The contribution of women to the family can never be ignored. From kitchen to finances everything is handled by women of today. The absence of her even for a few hours can destroy the complete life balance of the family. Even though a term insurance policy cannot take place of her absence, but can provide much needed financial coverage for her time of financial crisis.

Gone are the days when women were considered as homemakers only. Today in this most competent world women are at every field. With rising living cost, both women and men play an equal role in earning household income. Taking all this into consideration, term policy helps a woman to become a financial help at the time of crisis.

What is Term Insurance Policy?

A term insurance policy is one of the most affordable and purest forms of life insurance. A policyholder is required to pay a fixed amount (premium) for a specific amount that is known as sum assured. In the situation of unfortunate death of the policyholder during the term of the policy, the nominee gets the sum assured.

To get a term insurance policy is the first towards building a good financial plan. Basically, a term policy should not be seen as an investment instead it works as financial protection for various uncertainties of life.

Being a woman, you may ask a few questions related to SIP, which are:

Being a homemaker, what will be the advantages of term plan for me?

The loss of a family member is irreplaceable and if the family member is the homemaker, then the complete responsibility comes to the partner. With the day to day responsibility of the children, your partner is burdened financially as he will not be able to concentrate completely on his work. In this situation, if a housewife or homemaker is insured with a term insurance plan, then your partner will be able to manage the household work by cutting his working hours. With a reliable term insurance policy, your long term financial obligations like children education and loan can be taken care easily.

Do I require having a term plan, even if my husband has a term plan?

A term insurance policy should be taken after considering your total family income. The contribution of your income also plays a significant role in the total income of your family. So, the basic idea behind this is to understand the impact of the loss of your income on your family. Therefore, there has to be some provision of its replacement and the best way to do so is a term insurance policy. A term plan provides financial help to the family of the policyholder in case of his/her sudden demise.

What Process Should I Follow to Choose a Term Plan?

In order to purchase a term plan for women, it is necessary to see the following points in your policy:

• The insurer must be reputed.
• Search for a plan that offers added benefits for females.
• The term policy should have a good claim settlement ratio.

Benefits of Term Plans for Women

Let's take a look following benefits of term insurance to female customers.

• Offers special premium rates for women.
• Provides comprehensive cover with the option to select Critical Illness Cover rider and some other riders with the term plans.
• Attractive rate of premium for non-smokers who maintain a healthy lifestyle.

Cost of Term Insurance Policy

The primary factors on which a term insurance policy depends are the term chosen by you, your age, and the insurance cover selected. A term insurance cover of Rs.1 Crore for a woman of 30 years for a term of approximately 30 years will cost approximately around Rs.10, 000 to Rs.6, 500 per year. In this way, the cover provided by the term insurance plan is negligible compared to the peace of mind and financial cover provided by it.

The Bottom Line:

As the awareness towards the term insurance policy for women increase, then more and more women will purchase it. However, it is recommended not to delay purchasing a term plan for you (as a woman) whether you are working or not. The main reason to purchase this plan early is lower cost because the cost of term plan depends on the age of the policyholder. In this way, get a term life insurance for yourself to safeguard the future of your loved ones.