In today’s fast-paced world, women are playing multiple roles, from being the backbone of their families to
excelling in their professional careers. Some women are the sole earning members in their families, making it
crucial for them to safeguard their loved ones’ future and provide them with a financially secure life.
One effective way to accomplish this is by opting for Term Insurance, a financial tool designed to provide women
with peace of mind and financial security.
The Term Insurance works as a safety net for the family at times of unforeseen circumstances. Buying Term Insurance
Plan for women ensures financial protection to their loved ones.
Financial Protection: Term insurance plan offers a lump-sum payment, known as the death benefit, to the
beneficiaries in case of the policyholder’s demise. This amount one can utilize to cover everyday expenses, pay off
debts, or fund major financial goals such as children’s education or marriage.
Lower Premiums: Insurance companies often provide lower premium rates for women due to their longer life expectancy
and lower mortality rates. By opting for term insurance at a younger age, women can secure coverage at affordable
Flexibility and Customization: Term insurance plans tailored to meet specific needs. They offer options to choose
the coverage amount, policy term, and additional riders. Women can opt for riders such as critical illness coverage
or maternity benefits, enhancing the policy’s scope and relevance.
Peace of Mind: Term insurance offers women peace of mind, knowing that their loved ones will be financially secure
even in their absence. It allows them to focus on their personal and professional growth without worrying about the
Critical Illness Coverage: Some term insurance plans for women include coverage for critical illnesses such as
breast cancer, ovarian cancer, and cervical cancer. This additional coverage ensures that policyholders receive
financial assistance for medical expenses and treatments related to these specific illnesses.
Maternity Benefits: Recognizing the needs of women during pregnancy and childbirth, certain term insurance plans
offer maternity benefits. These benefits provide coverage for medical expenses associated with pregnancy, delivery,
and complications, offering financial relief to women during this crucial phase of their lives.
Tax Benefits: Term insurance plans qualify for tax benefits under Section 80C of the Income Tax Act. The premiums
paid towards the policy are eligible for deduction up to a certain limit, providing additional financial incentives.
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Suppose a woman buys a term insurance plan in 30s and the sum assured is Rs 1 Crore. The premium paid on the same
is Rs 10,000 a year. In the unfortunate event of your demise within the 30-year term, the policy’s death benefit,
which is ₹1 crore in this case, would be paid out to your nominated beneficiary. This lump sum amount can provide
financial security and support for your family’s needs, such as paying off debts, covering living expenses, or
funding children’s education.
Term insurance plans offer a significant advantage for women—the premiums are remarkably budget-friendly and can be
up to 30% more affordable as compared to men.
Term Insurance plan for earning women- Through Term Plan, working women can secure their dependent parents or
Term Insurance for Self Employed Women- Term insurance in such scenarios can free the family from the burden of
loan repayments like business loan or any home loan.
Even though homemakers are earning nothing, buy still plays a key role in maintaining a family’s financial
stability. The Term insurance for housewives help the family members deal with the financial implications of losing
the loved one.
For a single mother, the term insurance plan helps her dependent kids in fulfilling their dream and pay for the
higher education in the event of their unfortunate device.
Coverage Amount: If you are planning to buy a Term Insurance Plan, you will be able to evaluate the financial
responsibilities like future expenses, loans, and income replacement to determine adequate coverage amount. The
coverage amount you choose is sufficient to maintain the family’s lifestyle.
Another important factor to keep in mind while buying a term insurance plan is the policy term. Consider factors
such as the number of years until your financial dependents become self-sufficient or until major liabilities, such
as home loans, get over.
Riders and Add-ons: Research and understand the riders and add-ons offered by insurance companies. Opt for riders
that align with your specific needs, such as critical illness coverage, accidental death benefit, or waiver of
Claim Settlement Ratio: Check the insurer’s claim settlement ratio, which indicates the company’s record of
accomplishment of settling claims. A higher ratio reflects a smoother claim settlement process and a reliable
Research and Review: Conduct thorough research about various insurance providers, their reputation, and customer
reviews. Read the policy terms and conditions carefully to understand the coverage, exclusions, and claim
procedures. Seek advice from financial advisors or insurance experts if needed.
Term insurance is a valuable tool for women in India to secure their loved ones’ financial future. It provides
peace of mind, financial protection, and flexibility to cater to their unique needs. By selecting the right term
insurance plan, women can ensure that their families are safeguarded against unforeseen events and have the means to
fulfil their dreams. Take the time to assess your requirements, compare policies, and make an informed decision.
Remember, investing in term insurance is a proactive step towards empowering yourself and your loved ones. To know
more about Term Insurance Plan for women, you can get in touch with our PBP PoS advisor also.
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No, term insurance is not different for women. The basic concept and features of term insurance remain the same for
both men and women. However, some insurance companies may offer specific riders or benefits that cater to the unique
needs of women, such as coverage for critical illnesses specific to women.
A2: Yes, women can definitely avail term insurance in India. In fact, many insurance companies offer term insurance
policies specifically designed for women, taking into consideration their specific needs and requirements.
The premium for term insurance is determined by several factors such as age, sum assured, policy term, and overall
health condition. Gender is also one of the factors considered. Generally, women tend to pay lower premiums compared
to men as they have a longer life expectancy.
No, maternity expenses are typically not covered under a standard term insurance policy. Term insurance primarily
provides a death benefit in case of the policyholder’s demise. However, some insurance companies may offer
maternity-related riders or benefits as an add-on to the term insurance policy.
Yes, some term insurance policies allow the inclusion of the spouse as a joint life insured. This means that both
the husband and wife are covered under the same policy, and in the event of the demise of either spouse, the
surviving spouse receives the death benefit.
Yes, women can buy term insurance even if they are not earning. Term insurance provides financial protection for
the family, and it is not mandatory for the insured person to be earning. However, the sum assured was decided after
considering the financial impact of the insured person’s demise on the family’s future expenses.
Term insurance for women typically covers various types of cancers, including breast cancer, cervical cancer,
ovarian cancer, and other forms of cancer. However, it is important to note that the coverage and specific terms may
vary depending on the insurance provider and the policy’s terms and conditions. When considering a term insurance
plan, it is crucial to carefully review the policy documents and consult with the insurance provider to understand
the extent of coverage for cancer-related illnesses.
Yes, a housewife can certainly buy term insurance. Term insurance is not restricted to individuals with specific
occupations or employment status. It provides financial protection to the insured individual’s family in the event
of their untimely demise during the policy term. When purchasing term insurance for a housewife, it is important to
determine an appropriate sum assured (coverage amount) based on the family’s financial needs, including outstanding
debts, future expenses, and income replacement requirements.
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