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Life insurance for women is a life insurance policy designed keeping specifically women in mind. These plans offer coverage and benefits suited to fit their needs like cover against women specific cancers, lower premiums than men, and special health management services.
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With these plans, working women and housewife can get financial stability for their families in the event of their unfortunate demise.
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Term Plans
Life Insurance for women simply is a type of life insurance plan that offers special benefits for female customers. These plans not only offer financial protection to the family of the women but also help them create wealth for the future, and save on their yearly taxes as per the prevailing tax laws.
Many insurers offer special benefits for their female customers like lower premiums, covering women-specific cancers, offering health management services, and more. Before we get into the insurer benefits, let us take a look at what is the best life insurance policy for women and why you should buy life insurance for women.
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Here is a list of features and benefits you can avail by buying life insurance for women:
With life insurance for women, you can ensure the financial stability of your family. This is especially beneficial if you are the main breadwinner of your family. This helps you secure your dependent parents, spouse, in-laws, and kids.
By investing in investment based life insurance plans that offer market-linked returns, or bonus based benefits, you can build wealth for your future goals. Similarly a whole life insurance plan not only provides cash value accumulation for wealth creation, but also covers you for your whole life (till 99/100 years of age).
Premiums for life insurance for women are much more affordable than premiums for term insurance for male customers. For example, term insurance for women is up to 20% more affordable than for men. This is because women tend to have a higher life expectancy than men.
You can enhance the base coverage of your life insurance for women by adding optional riders at nominal premiums. With these riders, you can get coverage against terminal illness, critical illness, accidental death benefits, accidental total permanent disability benefits, waiver of premiums, and hospicare benefits.
In case you are a housewife and your husband already has life insurance, it might seem redundant for you to buy life insurance as well. But even if your husband already has life insurance, buying the best life insurance policy for women can provide an additional sum assured for your family or kids in your absence.
Different types of life insurance for women can help you secure your post-retirement life by offering payouts after retirement. For example, pension plans or return of premium term insurance plans.
With life insurance for women, you can save on your yearly taxes under sections 80C and 10(10D) of the Income Tax Act, 1961, as per the prevailing tax laws.
Several life insurance companies in India offer special benefits for female customers as follows:
Both Tata AIA and Bajaj Allianz offer health management services for their female customers. With the Bajaj Allianz eTouch term plan, you can get up to 36.5K worth of health management services in the form of comprehensive health check-ups, cancer screenings, and OPD in clinic consultations, psychologist consultations, and medicine discounts.
ICICI Prudential life insurance offers special 15% lifetime discounts and an additional 15% discount on 1st-year premiums for salaried women on ICICI term insurance plans.
| Who Should Buy | Benefits |
| Working Women | Working women or salaried women can secure the financial future for their dependent parents or in-laws |
| Bussiness-women | Business women can stabilise their unstable income with life insurance and create wealth for their future |
| Housewife | Housewives can secure additional cover for their spouse and kids in the event of their untimely demise |
| Single Mothers | Single mothers can leave a legacy for their dependent kids with a whole life insurance or plans that have a wealth creation benefit |
A life insurance for women not only provides the women with the necessary peace of mind knowing that her loved ones are financially secure in case of an eventuality, but also allows her a chance to create wealth for her dreams and aspirations. With these plans, you can also claim tax benefits as per the prevailing tax laws.
Note: It is suggested to calculate the term plan premium on the term insurance premium calculator online tool by Policybazaar before buying.
†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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