The woman’s transition from home maker to bread achiever has been phenomenal. Moreover, they have taken a march over their male counterparts by juggle with aplomb multidimensional roles – professional person, home-maker, mother, financial planner…
With this in mind, we turn our sights on women’s life insurance.
In this country, in the early years of the insurance policy industry, the tendency was to see merely male lives. The logic was that the female of the species was home-bound anyway, wasn’t discovered to any hazard, and consequently didn’t necessitate any sort of insurance. The bread winner was the male and it was against his lost income that cover was essential. A major additional disincentive was the additional risk to female lives that was an inescapable part of the childbirth process.
All that has changed with women rivaling men at the workplace (and often doing a easier job than them). In gain, better education for the female child, exaggerated economical contribution by women, better medical facilities for safer childbirth and post-natal care have all added to more and more insurance products that are women-specific.
In life insurance terms, women are broadly broken into three categories:
* Working women
* Women with income by way of worry, dividend, rent, etc., that are taxable
* Housewives/home-makers who (in strictly technical terms) do not have an income
The first two categories are no various from their male counterparts i.e. they are dealt on par with them for insurance purposes. A housewife, on the some other hand, has her insurability tied to right life insurance handle for her husband as well as his income. For example, a housewife’s life insurance policy cover cannot exceed her husband’s.
Apart from this caveat, all initial coverings such as life, personalised accident, mediclaim, critical illness etc. form a part of women’s life insurance policy policies too.
There are also some particular covers afforded in women’s life insurance policies that include:
* Cover for positive female dangerous illnesses
* Happening of positive congenital disabilities in new-borns
* Cradle care – deals the newly born child’s flaws, deformity, malformation, congenital abnormality of any kind at time of delivery
* Now come the exclusions to the above-mentioned grand covers:
* Post delivery complications
* Still-born child
* Death of the mother during childbirth
* Miscarriage, infanticide
* Any fault that is not congenital
* Malfunctioning of any organ (as opposed to malformation)
* Any flaw, which demonstrates itself after 200 days of the delivery
Most of these policies are benefit-only policies i.e., they come to impression on the specific event happening. Another main point – most pre-natal and birth-related insurance policies have to be taken not later than the 20th week of pregnancy.
Womankind carries the future of the race, literally. They can never be thanked sufficient for the loyalty, pain, and loyalty they bring to their several avatars as home-maker, mother, wife, and professional person. Having said that, these insurance policies can go a average bit in shortening the monetary affect of the loss of the woman in a home.
