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Term Insurance Plan for Women in India 2024
Table of Content
1. What is Term Insurance for Women?
2. How term insurance for women works?
3. Why Term Insurance for Women?
4. Types Of Term Insurance for Women
5. Top 5 things to consider before buying term insurance for women
6. Why women need a life insurance?
7. Who should buy term insurance plans for women?
8. Differences between term insurance for women and men
9. Summary
What is Term Insurance for Women?
Women can get term insurance in the same traditional way as men can. If the woman policyholder unfortunately passes away during the policy term, term insurance provides a cover amount guaranteed to her nominees. Known for its affordable premiums, term insurance can provide a large sum assured to women's nominees.
Especially when you consider the fact that women tend to have longer life expectancy than men and they also possess the need for particular coverage for serious illnesses like breast and cervical cancer, term insurance can be an invaluable investment that offers both financial security as well as peace of mind for women.
So its high time women go forward to protect their loved ones' financial future through term insurance. After all, in your absence, why let the future of your family get jeopardised, right? Even though nothing would replace your place emotionally in your loved ones' lives, atleast their financial future remains secured.
How term insurance for women works?
Gone are the days when a family used to be entirely dependent on men to be the breadwinner. In the modern era of the 21st century, women are leaving no stone unturned to be at par or even better than men. With more and more financial independence, women are also becoming more financially aware of the importance of term insurance. Term insurance for women works the same way as for men. Woman pays the premiums and get assured sum cover for their nominees in case of their unfortunate death during the policy tenure.
This is even more important nowadays when women, such as single mothers, are independently running their entire household.
Given that women’s family will lose her income in her absence, the term insurance cover would in such times help in coping up financially and handling day to day expenses, EMIs etc.
So wait no more and check out term plan for women from one of India's biggest insurers, HDFC Life, and quickly secure your loved ones' financial future, which will also let you live a more peaceful life without the stress of your absence jeopardising their future.
But make sure you select the cover amount and premium payments as per you and your family’s financial requirements.
Why Term Insurance for Women?
Term insurance is equally important for all genders, but more so for women as they tend to have a higher life expectancy and are becoming more and more financially independent and strong enough to secure their family’s future.
Here are the two main reasons why term insurance for women is important:
Unique needs and considerations for women in term insurance
When compared to other genders like men, women tend to have unique needs that need to be considered when buying term insurance. The fact that women tend to have longer life expectancy than men and also possess the need for particular coverage for serious illnesses like breast cancer and cervical cancer makes buying term insurance, not an option but a necessity for women.
Addressing financial protection for women in various life stages
Term insurance also lends a helping hand to women at various life stages, whether as a young working woman in her 20s or a married mother in her 30s and 40s who is raising young children and taking care of their education and later their marriage. Besides the varying roles of women at different life stages, term insurance for housewife offers financial protection from critical diseases like cancer or an unfortunate incident like an accident that result in disability.
Also, nowadays, big insurance companies such as HDFC Life offer long coverage tenures that are as 100 years of age through a whole life insurance, meaning that women who buy such term insurance can get coverage for their entire life span. This would also ensure your family's financial future remains secured for a longer period. Moreover, you can also consider a term insurance plan for your parents to provide financial security for them in their later years.
Types Of Term Insurance for Women
Now that you have understood the importance of term insurance for women, its time to also deep dive into the types of term insurance women can buy.
There are several term insurance options accessible to women policyholders.
1. Level term insurance
The simplest kind of term insurance plan for women is called level term insurance. It covers you for a predetermined length of time, usually between five and thirty years. All through the policy term, the coverage amount and premium stay the same.
2. Decreasing term insurance
For those who require coverage to pay off a loan, this kind of policy offers a declining death benefit over time. The coverage amount falls with time, just as the loan amount does.
3. Increasing term insurance
For those seeking coverage that keeps up with inflation, this kind of policy offers a growing death benefit over time. Such a policy's premium rises with time as well.
4. Renewable term insurance
This term plan for women lets you continue to be covered at the end of the term without having to answer health-related questions or have a medical exam. Renewal of such a policy may result in an increase in premium.
5. Convertible term insurance
This plan enables you to answer health-related questions and have your term insurance policy converted into a permanent life insurance policy without having to have a medical examination.
6. Term insurance with return of premium
Should you outlive the policy term a term insurance with return of premium will reimburse your premium. Still, this kind of policy usually has a higher premium than other term insurance options.
All things considered, when selecting a type of term insurance policy for women, take into account your particular needs and financial goals. If you need assistance in zeroing in on any decision, consider speaking with an insurance or financial advisor or contact one of India's biggest insurers, HDFC Life. Be wise when making the final decision and avoid believing hearsay or copying some other women's financial strategy. Every woman has different financial requirements, so their choice of term insurance would depend on that.
Top 5 things to consider before buying term insurance for women
1. Lower premium
A major benefit of the term insurance for women in itself is its affordability. As far as women are concerned, for a term insurance, they pay much lesser than men do, primarily because of their higher life expectancy which translates into lower risk for insurers. Moreover, by buying the plan early on in your 20s, women can save even more money through lower premiums, vs when you buy it late in your 30s or 40s.
Speaking of premiums, also keep in mind that if you get critically sick or injured and are unable to work due to any disability or illness, some policies provide a waiver of premium that lets you forgo paying the remaining premiums entirely or for some period of the policy tenure.
2. Tax benefits
A term insurance premium for women can reduce your yearly taxable income. deductions under 80C of the Income Tax Act permits a deduction of up to ₹ 1.5 lakh annually on your term insurance premium payment, irrespective of your gender. Also, Section 10(10D) further exempts the received proceeds, in the form of a cover amount, from any tax.
3. Protection against severe illnesses
Term insurance also offers added protection through riders. For example, a critical illness rider benefit offers financial protection against diseases unique to women, such as breast cancer and cervical cancer. Financial security is also offered against other serious diseases such as kidney failure and stroke. Check these riders and get them included if required, when buying term insurance for women.
4. Childcare or education coverage
Term insurance for women also guarantees financial stability for your child's future. When something unfortunate happens, the life insurance payout for women can provide a safety net for your kids' future well-being by helping them pay for their medical and educational expenses, thus safeguarding their financial future. This prevents your children's financial future from getting jeopardised in your unfortunate absence.
5. Maternity Benefit
Preeclampsia, gestational diabetes, or problems during delivery are among the pregnancy-related problems covered by some term insurance for women policies. This coverage can offer financial security for women during time off work or for medical costs.
Why women need a life insurance?
Long-term savings
Term plans nowadays provide premium return options and some maturity benefits besides the death benefit. Women buying term insurance can, therefore, save money for unforeseen expenses and situations such as critical illness. The return on premium and maturity benefits help turn term insurance into an investment, with the set-aside money, in the end, coming back in lumpsum, which can be used as a long-term savings and financial planning tool.
Financial Security
Besides helping with financial planning, term insurance also gives women a sense of financial security. Nobody is certain of what life will bring. You could be taken from your family in an unfortunate accident or due to critical illness. So, whatever the future holds for you, a term insurance plan for women enables you to give your family financial security in the form of a cover amount. This ultimately enables you to live a relatively less stressful life and have that peace of mind that your family's future is at least financially secure.
Legacy planning
The best term insurance for women also helps in legacy planning for women. Today, the need for legacy planning is important for your dependents because of the increasing rate of inflation. Before they retire, women must also plan their finances. This is where investing in a term insurance policy with a maturity benefit can prove to be a terrific approach. Over time, the plan will accrue a corpus that, upon maturity, will be given to you in one payment. That money can help you handle your post retirement expenses and your family's expenses.
Who should buy term insurance plans for women?
All categories of women, such as housewives, single moms, salaried or self-employed, require the best term insurance for women to secure their family’s financial future. The features of term insurance make it an ideal choice by providing affordable premiums, coverage for a specific period, and financial security for loved ones.
Self employed Women
Unlike salaried women who atleast have a fixed and regular inflow of income, self employed women such as doctors, lawyers or entrepreneurs lack this aspect, which is why it is more important to buy a term insurance for self employed for the financial security of their loved ones.
Moreover, the term insurance cover amount could also assist in the continuity of your business, as that money could help pay off existing debt and take care of day to day business expenses.
Salaried Women
Given the uncertainty that the COVID pandemic, recession, and layoffs have shown us in recent years, even salaried women should not take their regular income for granted and thus secure their family's financial future through term insurance as soon as possible. Term insurance for salaried women would assist their loved ones in handling their finances in case of the women's untimely demise, with the lump sum cover acting as a replacement income for nominees.
Housewives
It is a myth that housewives do not need term insurance. If a woman has chosen to stay at home and take care of her family as a housewife, her family is likely to suffer both emotionally as well as financially in case of her unfortunate demise. Besides coping with loss and grief, the children and spouse will be financially in trouble. This is because even if the housewife was not earning, she was taking care of a lot of responsibilities, which would otherwise be paid for if done through external sources. The family, in her absence, may eventually need to employ a cook, nanny, tutor and much more, which in itself would require significant money. That is where term insurance for housewife would help, if it exists. While the emotional damage of her demise could never be repaired, atleast financial assistance through term insurance cover for housewife can be helpful.
Single Mothers
Nowadays, women are often playing the role of sole breadwinners of the family by handling the responsibility of single parenting in case of divorce or if they become widows. Given that single mothers need to both emotionally and financially take care of their dependents, such as children and parents (or even in-laws), having term insurance is an absolute necessity. In case the single mother unfortunately passes away during the policy term, at least the term insurance cover would help the nominees by taking care of their future.
Differences between term insurance for women and men
Premiums
A big difference between term insurance for women and men is the premium pricing. Premiums for women are usually significantly cheaper than those for men due to the longer life expectancy and, hence, lower risk in the case of women.
Protection Requirements
While the primary goal of term insurance remains the same for men and women, i.e. to provide assured cover to loved ones in their absence, the financial protection requirements can vary for men and women.
Besides women requiring relatively longer tenures of policy due to higher life expectancy, women also tend to face different health issues and trajectories, such as maternity and risk of unique cancer forms such as cervical and breast. On the other hand, men are more prone to heart attacks. So, when buying term insurance, all these aspects should be kept in mind by respective genders, and accordingly, suitable term insurance should be bought by men and women.
Riders and Benefits
As mentioned above as well, riders and benefits, which are a form of financial requirement, would vary for term insurance being bought by men and women. Women may prefer critical illness riders that cover breast,cervical and other common cancer forms, while men may prefer riders that cover critical illness such as stroke, cardiac arrest, heart attack etc.
Health Considerations
Given that women and men deal with different health issues, that aspect has to be kept in mind when taking term insurance. Women tend to face different health issues and trajectories, such as maternity and the risk of unique cancer forms such as cervical and breast. On the other hand, men are more prone to heart ailments like cardiac arrest, stroke, etc.
Summary
One cannot emphasise the need for insurance enough, and for women in particular, it is no less crucial than for men. In addition to supporting you and your family during difficult times, term insurance for women gives you financial security and empowerment.
And with women increasingly becoming more financially independent and aware, it becomes imperative for them to buy term insurance to secure their family's future through the assured cover amount. Some of India's largest insurers, like HDFC Life, even offer women-specific term insurance plans along with a high claim settlement ratio.
FAQs on Term insurance for women
Q. Do women need term insurance?
Term insurance is important for all genders, but more so for women as they tend to have a higher life expectancy and are becoming more and more financially independent and strong enough to secure their family’s future.
Q. At what age should women buy term insurance?
Women should buy term insurance as early as possible, ideally in their 20s or early 30s. The sooner you buy term insurance, the smaller your premium amount can be.
Q. How much term insurance coverage do women need?
Ideally, term insurance cover should amount to at least 10-15 times your average annual income. For example, if you earn Rs 10 lakh every year, your cover amount should be around Rs 1-1.5 crore. For a 1 crore term insurance factor in your family's expenses also so that the cover is adequate.
Q. What are the different types of term insurance for women?
There are several types of term insurance for women, such as level term insurance, renewable term insurance, increasing term insurance, decreasing term insurance, convertible term insurance and return of premium term insurance.
Q. What are the benefits of term insurance for women?
Buying term insurance comes with many benefits for women, such as lower and affordable premiums, income tax benefits and financial security for the family.
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
Vishal Subharwal
Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.
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##Individual death claim settlement ratio by number of policies as per audited annual statistics for FY 2023-24.
#Provided we have received all the relevant and required documents and no further investigation is required. Claim settlement process would be completed within stipulated timelines once the claim request is approved
^ Available under Life & Life Plus plan options
***Online Premium for Life Option for HDFC Life Click 2 Protect Super (UIN: 101N145V04), Male Life Assured, Non-Smoker, 20 years of age, Policy term of 25 years, Regular pay, Annual frequency, exclusive of taxes and levies as applicable. (Monthly Premium of 622/30=20.7).
**7% online discount available on 1st year premium only
~Tax benefits of ₹ 54,600 (₹ 46,800 u/s 80C & ₹ 7,800 u/s 80D) is calculated at highest tax slab rate of 30% on life insurance premium u/s 80C of ₹ 1,50,000 and health premium (Critical illness rider) u/s 80D of ₹ 25,000. Tax benefits are subject to conditions under section 80C, 80D, 10(10D) as per Income Tax Act, 1961. Please consult your tax advisor for more information.
ARN - ED/05/24/11460