In the complexities of life, achieving monetary security is akin to fortifying a stable foundation. Term insurance emerges as a pivotal asset, not just as a safety net for loved ones but also as a cornerstone in crafting a robust financial plan. 

The synergy between financial security and term insurance becomes even more imperative when considering the unique needs of women in financial planning. Women often navigate distinct life, career, and family dynamics, necessitating a specialized approach to secure their financial well-being. In this article, we unravel the dual narrative of financial security and the specific considerations essential for women, shedding light on how term insurance becomes a linchpin in empowering their financial future. 

Understanding Term Insurance

Term insurance is a form of life insurance that provides coverage for a specified period, known as the term. Unlike whole life insurance, which extends throughout one’s lifetime, term insurance offers protection for a predetermined number of years. Its key features include simplicity and affordability, making it an accessible option for many.

Term insurance provides financial security during critical periods, allowing individuals to tailor coverage to specific life stages and responsibilities.

I believe that through knowledge & discipline, financial peace is possible for all of us.

Dave Ramsey

Why should females opt for women-specific term insurance?

The fundamental idea is that the insurance policy pays out a death benefit to the beneficiaries if the insured individual passes away during its active term. This death benefit, typically a tax-free lump sum, serves as a financial cushion for the policyholder’s loved ones, helping them cover immediate expenses, debts, or future financial obligations such as a child’s fees. These plans are available at cheaper premiums than those for male customers.

How Term Insurance for Women Works?

For instance, let’s consider Rajkumari, a 30-year-old woman from Kolkata, working as a marketing professional,  recently purchased a term insurance policy with a life cover of INR 1 crore,  extending until the age of 60. Her monthly premium for this coverage is INR 590. In the unfortunate event of her demise before reaching the age of 60, her beneficiaries will receive the death benefit, amounting to INR 1 crore. This financial support is designed to help them maintain stability and their standard of living.

Additionally, when acquiring the term insurance, Rajkumari wisely opted for a critical illness rider. This rider provides coverage for various illnesses that women are prone to, such as breast cancer and cervical cancer. In the event of being diagnosed with any of these critical illnesses, Rajkumari is entitled to an additional payout of INR 30 lakhs. Following in Rajkumari’s footsteps ensures that one can establish a robust foundation of financial stability for unforeseen circumstances.

*This is an arbitrary example.

Which company should I approach to purchase term insurance? 

There are a plethora of online platforms you can opt for however, we recommend Policy Bazaar to be your first choice not only because they have budget-friendly premium options but also provides dedicated plans for women, whether working professionals or a housewife. Below are the top 7 features that Policy Bazaar offers upon the purchase of term insurance for women:

• Financial protection for your family 
• Lower Annual Premiums
• Get additional coverage with add-on riders 
• Protection against critical illness 
• Covers women-specific cancers
• Post-retirement independence

Things to keep in mind while selecting the best term insurance for women

Consider the below points that you need to keep in mind before going forward with purchasing the best term insurance plan for women, especially in 2023: 

1. Premium Rates: The premium rates are generally lower than the premiums for men. The reason is females have a high life expectancy in comparison to men, thus the chances of them suffering an untimely death during the tenure of the policy term are low. 
2. Life cover: It’s suggested that women should choose a policy term with a larger life cover as this is the amount that will be paid to the family in case of unexpected circumstances.
3. Policy Term: Always align your future plans and financial goals while choosing your policy terms.
4. Available riders: Generally the riders vary in each term plan thus, it is crucial to go through the list of available riders and add on the ones that will be beneficial to you. For example, women can opt for critical illness riders that offer coverage against ovarian or breast cancer.
5. Premium Payout Options: Go through the list of premium payment options. Most insurers allow you to pay a premium in a single lump sum, on a monthly, quarterly, semi-annually, or annual basis.
6. CSR of the Insurer: The claim settlement ratio of the insurance company indicates the reliability and credibility of the insurer. Consider purchasing your term plan from an organisation with high CSR, so that the chances of your family’s claim being settled in increased. 

A step-by-step guide to purchasing Term Insurance Plan for Women from Policy Bazaar

It’s effortless to purchase term insurance with PolicyBazaar; just follow these steps:

• Step 1: Go to the page with term insurance for women. 
• Step 2: Type in the necessary data, such as name, date of birth, gender, and contract number. 
• Step 3: Enter your annual income, educational background, type of profession, and any general habits such as smoking.
• Step 4: Before making a payment, review the list of different plans and choose the one that best suits your needs. 

In life’s intricate balance of responsibilities and aspirations, financial security is a guiding force. Term insurance for women isn’t just protection; it’s a strategic tool for building a resilient financial future. Recognizing the unique considerations women face, companies like Policy Bazaar offer affordable and tailored coverage.

Empower your future with the protection you deserve. Secure your loved ones and ensure financial peace of mind. Scan the QR code below or click here now to explore tailored term insurance plans for women. Don’t wait, take control of your tomorrow!

FAQs

Can a housewife buy term insurance?

Yes, a housewife is eligible to buy term insurance for herself. The term insurance can be purchased using the husband’s annual income as income proof.

What is the maximum age limit to purchase term plans for women?

The maximum age limit to purchase term plans for women is 65 years. However, the accurate entry age limit might be different for different term plans.