Term Insurance for Females

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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Following is a list of some most important term insurance benefits for both working and non-working women:

What is Term Insurance Plan for Females?

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.

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Best Term Insurance Plan for Female 2023

Let us take a look at some of the best term insurance for females in 2023 offered by life insurance companies in India.

Term Insurance for Female Entry Age Sum Assured Policy Term
ICICI Pru iProtect Smart 18 - 60 years 50 Lacs - 10 Crores 5 - (99 - entry age) years
Max Life Smart Secure Plus 18 - 65 years 20 Lacs - No Limit 10 - 67 years
HDFC Life Click 2 Protect Super 18 - 65 years 50 Lacs - 20 Crores 5 to (85 - entry age) years
Bajaj Allianz Life eTouch 18 - 45 years 50 Lacs - 10 Crores 10 - 81 years
Bharti AXA Flexi Term Pro 18 - 65 years 25 Lacs - No Limit 5 to 50 years

Note: You can use a term insurance premium calculator to see the premium rates applicable for the term plan of your choice.

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Top 7 Reasons Why Females Need Term Insurance

Females need term life insurance just as much as men do because of the following reasons:

  1. Financial Security

    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.

  2. Lower Premium Rates

    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.

  3. Security Against Critical Illness

    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.

  4. Pay Off Loans

    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.

  5. Create Legacy

    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.

  6. Critical Illness Coverage Against Life-threatening diseases for Women

    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.

  7. Tax Benefits

    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.

How to Choose the Best Term Insurance for Females?

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 best 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.

Wrapping it Up!

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.


  • What is the maximum age limit to buy term plan for females?

    Ans: The maximum age limit to buy a term plan for females is 65 years. However, various life insurers allow females above this limit of age to buy a term insurance plan.
  • Do term plans offer accidental coverage for females?

    Ans: Yes, some term insurers offer accidental coverage for females. In addition to this, term insurance for females may also cover health expenses. Though, it depends on the life insurer from which you are buying a term plan.
  • What is joint-term life insurance plan?

    Ans: A joint-term insurance plan provides insurance coverage for two people.
  • Can I add my wife to a term insurance plan?

    Ans: Yes, you can add your partner to a term life insurance plan.
  • Why Should women buy term plans?

    Ans: Women should buy term insurance plans to protect their dependents’ finances and cover their funds in case of a critical illness or long-term security.

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