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Earlier, buying life insurance coverage for women was often ignored. The scenarios have changed now, and more and more people are buying term plans for their mothers to ensure the future financial security of their families. Some suggested term plans for your mother are Edelweiss Tokio Zindagi Plus Plan, Max life term plan plus, etc.
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Following are some of the benefits of a term insurance plan for mothers:
Cost-Effectiveness: Term insurance plans are available in the market at a reasonable cost. They provide high coverage at low premiums. You can buy a term plan for your mother to get the good sum assured at affordable premium rates.
Tax Benefits: You can claim tax deductions based on the premiums payable under Sec 80C of the Income Tax Act, 1961 for up to Rs.1.5 lakhs. The tax benefit is also available to the nominees/ family members on the death benefit. This means your mother won't have to pay any tax on the insurance money as it is exempted.
Discounts for Women: Many insurance companies in the market offer special discounts on term plans for women. These discounts are generally offered to provide low premium rates on the plan and reduced term period.
Note: Know more about what is term life insurance first before reading this article.
Term Plans
You need to consider the following factors before buying a term insurance plan for your mother:
Insurance Company: You need to choose the right insurance company to buy the term plan. Check the claim settlement ratio (ratio between the number of claims resolved by the insurer and the number of claims filed by the policyholder/nominee) and solvency ratio (the ability of the insurer to meet its debts). It is advisable to go for an insurer with a high claim settlement ratio and good solvency ratios.
Policy Tenure: Choose a suitable policy tenure according to your requirements. However, while choosing the tenure, you have to keep in mind that smaller tenure will mature before you meet the financial goals. On the other hand, longer tenure comes with a longer premium paying term.
Some of the term insurance plans for your mother are:
| Name of the Insurer | Term Insurance Plans for My Mother | Claim Settled Amount (cr) | Entry Age | Maximum Maturity Age | |
| Aditya Birla Sun Life Insurance Company Limited | ABSLI Income Suraksha Plan | 458 | 21-55 years | 70 years | |
| Aviva Life Insurance Company India Limited | Aviva Signature 3D Term Plan | 98 | 18-65 years | 80 years | |
| Bajaj Allianz Life Insurance Company Limited | Bajaj Allianz eTouch | 603 | 18-55 years | 99 years | |
| Bandhan Life Insurance Limited | Bandhan Life iTerm Prime | 86 | 18-65 years | 70 years | |
| Bharti Axa Life Insurance Company Limited | Flexi Term Pro | 148 | 18-65 years | 99 years | |
| Canara HSBC Life Insurance Company Limited | Canara Young Term Plan | 186 | 18-45 years | 99 years | |
| Edelweiss Life Insurance Company Limited | Edelweiss Life Zindagi Plus | 59 | 18-65 years | 80 years | |
| Future Generali India Life Insurance Company Limited | Future Generali India Term Insurance Plans for My Mother | 33 | 18-60 years | 65 years | |
| HDFC Life Insurance Company Limited | HDFC Click 2 Protect Super | 1,389 | 18-65 years | 85 years | |
| ICICI Prudential Life Insurance Company Limited | ICICI iProtect Smart | 1,950 | 18-65 years | 99 years | |
| IndiaFirst Life Insurance Company Limited | IndiaFirst Life Elite Term Plan | 160 | 18-60 years | 99 years | |
| Kotak Mahindra Life Insurance Company Limited | Kotak e Term | 321 | 18-65 years | 85 years | |
| Life Insurance Corporation of India | LIC New Tech Term Plan | 18,398 | 18-65 years | 80 years | |
| Max Life Insurance Company Limited | Max Life Smart Secure Plus | 1,242 | 18-65 years | 85 years | |
| PNB MetLife India Insurance Company Limited | PNB Saral Jeevan Bima | 407 | 18-50 years | 80 years | |
| Pramerica Life Insurance Company Limited | Pramerica Life Rock Solid Plan | 30 | 18-65 years | 85 years | |
| SBI Life Insurance Company Limited | SBI eShield Next Plan | 1,676 | 18-65 years | 100 years | |
| Shriram Life Insurance Company Limited | Shriram Life Smart Protection Plan | 109 | 18-65 years | 75 years | |
| Star Union DAI-ICHI Life Insurance Company Limited | SUD Life Protect Shield Plus | 113 | 18-60 years | 80 years | |
| Tata AIA Life Insurance Company Limited | Tata AIA Sampoorna Raksha Promise | 776 | 18-65 years | 100 years |
*Disclaimer: The insurers mentioned are arranged by the highest to lowest claim settlement ratio of individual death claims of Life insurers who are partners of Policybazaar which is derived from the IRDAI Handbook on Indian Insurance Statistics 2022-2023. Claims settlement is rounded off the nearest first decimal. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
Aegon Life iTerm plan: This term insurance plan offers life coverage till the age of 80 years. You can avail of this plan with the inbuilt terminal illness benefit and some additional riders such as accidental death benefit rider.
Bajaj Allianz eTouch Term Plan: It is a non-participating pure term policy. It is one of the term plans provided by Bajaj Allianz Life Insurance Company. This plan provides financial security to the insured family members at low premium rates.
Canara HSBC iSelect Plus Term Plan: This plan provides multiple coverage options to the insured, such as whole life coverage, multiple premium payment options, along the coverage of spouse in the same plan. The plan aims to establish financial security and fulfill the financial needs of the insured's family on her death.
Edelweiss Tokio Zindagi Plus Plan: It is a limited pay term insurance plan. It provides the life cover to the insured's spouse under the option of better half benefit.
HDFC Life Click 2 Protect 3D Plus: It is the online term plan offered by HDFC Standard Life Insurance Company. It provides comprehensive life coverage to the whole family of the insured by offering the 9 plan options to choose from.
Max Life Term Plan Plus: It is a non-participating pure term insurance plan that provides the insured with three additional life cover options. Also, it provides additional riders; one such is the premium waiver benefit, in which the plan continues even if the insured is unable to pay the premiums.
SBI Life eShield: This term plan provides comprehensive coverage at an affordable premium with an inbuilt accidental death cover. The important factor of this plan is that for the healthy lifestyle insured persons, the premium rates will be less. This plan is designed with various benefit structures such as level cover and increasing cover.
Tata AIA Sampoorna Raksha Plan: It is a non-participating and non-linked term insurance plan. It provides an option of protection up to the age of 100. Also, it provides various benefits, especially to the women, along with the discount on the premiums.
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A person has to buy the term insurance plans for their mother according to their mother's needs and requirements. The selected term plan should provide maximum coverage along with the additional riders. As many insurance companies provide various term plans with various benefits to women, you can choose the better term plan for your mother.
Note: Check out the term life insurance in India and choose one that suits your requirements.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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