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Although as a society we are supposedly inching towards a gender neutral environment, we still have a long way to go. Insurance for women is yet to catch up in India and most non-earning homemakers are usually a part of family cover or a plan that involves the entire family. However, it would be safe to say that in the present scenario of the insurance market, there are several advantages offered for women as most insurance companies are wooing women to purchase attractive plans that are specifically aimed at women and cater to their needs.
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In order to rope in more female customers, insurance companies are offering insurance for women at significantly lower rates than those for men. This trend is expected to continue till more women continue to enter into the sphere of life insurance.
A simple example will show you how insurance companies in India charge a lower premium for women as compared with men. When Vishal and Revathy, both aged 30 and non-smokers, approach an insurance company for a policy covering a span of 30 years, there is a disparity in the premiums they have to pay owing to their gender alone. As a woman, Revathy pays at least 14% lesser premium than Vishal, despite both belonging to the same age group with similar lifestyles.
Term Plans
The simple reason why women enjoy more benefits than men as far as insurance is concerned is because on an average, a woman lives longer than a man. As per statistics, a woman outlives a man by five years, on an average. This is always beneficial for the insurance provider, as they will benefit more by offering insurance to women, even if they charge lesser premiums.
Also, women are in general less prone to developing heart conditions and other illnesses arising from excessive smoking or drinking, unlike men. Most men develop cardiovascular related disorders when they are in their late 50s or 60s, while women are more prone to develop these conditions into their 70s.
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One of the major benefits of investing in a life insurance policy for both men and women is the fact that one can avail tax exemptions on it. One can avail deductions on premiums paid as per Section 80C of the Income Tax Act of 1961. The maximum tax benefit that can be availed is Rs 1.5 lakhs.
Tax benefit is subject to changes in tax laws
You may also like to read :Why Do Women Need Insurance?
Note: It is suggested to calculate the term plan premium on the term policy calculator online tool by Policybazaar before buying.
Note: Check all the best term insurance plan in India.
Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
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
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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