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Term Insurance for Women
A term insurance for women helps her provide financial protection to her dependents like her children, ageing patents and others. Term insurance is very crucial for the financial protection of one’s dependents and family members in case of an unfortunate event. Given the uncertainties in today’s day and age it becomes crucial for women to get insured with a term plan depending on her and her family’s financial needs.
1 Crore Term Insurance@ Rs.21/day***
To delay is to regret
You may not always be around to take care of your family. And that’s when a term plan ensures your family is well protected.
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Return of Premium (ROP) Option^
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Individual Death Claim Settlement Ratio of 99.50%##
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Same Day Claim Processing#
:1800-266-9777
Term Insurance for Women
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. Features of Term Insurance for Women
6. Things to consider before buying term insurance for women
7. How to Choose the Right Term Insurance for Women?
8. Who should buy term insurance plans for women?
9. How To Buy Women Term Insurance from HDFC Life?
10. When should you buy a term insurance for housewife?
11. Differences between term insurance for women and men
12. 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. A women Term insurance works 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 financial or insurance 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.
Features of Term Insurance for Women
The features of women term insurance are:
Financial Security for Your Family
Lower Yearly Premiums
Education or Childcare Support
Get Extra Coverage
Coverage for Critical Illness
Coverage for Women-Specific Cancers
Independence after Retirement
Women, whether they are earning members of the family or not, would like to safeguard their family against financial calamities when they are no longer with them. Term life insurance for women is one of the best ways to fulfil this aspiration. The insurance company provides a lump sum payout as a death benefit to the beneficiaries, which they can utilise to manage living expenses, children’s education, pay off outstanding debts, etc.
Studies say that, the women tend to live their life longer than men. In insurance terms, have lower life expectancy rates and hence reduced risk to the insurance company.. Hence, the premium for women life insurance is much lower than life insurance for men. The annual premiums to provide life cover for women are much lower than the coverage for men.
A term plan for women offers add-ons to the base plan that cover children’s education or child-related expenses in the event of the death of the policyholder during the policy term. This gives additional financial support to fulfil the future needs of the policyholder’s children.
Women can get extra coverage by adding riders to the base plan as per their specific needs. They should review the term insurance document to know the riders available for a particular plan. The riders offered are critical illness insurance, waiver of premium riders, accidental death benefit riders, terminal illness riders, etc.
You can enhance coverage under the women-specific insurance plans by adding the critical illness rider to the base plan. The critical illnesses included under the rider generally are organ failure, long-term liver and lung diseases, heart disease, stroke, etc. The insurer pays the sum assured under the rider in a lump sum if the policyholder is diagnosed with any critical illness included under the plan. The payout can be utilised for treatment or any other expenses.
According to the Indian Council Medical Report, women are more prone to cancer than men. This mandates buying a term insurance plan for women which offers coverage for several cancers. Considering this aspect, insurance companies provide plans with riders covering women-specific cancers such as breast cancer, cervical, ovarian, and fallopian cancer. Some plans include cancer under the critical illness riders.
A term plan for women with the return of premium option secures them financially after retirement. With the maturity proceeds, they can be financially independent even when the regular income source ceases.
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 insurance 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.
6. Review the Policy Details
An in-depth review of the policy details is crucial to understanding the inclusions, exclusions, and deductibles of the plan. With an informed decision, you can avoid any complications or confusion during claim settlement during and after the policy term.
7. CSR of the Insurance Company
The claim settlement ratio of the insurance company indicates how seamless their claim process is. To ensure that the chances of claim rejection are low, you should choose an insurance company with a higher claim settlement ratio.
8. Payment Options for Premiums
Most plans have flexible premium payment options, including single payment for some chosen plans and monthly, quarterly, semi-annually, or annually for others. Go through the options available in the plan you propose to buy and choose the option that suits you the best.
How to Choose the Right Term Insurance for Women?
Consider the following factors when choosing the right term insurance for women:
Select the Highest Coverage Amount
Choose the Right Policy Term
Better Coverage with Extra Benefits and Options
Low-cost Yearly Premium
Read the Small Details
Assess the maximum coverage required considering the current liabilities, children’s education and marriage, living expenses, and other long-term requirements to ensure your family’s future financial needs are met in your absence.
Select the policy tenure according to your long-term financial goals. For instance, the term should be longer if you have children who are financially dependent on you. Ascertain the tentative period by when they may be settled or financially independent and choose a term to align with it.
Choose a plan that provides enhanced coverage through add-ons and riders. A critical illness rider covering women-specific issues like breast, ovarian, or cervical cancer benefits women who prefer additional coverage to be prepared for the worst.
Look for a plan that offers discounts for applicants with healthy lifestyle habits and a robust health condition to get higher coverage for an affordable premium.
Go through the terms and conditions of the plan in detail to understand the exclusions, inclusions, limitations, etc.
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.
Category of Women |
Need for Term Insurance |
Self-Employed |
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 |
Recent uncertainties (COVID, recession, layoffs) highlight that even salaried women shouldn't assume income security. Term insurance is crucial to protect their family's financial future. In case of untimely death, the lump sum provides income replacement for loved ones. |
Housewives |
It's a myth that housewives don't need term insurance. Their demise causes emotional and financial hardship. Even without direct income, they handle crucial responsibilities. Replacing these with external help (cook, nanny, tutor) costs significantly. Term insurance for housewives offers financial assistance, though it can't mend the emotional loss. |
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. |
How To Buy Women Term Insurance from HDFC Life?
Follow the steps given below to buy women's term insurance from HDFC Life:
- Access the HDFC Life Insurance website.
- Go to the term insurance for women page.
- Provide basic details such as name, address, mobile number, gender, date of birth, and email ID.
- Mention your lifestyle habits, type of occupation, annual income, and educational qualification.
- Browse through the list of plans available. Choose the preferred plan and click on the submit button.
- The representative of HDFC Life will contact you and guide you further.
When should you buy a term insurance for housewife?
Premiums for term insurance for women tend to rise with age, so it is advisable to purchase term insurance at a younger age to avoid higher premiums. Let's take a look at the premiums for term insurance for housewives based on age and add-on riders:
Age (years) |
Policy Term (years) |
Monthly Premium (Rs.) |
Monthly Premium with Critical Illness Rider (Rs.) |
Monthly Premium for Return of Premium option (Rs.) |
20 |
40 |
588 |
605 |
1189 |
30 |
40 |
1000 |
1087 |
1950 |
40 |
40 |
1992 |
2351 |
3594 |
Disclaimer – The above premium rates are for a non-smoker healthy male inclusive of 5% online discount (applicable only for 1st year premium) and exclusive of taxes & levies as applicable. ...Read More
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.
Q. Should both husband and wife buy term insurance?
Yes, both husband and wife should purchase term insurance if they earn or have financial responsibilities. Opting for term insurance safeguards the future of the family if some emergency occurs. Two chosen policies provide coverage to both lives, providing better financial security to children or dependents during periods of unfortunate events.
Q. What is a joint-term life insurance plan?
A joint-term life insurance plan provides comprehensive coverage for both wife and husband under a single policy. If one policyholder dies suddenly during the policy tenure, the other receives the sum assured. This is a simple and cost-effective method for couples to secure the financial future of their families.
Q. Should I buy term insurance for my wife?
Yes, it is beneficial to purchase term insurance for your wife, especially if she is earning or looking after households. Opting for term insurance provides financial support to the family if something happens to her. Choosing separate policies for each member provides protection and a separate peace of mind for the family.
Q. Is term insurance for women more affordable?
Yes, the term insurance designed for women is more affordable. This is mainly because women possess a much longer life expectancy and low health-related risks. Alongside this, there are many insurance companies offering attractive discounts or benefits for female policyholders, enabling them to reach well-informed decision-making.
Q. Can housewives buy term insurance?
Yes, housewives are eligible to purchase term insurance. Women hold great value at home even if they are not earning. If they fall sick, the family needs help performing daily tasks, which require money. Choosing term insurance covers those costs and provides stable support to families during emergency times.
Q. Can I add my partner to my existing term insurance plan?
In usual cases, your existing term insurance plan does not allow you to add a partner. Instead, policyholders are advised to purchase a joint-term plan or a new one for their partner. In this case, checking out with your insurance providers for options considering your existing plan is beneficial.
Q. What are the tax benefits of purchasing term insurance for women?
Women purchasing term insurance can avail tax benefits under Section 80C1 of the Income Tax Act+1. The amount of premium paid can be claimed as deductions of up to Rs. 1.5 Lakh per year. Also, the pay-out family receives is exempted from taxes under Section 10(10D)1.
Q. Why should I buy term insurance for my non-working partner?
Even if your partner is not working, they remain responsible for managing household tasks. If they fall sick or if something happens to them, replacing that support is costly. Term insurance thereby helps cover those costs, ensuring the family receives financial assistance and efficiently manages daily life.
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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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@As per integrated annual report FY23-24, available on www.hdfclife.com. As of May 2024
^ Available under Life & Life Plus plan options
#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
##Individual claim settlement ratio by number of policies as per audited annual statistics for FY 23-24
***Online Premium for Life Option for HDFC Life Click 2 Protect Super (UIN: 101N145V07), 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.
*Online Premium for Life Option, Male Life Assured, Non-Smoker, 20 years of age, Policy term of 40 years, Regular pay, Monthly frequency, exclusive of taxes and levies as applicable
1.Subject to conditions specified u/s 80C and section 10 (10D) of the Income Tax Act, 1961 Therefore stated views are based on the current Income-tax law. Tax benefits are subject to change in tax laws. Also, the customer is requested to seek advice from his Chartered Accountant or personal tax advisor with respect to his personal tax liabilities under the Income-tax law
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