Life insurance, the best savings plan for women

Women are no longer just homemakers. That era is long gone, now women have careers and jobs of their own. They are educated and hardworking, just as much as the men in society. They are also in some cases the sole breadwinners of their families. These financially independent women also need to be financially secure. Life insurance is not only for men to secure their families, but for women too who want to invest in themselves and secure their family’s futures.

Everyone is constantly looking for the answer for how to save income tax and life insurance is one of the best ways to do so. The income you receive from your life insurance is tax free. It should be considered more of an investment rather than insurance. Every woman, working or not needs have her life insurance. This can be as an investment for themselves, a security for their parents and children or an addition to their assets.

The fact cannot be ignored that today’s women contribute a great deal to their family’s income. Today, more than ever before families see two breadwinners. The responsibility of providing for the family is no longer just the job of the man. Hence it’s extremely important that women too consider saving plans to maximise their income. They need to invest their income wisely, in the right places at the right time.

Let’s not forget that life insurance is also an excellent tax saving plan for women too. The women, who are earning hefty pay cheques, need to investment plans that help in saving income tax. Their need to save on taxes is as high as their male counterparts. Most women start looking at tax saving avenues only in the January-March quarter of the financial year so as to submit the proof of investments to their employer by the end of that financial year. This is the time when even banks and financial advisors start approaching investors with tax saving ideas. However, it is necessary to start investing at an early stage to get maximum benefit out of your investment, this also helps in tax planning, which is essential when you’re earning.

Banks and insurers have started special life insurance schemes to meet the needs of working women. These life insurance plans are designed specifically for women according to their requirements and so that they can derive maximum benefit from them. These plans are both a saving and a security and more women need to invest in them to increase their income.

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