Insurance, a shield of Financial protection for Women

Colombo. In today’s society women play a key role. Be it family, work place or in the community women are at the forefront of making decisions on various aspects. By nature, women are emotionally involved in their families and their well-being. They would want the best for their families and will look at various avenues to ensure that their families are safe and sound.

Child education, health of the family and even health of their parents are day to day concerns a woman goes through and not stopping at that she will also be concerned of the safety and a secure future for her family even in her absence. In the current context the need for a secure future is even more. Therefore, today’s women look at the best available avenues to address her needs to provide for her family and to ensure they have a less stressful life ahead.

Keeping this in mind Insurance companies today have addressed many areas of concern a woman might have in terms of her family and her personal well-being. A range of Insurance products are available in the market to support and empower women in society. Child Education, short and long term investment plans, protection for her family at a time if an unexpected misfortune befalls her, health care, safety of assets and property are some of the products available in the market.

Child education is very vital for every parent. It is every parent’s dream to ensure their child has an uninterrupted education even in their absence. Regardless of who brings the income for the household it is very important to secure one’s child’s education. There may be unforeseen unfortunate incidents that can take place and one needs to be prepared to face such a situation with minimum obstacles. Today there are Insurance plans in the market that act as an education fund to ensure that a Child’s education is not interrupted even in the event of an untimely demise or a total permanent disability of a parent. Especially for a mother who can be vulnerable in such a situation, these kind of insurance plans will be a support system and a relief to her.

Short term and long term investment plans are another area woman can invest for their future protection. These plans provide the policyholders with financial stability and a sound financial plan for the future in case of a demise or a partial or a permanent disability of the breadwinner of the family. Investing in such plans will ensure financial independence for the policyholders loved once and peace of mind for the policyholder even in her absence.

Health care for women is a critical aspect. A woman will have various requirements in terms of health care for herself and as a mother and a daughter she will want the best healthcare for her family and parents. There are many health Insurance plans offered by Insurance companies to ensure that the policyholder and his or her family is well taken care of during a health crisis.

Planning for retirement is another important element for women. Having a retirement plan is always a good future investment for a stress free and hassle free retirement. It allows the policyholder to enjoy the same lifestyle without compromising what she has currently.

Protection for life is very important, but in the current context safety of lives, assets and property is also equally important and it is evident that women are being apprehensive regarding same. The insurance industry offers a range of products in this regard to benefit all customers and as far as women are concerned specially for single women or mothers it is more beneficial as their responsibility is shared rather completely taken care of which eases the challenges they may come across in life. They can have their much-needed peace of mind in terms of protection and safety of their loved ones, assets and property.

Mr. Iftikar Ahamed – President of Insurance Association of Sri Lanka, sharing his thoughts said, “Majority of the women in our society are independent and make vital decisions for themselves and their loved ones. As an industry we understand her requirements and we have made many products available for her and her family to protect them, empower them and enhance their life styles. As IASL we have taken the responsibility of creating awareness on our products and make them understand the benefits of having Insurance to safe guard their family’s today and tomorrow. We are continuously working towards encouraging women to take that decision of obtaining Insurance for their loved ones through education and sharing of information”, he concluded.    

Today Insurance has become a vital need for everyone. It has numerous benefits, especially peace of mind because his or her responsibility is shared with a third person – an Insurance Company. In these uncertain times Insurance is more beneficial for single women and or single mothers who look out for their families and their own protection and safety. With the high cost of living and unforeseen emergencies it is best to be covered in every possible way and good to have a support system in place.

About IASL

The Insurance Association of Sri Lanka (IASL) is the representative body of the insurance industry in the country. It was formed in 1989. All insurance companies that operate insurance business are members of IASL and the Insurance Ombudsman Scheme was set up by the IASL with the concurrence of the IRCSL. At present, all 29 registered insurance companies are members of IASL and the association is led by the common objective of bringing the insurers together to create a platform for cooperation regarding the matters affecting the common interest and welfare of its membership. The IASL always strives to uphold a forum that provides protection through insurance to the Sri Lankan public.