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Can Women and Single Mothers Buy ULIPs?

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ULIP Investments for Women and Single Mothers
December 06, 2023

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In this policy, the investment risks in the investment portfolio is borne by the policyholder  

A Unit Linked Insurance Policy (ULIP) is a unique financial product that offers the dual advantages of investment and insurance. Like a regular life insurance plan, a ULIP policy offers a life cover on the policyholder’s life. In addition to this, you can also invest in specific funds like debt funds, equity funds and hybrid funds under a ULIP plan.

ULIPs can be beneficial to everyone— including women in general and single mothers. If you belong to any of these two demographics and are in a dilemma about whether or not you can buy a ULIP policy, here are all the details you need.

Can Women and Single Mothers Buy ULIPs?

Yes, women and single mothers can definitely buy Unit Linked Insurance Plans. When you apply for a life insurance policy online or at a branch office, you will be asked to specify your gender. This is not because applicants of any specific gender are ineligible for ULIPs outright. The eligibility criteria for a ULIP policy typically only include a minimum and maximum age limit.

Insurance providers only collect details of the applicant’s gender to determine the premium for their ULIP policy. The premium is also determined by a mix of other factors like your age, the sum assured you choose, the riders chosen (if any) and your medical history, among other things.

3 Reasons Women and Single Mothers Should Consider Investing in ULIPs

As a woman or a single mother, not only can you invest in a ULIP policy, but depending on your financial requirements, perhaps you should too. Here are the top reasons to consider investing in a Unit Linked Insurance Plan.

  • Financial Independence

    Financial independence means having enough wealth or sources of income to live comfortably without relying on somebody else for financial support. For many women, achieving this level of independence is crucial.
    You get the opportunity to potentially create wealth over time by investing in a ULIP policy. The returns from market-linked funds could lead to capital appreciation, while the insurance component gives you financial security.

  • Financial Protection for Your Children

    If you are a single mother, you likely bear the sole responsibility for your children’s well-being. It is of paramount importance to ensure that your kids are financially protected in the face of unforeseen circumstances.
    The life insurance component in a ULIP policy helps with this. In the event of the untimely demise of single mothers, the sum assured is paid out as a death benefit to the beneficiaries — which, in many cases, are the children.

  • Retirement Security

    Women have longer life expectancy than men, on average. So, ensuring that your savings last through your retirement years is crucial. A ULIP policy, which is a long-term investment vehicle, can help you with this.
    By consistently investing in ULIPs over several decades, women and single mothers can build a substantial corpus by the time they reach the age of 60. The compounded returns from the investments could create a substantial nest egg for retirement.

Conclusion

Depending on your personal financial goals, a ULIP policy may be an essential part of your financial portfolio irrespective of your gender. If you are a working woman or a single mother, you can particularly benefit from having a ULIP policy. It helps you achieve the twin goals of financially protecting your dependents and tapping into market-linked returns over the long term. 

Related Articles: 

ARN-ED/11/23/6450

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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Disclaimer

The Unit Linked Insurance products do not offer any liquidity during the first five years of the contract. The policyholders will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of fifth year  

For more details on risk factors, associated terms and conditions and exclusions please read sales brochure carefully before concluding a sale. Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. HDFC Life Insurance Company Limited is only the name of the Insurance Company, The name of the company, name of the contract does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. 

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