Women often tend to be the recipients, young or old; married or single; at work or at home. Sometimes they bear the burden of looking after the entire household and yet are financially dependent on the breadwinner. Things become even more difficult in case the breadwinner dies. To solve some of these problems and others, insurance companies have tried to design and sell personalized insurance policies to women.
Here are five must-have non-life insurance policies for women:
Health insurance: There are health insurance plans designed specifically for the medical needs of women. While some insurers offer built-in pregnancy coverage, others offer plans that cater to illnesses. When you have a solid and comprehensive health insurance policy, you can enjoy quality medical facilities without worrying about ever-increasing medical bills. “There are health insurance policies that cover maternity, providing protection against childbirth-related expenses up to the predefined limit. Costs such as surgeon’s fees, room rental costs, hospitalization, medical care and ambulance costs are covered. Additionally, any complications occurring within 90 days of delivery/post-natal will also be covered,” says TA Ramalingam, Technical Manager, Bajaj Allianz General Insurance.
Critical illness cover specific to women: Many women are diagnosed with serious diseases such as breast cancer, ovarian cancer, fallopian tube cancer, and other serious conditions. To solve this problem, many insurers also offer specific health insurance products for women, which cover critical illnesses. “Most of these plans give you a lump sum payment of 100% of the face amount if you are diagnosed with a critical illness. These products also offer ‘Job Loss Coverage’ in which a lump sum payment is made in the event that you lose your job within three months of being diagnosed with a critical illness,” Ramalingam says. Added to this is a “child education bonus” function up to a certain ceiling to support the education of your dependent children. Therefore, the right health insurance can come to your rescue when you need it most.
Individual accident cover: Accidents happen without warning and can happen anywhere, anytime, to anyone. Although you can take every precaution and always be on your guard, you can never be safe from accidents. “A personal accident insurance policy is one of the cheapest insurance policies available on the market. The policy covers you against accidental injury, accidental death, partial/total disability and temporary disability and The policy also provides some additional benefits like daily cash allowances in case of hospitalization, medical expenses, and also pays out child rearing benefits in case of death or permanent total disability,” Ramalingam adds. This is a must-have policy for every woman, regardless of age.
Car insurance: A vehicle is an important asset. For a woman, a personal vehicle is often symbolic of her autonomy and independence. “While basic liability insurance is mandatory to drive a vehicle on the road, it is prudent to have multi-risk automobile insurance to ensure the total safety of your vehicle. A comprehensive policy protects against natural disasters such as floods, hailstorms, earthquakes, floods, hurricanes, landslides and landslides. It also covers disasters such as riots and accidental external means,” says Ramalingam. Therefore, you should ideally invest in a comprehensive auto insurance policy that helps keep you stress-free.
Cyber Insurance: From managing our finances and work to paying bills and booking taxis, virtual space has become indispensable to us. This naturally exposes users to new threats and risks. Although anyone can face the attack of cybercrime, women are especially prone to cyberattacks. “According to the National Crime Records Bureau (NCRB), between 2018 and 2020, recorded cases of cybercrime against women nearly doubled. Unfortunately, the cases of miscreants using various platforms to harass women are increasing at an alarming rate. Although this calls for strict legal reforms and actions, you must fortify yourself to fight new age crimes. A cyber insurance policy provides protection against multiple risks, such as cyberstalking, identity theft, malware attacks, phishing attacks, cyber extortion, privacy breach, data breach and more again,” says Ramalingam. Armed with a comprehensive cyber insurance policy, you can browse the global web without any threat or worry.
Browse the necessary guides, talk to experts and weigh the pros and cons before buying insurance coverage. This would ensure your safety and protection. Armed with the right insurance policies, women can surely conquer the world.