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Best Term Insurance for Women - Group or Individual Insurance

Term insurance for women is an important insurance product that protects the financial future of the women’s dependents in her absence. When it comes to finding the best term insurance for women, there are two primary options to consider: Group insurance and individual insurance. Both types offer valuable coverage, but understanding their differences and assessing your specific needs is crucial to make the right choice. Let’s discuss the benefits and the differences between group and individual term insurance for women, helping you determine which option suits you best. 

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What is the Need for Term Insurance for Women?

Women today are not restricted to their homes and are now showing their talent and capabilities in the workplace as well. Various women are joining the workforce, and many are even becoming the main income earner of their families. This is why women need term insurance to ensure that their loved ones are financially secure in the absence of monthly income. With term insurance for women, in case the policyholder, unfortunately, passes away during the policy term, the grieving family of the woman can take care of their financial obligations using the payout received from these plans and pay off any remaining loans and debts.

Note: Know more about what is term life insurance first before reading this article.

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  1. Individual Term Insurance for Women

    Individual term insurance is a personal policy purchased directly from an insurance company. 

    Here is a list of benefits of term insurance for both individual and group plans for women:

    • Affordability: Term insurance for women is available at an average of 15% more affordable premiums than men, which can go up to 30% lower premium rates than the premium rates for males.

    • Financial Security: Women can secure the financial future of their loved ones using a term insurance plan, as in the case of the woman’s untimely death during the policy term, the insurer pays the death benefit to help the nominees take care of their financial obligations.

    • Critical Illness Cover: Most individual term plans provide an optional critical illness rider which you can add to the base term plan to get enhanced coverage against life-threatening illnesses like heart attack, kidney failure, stroke, and more.

    • Covers Women-specific Cancers: Term insurance for women provides coverage against certain women-specific cancers like fallopian tube cancer, ovarian cancer, cervical cancer, and breast cancer. These plans ensure that women receive comprehensive coverage at affordable premiums.

    • Customisable Plans: Individual term plans offer more flexibility in terms of coverage customisation. You can choose the coverage amount, riders, policy term and other features based on your specific needs. 

    • Multiple Payout Options: You can select from the multiple payout options like a lump sum, monthly income, a combination of the two, or increasing instalments with term insurance for women.

    • Continuity and Portability: Individual policies are not tied to employment or membership, providing continuous coverage regardless of your professional or organizational changes. You have the option to maintain the plan even if you switch jobs or get retired. 

  2. Group Term Insurance for Women

    Group term insurance is typically provided by employers or professional organizations to a group of individuals, such as members or employees. 

    Here is a list of benefits of Group term insurance for women: 

    • Low Premium Rates: The premium rates for group term plans are significantly lower than individual coverage plans since the life cover and policy benefits are customisable and personalised in individual term plans for women.

    • No Medical Checkups: Group term insurance plans do not require the people covered under the plan to undergo any medical check-ups or provide details about your family’s medical history to get coverage within the plan.

    • Simplicity: Group insurance is generally easier to obtain since there are typically no medical examinations or detailed underwriting processes involved. This can be beneficial for women with pre-existing health conditions. 

    • Extended Coverage: The coverage amount offered by group term plans is not included in your human life value. Therefore, even if you have life insurance with the maximum life cover suitable for your life, you can still get extended coverage under the group term insurance.

    • Hassle-free Process: With group term insurance for women, you don’t have to fill or submit any documents as an employee to avail of coverage under the plan.

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What is the Difference Between Group and Individual Term Insurance for Women in India?

Let us see the difference between group and individual term insurance plans for women:

Parameters Individual Term Insurance Plans Group Term Insurance Plans
Cover Amount The maximum cover amount for an individual term plan depends on the person’s HLV (human life value) The maximum cover amount for group term plans is set by the employer or the owner of the organisation
Premium Rate The premiums for individual plans are slightly more since the plan provides comprehensive cover The premiums are much lower than individual plans because of their generic coverage
Policy Continuity The plan will continue coverage until the end of the policy term if all the premiums are duly paid The plan continues to cover till the person is a part of the group or the organisation
Customisation Options The plan can be customised as per the policy’s T&Cs according to your needs Group term insurance plans cannot as per the needs of every individual covered under the plan
Policy Cancellation The policy can be cancelled only if the policyholder voluntarily cancels the policy or on the non-payment of the premiums The policy can be cancelled by the employer or the owner of the organisation 
Tax Benefits You can claim tax benefits u/s 80C and 10(10D) of the IT Act of 1961 You cannot claim any tax benefits, but since the premiums are deducted from the salary, it reduces your taxable income

Note: You can easily calculate the term plan premium by using the term insurance premium calculator online tool.

What are the Types of Term Insurance Plans Best Suited for Women?

Here is a list of types of term insurance plans best suited for females in India:

  • Regular Term Insurance Plan: Regular term life insurance plans are pure risk protection plans that provide financial security in the form of a death benefit paid to the nominee in case of the policyholder’s unfortunate death during the policy term.

  • Term Return of Premium Plans: These term plans return the entire premium amount paid throughout the policy tenure at the end of the policy term. The returned amount excludes nominal deductions like GST and admin charges.

  • 100% Refund of Premium Plans: These plans allow the life assured to cancel the plan at an early stage as per the insurer and receive all the premiums paid up until that point on the cancellation of the policy. This feature is available at no extra cost, and the returned premium amount also excludes GST and admin deductions.

  • Whole Life Insurance Policy: With whole life insurance policies, policyholders can protect their loved ones for their whole life, i.e., till 99/100 years of age. This ensures guaranteed financial security for the family in the event of the policyholder’s untimely death.

  • Group Term Insurance Policy: These plans cover each member of a company or an organisation and provide a lump sum benefit in case of an eventuality. Group term policies are available at really affordable premiums, but they do not provide any maturity/survival benefits.

Wrapping Up! 

Choosing between group term insurance and individual term insurance for women requires careful consideration. Group insurance can provide affordable and accessible coverage, but it may have limitations in customization and dependency on membership or employment. On the contrary, individual insurance offers greater flexibility and tailored benefits but may involve more extensive underwriting and potentially higher premiums. 

Note: Check out the best term life insurance in India and choose one that suits your requirements.


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