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Gone are the days when females were only considered important to manage their household work. In today’s world, women are independent, and educated and give an equal contribution to their house chores. The ratio of working females has increased many times over the last few years. Though, despite their financial independence, various women still lack financial security for their and their family’s future. The right way to protect the future is to buy a term plan for females.
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Note: Know more about what is term insurance first before reading this article.
Following is a list of some most important term insurance benefits for both working and non-working women:
Term insurance for females is a type of life insurance plan that offers a guaranteed payment to the women’s family in case of an unforeseen event. This guaranteed payout is provided against the payment of premiums made by the policyholder.
Term Plans
Let us look at the list of term insurance for females in 2024 offered by life insurance companies in India.
| Name of the Insurer | Term Insurance Plan | 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 Plan | 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 Total Elite Protection | 1,242 | 18-65 years | 85 years | |
| PNB MetLife India Insurance Company Limited | PNB MetLife Mera Term Plan Plus | 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 list of insurers mentioned are arranged according to the alphabetical order of the name of insurance company respectively. 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
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Females need term life insurance just as much as men do because of the following reasons:
In case of a sole earning member’s unforeseen death, a term insurance plan acts as a replacement for their income and make sure the financial security of dependent family members. The families of a female will be provided with the death benefit amount, thus supporting their finances. The family can use the payout to pay for the child’s higher education, marriage, or any other unexpected emergencies.
Even in case, you outlive the policy tenure, the return of premium through TROP plans, zero-cost term plans, can offer financial stability. In addition to this, as women have a higher life expectancy as compared to men, the term insurance premium rates are lower as compared to males. The life cover of females can be increased if they and then decided to have kids.
The premium rates for term insurance for females are much lower than the premium rates for men. This is because the insurance providers assess the life expectancy, morbidity, and mortality rates of females and offer premium rates accordingly. Since women tend to live longer than men, the chances of them suffering an untimely demise are low, which in turn lowers the chances of the insurer having to settle the claim.
Along with regular critical illnesses like kidney and heart conditions, term insurance for females provides coverage against female-centric ailments like breast and cervical cancer. This comprehensive coverage specially offered for women provides financial protection on the diagnosis of these critical illnesses.
Today many people take loans to purchase a house or car but in the event of the policyholder’s untimely demise, the family may be burdened with these loans and liabilities. In such cases, the family of the policyholder can use the term insurance payout to pay off any remaining loans and take care of their financial obligations.
In case of the unfortunate death of the female policyholder, term insurance for females ensures a good lifestyle for the child of the life assured. The large life cover creates a legacy for your family in your absence and helps them carry on with their lives. This is especially beneficial for female guardians and single mothers.
These days, women are more at risk of heart disease and breast cancer, so adding critical illness insurance coverage is important. Most insurers offer various term riders that can be attached to the base term insurance plan to increase its coverage. You can select the critical illness rider that secures you from critical illnesses such as breast cancer, heart disease, stroke, cervical cancer, and paralysis. This will make sure your financial protection in case of any medical emergency.
Female policyholders can save on their yearly taxes as per the Income Tax Act of 1961. Sections 80C and 80D offer term insurance tax benefits on the premiums paid and section 10(10D) allows tax exemption on the benefits received.
Now that we have understood why term insurance for females is important, the following are some of the tips that can help you choose the right term insurance for females:
Make sure that you are choosing sufficient cover
It is important to always choose a cover that is adequate to meet your financial needs. Therefore, you need to buy a term insurance plan for females that provides the financial coverage you need. It is highly suggested to go through your financial plans like how much savings you have and how much more you require. It is also important to track your current expenses and calculate your future expenses.
Always decide on an adequate coverage amount accordingly. As financial experts say, the minimum term cover should be at least 15 to 20 times your annual income.
Check for the Claim Settlement Ratio
The Claim Settlement Ratio (CSR) is computed by dividing the number of death claims which are settled by the number of death claims received by the insurance company. Ideally, you should always buy term plan from an insurance company with a high claim settlement percentage.
Whether you are a single woman, working woman, business owner, housewife or single mother, you need to have term insurance in place to secure your loved ones. The payout from these plans can help your dependents take care of their financial obligations and bring their life back on track in the event of your unfortunate absence.
Note: Check out the term insurance plan 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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