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Finance is All About Planning and the Future – it is the ability to get ready for the future without getting bogged down by the financial burdens of the present. And with a good deal of uncertainty involved in calculating the future, life insurance came into the picture. However, with India being a patriarchal society that it is and given the way men have taken the charge in financial planning and investment historically, women have played second fiddle when it comes to financial operations.
Life insurance in India, hence, has assumed different contours on account of this traditional stereotype that has let the woman play a supportive role, at best. However, that is no justification towards keeping your dependents financially unaware. These are some of the characteristics of the majority of dependents in the typical Indian household when it comes to financial planning and operations:
Women do not engage in financial planning: Traditionally, women have left it entirely up to their male partners to decide about life insurance.
Women do not think about their financial future: Despite the incidence of divorces and separations, women find themselves on the wrong side of the equation when they are stranded by strains in relationships.
Women do not know if their partners are insured, and if they are the nominees: Whether it is Term life insurance or other kinds of financial planning, women not only fail to get life insurance but are completely unaware of the status of insurance in their households.
It becomes imperative, hence, on the part of the male decision makers, to involve their women and keep dependents financially aware, for the simple reason that the best life insurance may lose its very purpose if the dependents are left unaware of the existence and nature of life insurance. Women need to take an active role in financial planning, not as a matter of right, but in terms of their administrative capabilities, and for their inherent ability to be effective financial planners, despite the traditional beliefs to the contrary.
There are so many products available in India for life insurance today that are tailored to meet specific needs and requirements of the different households that keeping your dependents financially aware would only help in making better financial decisions that are beneficial to the entire family. With informed partners, you get to compare life insurance, understand their pros and cons in the light of your own unique family circumstances, and get to plan better for the financial uncertainties of the future. Considering that the majority of Indian households are still grossly under insured, it makes an even more compelling case to keep your dependents financially unaware.
Further, the very idea to get life insurance is to equip your family and dependents to face the reality of life in the event of an unforeseen event or emergency. And when dependents are left financially unaware, the very purpose gets defeated, since you may not be able to communicate about the term life insurance that you may have purchased with the best of intentions to help your dependents when they need it the most. While you compare life insurance, make use of technology to purchase online life insurance, and get the best life insurance with the right intents and purposes, also make it a point to share information about life insurance and other financial decisions that you might have made with your dependents, making them financially aware so that they are in the right position to benefit out of life insurance.