woman in India have been a critical element in managing household finances before as well. It is now that they are catering to a different shade of financial needs for themselves as well.

According to the last census of India 48.5% of the population is female. There have also bean hi considerable increase in the workforce participation of women. These are all factors that point out the importance of life insurance for women.

There is a need for a sound financial plan to help women recognise they’re short there there short and long term needs. Since india’s culture has conventionally made financial planning a gender role, we must focus on making women realise the importance of life insurance.