This Mother’s Day, gift your mother the protection of health and life insurance

Updated: May 10, 2020 1:57 PM

One of the best gifts you can give your mother is continued good health and peace of mind by buying health and term life insurance for her.

Mother’s Day, Mother's Day 2020, gift for mother, health insurance, life insurance, Pru iProtect Smart, Max Life Insurance – Online Term Plus, HDFC Life Insurance – 3D Plus Life OptionWomen in India are grossly under-protected as only 70 per cent of the working women have life insurance as compared to 83 per cent of their male counterparts.

If all these years you have been showering your mother with the typical gifts of flowers, clothes, jewellery or a lunch/dinner at her favourite restaurant each Mother’s Day, why not be different this time? Gift her something that will keep her protected forever and something for which she would otherwise never shell out money. One of the best gifts you can give her is continued good health and peace of mind by buying health and term life insurance for her.

Protect Her Health with Health Insurance

It is important to accept the universal fact that men and women are biologically two fundamentally different creatures and both have their individual and specific healthcare and medical requirements. Numerous studies have concluded that women in India, especially those aged between 35 and 55 years, are more susceptible to certain forms of cancers like breast and cervical cancer and even tend to develop other chronic ailments such as arthritis and osteoporosis at a higher rate in comparison to men. Also, women tend to live longer than men in India. As per the last census conducted in the country in the year 2011, the average life span for women is 69.8 years, while for men it is 67.3 years. As a result, the healthcare costs for women are likely to be substantially higher than that for men in the country.

Hence, it is important that you must ensure that all the additional healthcare and day-to-day expenses of your mother are met comfortably, without having to compromise on the overall quality of life. In order to ensure maximum coverage and benefits for your mother, you must get her health insured under a comprehensive health insurance policy with adequate sum insured. A health insurance policy does not costs much but certainly adds great value to the life of insured. A health insurance policy will not only empower your mother to go for regular health check-ups, but it will also provide financial help for medical emergencies. There are numerous health insurance plans available in the market that are precisely designed targeting ageing women in order to provide them insurance for costs that include hospitalization expenses, critical illness cover and even cover against lifestyle related diseases.

You may choose to get your mother enrolled under your family floater plan which will provide comprehensive coverage to all the members insured. A 30-year-old individual can get his mother (aged 55 years) enrolled under the family floater health insurance policy for around Rs. 20,000 – 25,000 per year with Rs. 10 lakh sum insured. However, you may also choose to get your mother insured under an individual health insurance plan. An individual health insurance plan for a 55-year-old female with Rs. 10 lakh sum insured will also cost you between Rs. 20,000 – 25,000 per year. Some prominent plans that you may choose for your mother include Star Health Insurance’s Optima, Max Bupa Health Insurance’s Health Companion and Religare’s Health Insurance’s Care. All these plans offer comprehensive coverage at affordable prices.

Secure Her Life with Term Life Insurance

When it comes to finances, today more and more women are becoming financially independent and becoming equal contributors to the household budget. This is the reason why they need to understand that term life insurance is equally important for them too. Term life insurance plans are great instruments for protection and can benefit women in many different ways. If you have a working mother, it can be counted as a safety net for the entire family aiming at protecting the income or your family in case of any emergency. Also, term life insurance plans help in providing the family with funds to pay off debts (if any) in the case of premature death of the policy holder, any form of disability or even critical illness. If we look at the state of lifestyle our mothers live today as they are struck between office and household work, it is quite easy for them to get diagnosed with serious illness. Having a term life insurance can help you protect against all these scenarios as should your family lose your income, their life standard remains protected.

As per a survey conducted by Max Life Insurance, women in India are grossly under-protected as only 70 per cent of the working women have life insurance as compared to 83 per cent of their male counterparts. It is often observed that working women in tend to spend less on savings and investments. To reduce this disparity, this mother’s day you can surprise your mother by gifting her a life insurance policy. A life insurance policy for a 55-year old female with Rs. 1 crore sum assured will cost you between Rs. 21,000 – 30,000 per year. Some prominent plans you may choose from include ICICI Prudential Life Insurance – Pru iProtect Smart, Max Life Insurance – Online Term Plus and HDFC Life Insurance – 3D Plus Life Option.

(By Amit Chhabra, Head-Health Insurance, Policybazaar.com)

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