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Men Vs Women - Compare Life Insurance Benefits

Although as a society we are supposedly inching towards a gender neutral environment, we still have a long way to go. Insurance for women is yet to catch up in India and most non-earning homemakers are usually a part of family cover or a plan that involves the entire family. However, it would be safe to say that in the present scenario of the insurance market, there are several advantages offered for women as most insurance companies are wooing women to purchase attractive plans that are specifically aimed at women and cater to their needs.

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In order to rope in more female customers, insurance companies are offering insurance for women at significantly lower rates than those for men. This trend is expected to continue till more women continue to enter into the sphere of life insurance.

Difference in the rate of premiums for men and women

A simple example will show you how insurance companies in India charge a lower premium for women as compared with men. When Vishal and Revathy, both aged 30 and non-smokers, approach an insurance company for a policy covering a span of 30 years, there is a disparity in the premiums they have to pay owing to their gender alone. As a woman, Revathy pays at least 14% lesser premium than Vishal, despite both belonging to the same age group with similar lifestyles.

Why this disparity?

The simple reason why women enjoy more benefits than men as far as insurance is concerned is because on an average, a woman lives longer than a man. As per statistics, a woman outlives a man by five years, on an average. This is always beneficial for the insurance provider, as they will benefit more by offering insurance to women, even if they charge lesser premiums.

Also, women are in general less prone to developing heart conditions and other illnesses arising from excessive smoking or drinking, unlike men. Most men develop cardiovascular related disorders when they are in their late 50s or 60s, while women are more prone to develop these conditions into their 70s.

Both men and women will receive tax exemptions on their insurance policies

One of the major benefits of investing in a life insurance policy for both men and women is the fact that one can avail tax exemptions on it. One can avail deductions on premiums paid as per Section 80C of the Income Tax Act of 1961. The maximum tax benefit that can be availed is Rs 1.5 lakhs.

Tax benefit is subject to changes in tax laws

You may also like to read : Why Do Women Need Insurance?

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