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Importance Of Term Insurance For Women

It is an age in India when women stand neck to neck with men and work for equal status and benefits. In such an era, women take care of families and their professions rather dedicatedly and therefore, term insurance for women will lessen some financial burden from their shoulders. With such a leap in the societal customs of the country, insurance companies, too, have customized their term insurance policies for women. Term insurance plan provides financial protection to the policyholder for a fixed policy or years. 

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In this article, we will understand the importance of term insurance for women in India and how they can buy term plans in ease.

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

What is Term Insurance for Women?

Term Insurance for women refers to the term plans that provide life cover to women’s family and dependents in the event of her unfortunate death. Term insurance for women does not only financially secure her family’s future, but also provides a certain level of empowerment that motivates more and more women to be financially independent and safeguard their loved ones. Let’s understand this with the help of an example.

Ms. Pooja is a 25 year old non-smoking female with a salaried income of Rs. 6 Lakhs per annum, who bought a term plan to financially protect her parents for the future in case of her untimely death. She has chosen a life cover of Rs. 1 Crore and will continue to pay Rs. 861 per month until the age of 60. The premium will remain the same for Miss Pooja until the end of the term plan.

one crore term plan
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Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

Benefits of Term Insurance for Women

Women need term insurance as much as men do as they, too, have to handle family and profession simultaneously. Below mentioned are some of the benefits of term insurance for women:

  1. Family’s financial protection

    A woman has as many responsibilities towards her family as a man has, and therefore, a term plan will secure her family for the rest of their lives when she is not alive. The death benefit will help the family/dependents in maintaining their standard of living and not be financially burdened.

  2. To repay loans/debts

    Being a woman means to have financial commitments towards a lot of things. Therefore, debts and loans help her fulfill many of her dreams and necessities. But, once she is not alive, her family will have to bear the pain of repaying her debts. In this case, the term insurance claim can help them get the money required to pay off all the existing loans/debts.

  3. Lower premiums rates than men

    It is a fact that term insurance premium rates are priced differently for women and that they have the benefit of paying lower premiums than men. Although there is no difference in criteria or eligibility while purchasing term insurance, gender plays a role in determining premium rates. Hence, there is a visible concession for women in their policy premiums, which also motivates more females to purchase term insurance plans.

  4. Protection against critical illness

    Women have been subject to many diseases which demand intensive care and treatment.One of these critical illnesses include cervical and breast cancer which has increased alarmingly among many women. Therefore, with term insurance and an added rider, such as the Critical Illness benefit, a woman can be covered.

  5. Retirement Plans

    Women nowadays seek leisure and a stress free life after retirement. But, the thought of seeing their families burdened with financial constraints mentally drains them. In this case, term insurance can be a savior as it helps relieve the financial stress by providing the death benefit to the nominees for their security.

  6. Tax benefits

    Having a term insurance plan also allows a woman to have tax benefits for up to INR 1.5 Lakhs per year, under Section 10(10D) and 80C of the Indian Income Tax Act.

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How to Buy Term Insurance for Women

Buying term insurance for women has become a fairly easy task nowadays. With Policybazaar, you can compare among 15+ insurance companies and choose the right plan that best interests you. Below mentioned are the steps to purchase term insurance from Policybazaar:

  • Step 1: Visit Policybazaar’s Term Insurance Page

  • Step 2: Fill in the details required to proceed, like Name, Contact Number and DOB

  • Step 3: Fill in other details, like Annual Income, Qualification, Occupation Type, Tobacco Consumption preferences and Pincode.

  • Step 4: Choose the term plan that best interests you from the list available on the site 

  • Step 5: Fill in the details required to make the purchase

  • Step 6: Proceed with the payment option and select your preferred payment mode to pay

Things to Consider Before Buying Term Insurance for Women

Below mentioned are a few things to consider before you buy term insurance for a woman, or as a woman:

  • Choose the right term insurance plan and life cover amongst all the options available, so that if any adverse situation occurs, your family would be financially protected.

  • Calculate your loans and debts carefully before you purchase a term plan so that your family needn’t have to worry about repaying it once you’re not alive.

  • If you have any doubt regarding the plan that you’re purchasing, or want to receive more information, contact the customer care service of the insurance company.

  • Always check the Claim Settlement Ratio of the insurance company that you wish to buy insurance from for 5 consecutive years before buying a term plan from them.

Wrapping It Up!

Women have contributed to the upliftment of families, professional jobs and the society as a whole and therefore, term insurance is one way to provide them relief from the stress of financial constraints. With term insurance plans for women, they can now focus on their life goals whilst they secure the future of their families and loved ones. Whether a single mother, or housewife or an young unmarried lady, Policybazaar helps all women make an informed decision and provides a list of insurer options to choose from.

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

FAQs

  • Should women buy term insurance?

    Ans: Having a term insurance plan is crucial for a woman, like a single mother with dependent children or other family members. This not only guarantees her family's financial security but also provides a certain way for her to live stress-free without worrying about providing for her family's financial needs.
  • Why should women purchase term insurance?

    Ans: Women should get insurance to safeguard the financial security of their dependents, leave a lasting legacy, protect their money in the event of a serious illness or worse, death.
  • Can a housewife buy a term plan?

    Ans: To ensure your family's financial security in the event of your departure, you can and must purchase a term plan as a housewife. You have the option of purchasing a term plan on your own or choosing a joint term cover with your husband as a housewife.
  • How to calculate the term insurance premium online?

    Ans: You can easily calculate the term insurance premium online by using the term insurance calculator online tool
  • What are the benefits of term life insurance?

    Ans: Here are 4 common term insurance benefits:
    • Low premium rates
    • Tax Benefits
    • Death Benefit
    • Long term coverage

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