Term insurance provides financial security by offering your loved ones a payout in case of an unfortunate event during the policy term. Considering the specific needs of women, such as coverage for critical illnesses6 like breast and cervical cancer, term insurance can be a necessary ally. It can offer you peace of mind and financial protection.

If you have not yet considered the possibility of purchasing term insurance for women, now is the time to think about it.

What is Term Insurance for Women?

Term insurance for women is similar to traditional term insurance. It offers a predetermined sum assured in the case of the policyholder’s demise during the policy term. Term insurance is known for its affordability and can offer a high sum assured at a low premium. It can be even lower for women as women have a higher life expectancy^. Women also have a lower risk of contracting some health issues, such as heart attacks, which are more common in men.

This makes term life insurance for women a cost-effective way for women to secure their loved ones.

Reasons Why Women Need Term Insurance

Below are some reasons why women need term insurance:
Financial security for the family

Financial security for the family

Financial security for the family

Term insurance for women offers financial security to your family members and ensures your loved ones have adequate financial backing in your absence. The insurance payout can substitute your income and help your family live a stable life.

Affordable Premiums

Affordable Premiums

Affordable Premiums

Term insurance is a basic insurance plan. Hence, it offers a high sum assured at a comparatively lower premium. Term insurance for women can be even more affordable, as women pose a lower risk to insurance companies due to their high life expectancies^.

Cover against critical illnesses

Cover against critical illnesses6

Cover against critical illnesses6

Apart from the basic life cover+, term insurance also provides additional benefits. You can add the critical illness benefit6 to your plan and be financially secure against a number of critical illnesses6, such as breast and cervical cancer, heart issues, kidney disorders and more.

Features of Term Insurance Plans for Women

Below are some features of term insurance for women:

Lower premiums

The premium for a term insurance plan for women is much lower compared to men. The plan’s affordability is one of its greatest appeals. Moreover, you can save more money by purchasing the plan at a young age. The younger you are, the lower would be the premium.

Cover against Women-specific illnesses

The plan offers the option to add a critical illness benefit6 that provides financial coverage against women-specific illnesses like cervical cancer, breast cancer and others. It also provides financial protection against other critical illnesses6 like stroke, kidney failure and others.

Tax* benefits

The premium paid for a term insurance plan can be used to lower your taxable income for the year. You can claim a deduction of up to ₹ 1.5 lakh per annum under Section 80C of The Income Tax Act, 1961. Additionally, the proceeds received are also exempt from tax under Section 10(10D) of the Income Tax Act, 1961.

Childcare and Education Coverage

Term insurance ensures financial security for your child’s future. In case of an unfortunate event, the term insurance payout can help cover the financial needs of your children, including healthcare and education, offering a safety net for their well-being and future development.

How to Choose the Best Term Insurance Plan for Women

Below are some factors that can help you choose the best term life insurance for women:
  • Claim Settlement Ratio:The claim settlement ratio signifies the percentage of the number of claims received by an insurance company in a year versus the number of claims it settles. A high ratio indicates the company’s ability to solve claims. Therefore, when purchasing term insurance for women, you must select a plan from an insurer with a high claim settlement ratio. This can fortify your family’s finances in the future and eliminate the chances of the claim being rejected.

  • Solvency Ratio:The solvency ratio indicates the insurance company’s financial standing. A higher solvency ratio indicates that a company has a greater ability to meet its long-term financial commitments. A financially stable company is more likely to be able to settle your claims and offer you a seamless experience. Make sure to pay attention to this aspect when selecting an insurer.

  • Riders & Add-on Benefits:Riders help to enhance the financial benefits of a term plan. These can be added on top of the base cover at an additional cost. Some common riders include Accidental Death Benefit5, Permanent and Partial Disability Rider7, Critical Illness Rider6, Waiver of Premium, Income Benefit, and Terminal Illness Rider~. You can check for these riders and select a plan that suits you.

  • Premium Rates:The premium rate is crucial when choosing the right term insurance plan. Since term insurance has long tenures ranging up to 20 – 30 years or more, it becomes essential to look for a plan with an affordable premium. However, make sure to compare the premium against the features of the plan. While affordability is essential, it is equally important to choose a plan with great benefits and features.

  • Premium Payment options:The term insurance premium can be paid monthly, semi-annually, quarterly, annually or once at the beginning of the term. You can select any of these options at the time of purchase, as per your convenience and financial planning.

  • Life Cover+:A high cover helps secure your loved ones, provide for their needs and offer them peace of mind in your absence. It is essential to buy a term plan with an adequate life cover+ that can offer financial protection to safeguard your family's future.

  • Policy Term:A longer policy term can secure your loved ones against greater odds. It can also help you accommodate your varying financial needs and evolving requirements. You can look for a plan that offers long tenures for better financial security.

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Term Insurance for Women FAQs

What are the different types of term Insurance for females?

Term insurance for women is available in different types, including return of premium plans, basic term plans and whole-life term plans.

What is the maximum age limit to buy term plans for females?

The maximum age limit to purchase term life insurance for women is up to 65 years. However, it is beneficial to buy it at a younger age.

Why is term insurance for women more affordable?

Term insurance for women is more affordable due to their longer life expectancy^, posing lower risk for insurers and resulting in favourable premium rates.

Can I add my partner to my existing term insurance plan?

Yes, you can add a spouse and up to two children to your existing term insurance plan. Term insurance plans are flexible and allow you to accommodate your evolving needs. You can tailor your term plan coverage to meet the changing dynamics and needs of your family over time.

Can I change my coverage amount during the term of the policy?

Yes, you can change the sum assured as per your evolving needs. Women normally use this option when they get married or have children.

How much term insurance coverage do women need?

Determining the ideal term insurance coverage for women is subjective, and there is no fixed figure that can suffice for all women. The ideal sum assured depends on multiple factors like your income, lifestyle, loans and the future needs of your family members. You must also account for inflation. The calculation can vary based on individual circumstances.

What are the tax* benefits of purchasing term insurance for women?

The premium paid can lower taxable income by offering you a deduction of up to ₹1.5 lakh per annum under Section 80C. Moreover, the proceeds received are exempt from tax under Section 10(10D) of The Income Tax Act, 1961.

Can a homemaker apply for term insurance?

Yes, a homemaker can apply for term insurance. The loss of a homemaker can cause immeasurable loss to a family. While a homemaker may not have an income in the traditional sense, her contributions to the household, such as childcare, managing the home and providing emotional support, are invaluable. Term insurance can provide the family with the necessary financial support in case of an unfortunate event.

Why should I buy term insurance for my non-working partner?

Buying term insurance for your non-working partner is essential as it provides financial protection to your family in case of their untimely demise. While a non-working partner may not contribute financially, their role in managing the household and supporting the family is irreplaceable. Term insurance ensures that, in their absence, the family has a financial safety net to cover expenses, debts and other financial obligations.

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^ https://ourworldindata.org/why-do-women-live-longer-than-men

* Tax benefits are subject to conditions under Sections 80C, 80D, 10(10D), 115BAC and other provisions of the Income Tax Act, 1961. Goods and Services tax and Cesses, if any will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for more details

+ Life cover is the benefit payable on the death of the Life Assured during the policy term

5 Accidental Death Benefit: Accidental Death benefit (ADB) is up to Rs. 2 Crores(Subjected to Underwriting guidelines). ADB is available in Life Plus and All in One options. In case of death due to an accident Accidental Death Benefit will be paid out in addition to Death Benefit. Accidental Death Benefit will be equal to the policy term or (80-Age at entry), whichever is lower

6 Accelerated Critical illness benefit: Accelerated Critical Illness Benefit (ACI Benefit) is up to Rs.1 Crore (Subjected to underwriting guidelines). Accelerated Critical Illness Benefit (ACI Benefit) is optional and available under Life & Health and All in One options. This benefit is payable, on first occurrence of any of the 34 illnesses covered. Medical documents confirming diagnosis of critical illness needs to be submitted. The benefit is payable only on the fulfillment of the definition of the diagnosed critical illness. The ACI Benefit, is accelerated and not an additional benefit which means the policy will continue with the Death Benefit reduced by the extent of the ACI Benefit paid. The future premiums payable under the policy will reduce proportionately. If ACI Benefit paid is equal to the Death Benefit, the policy will terminate on payment of the ACI Benefit. To know more in detail about ACI Benefit, terms & conditions governing it, kindly refer to sales brochure. ACI Benefit term would be equal to policy term or 30 years or (75-Age at entry), whichever is lower

7 Permanent Disability: On diagnosis of Permanent Disability (PD) due to an accident, the future premiums under your policy for all benefits are waived. To know more about definitions, terms & conditions applicable for permanent disability due to accident

~ A Life Assured shall be regarded as Terminally Ill only if that Life Assured is diagnosed as suffering from a condition which, in the opinion of two independent medical practitioners specializing in treatment of such illness, is highly likely to lead to death within 6 months. The terminal illness must be diagnosed and confirmed by medical practitioners registered with the Indian Medical Association and approved by the Company. The Company reserves the right to independent assessment

ICICI Pru iProtect Smart UIN- (A Non-Linked Non-Par Life Individual pure risk premium product)


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