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Best Life Insurance Plans for Women

Life insurance for women is a type of insurance that is designed to cover the needs of women in a more specific way. This type of life insurance is specifically designed to meet the needs and interests of women.

Best Life Insurance Plans for Women

Women’s life insurance plans are customized insurance products offering them security against financial and medical uncertainties, offering different needs at different life stages, and planning for crucial goals health, pregnancy, children’s education, savings and investments, retirement, etc.

In this article, we talk about the need for life insurance for women, the reasons that make life insurance a must-have for women and what are the benefits of taking life insurance for women, and where to buy the best life insurance plans for women in India.

Table of Contents

Need for Life Insurance for Women

  • Working Women: The need for life insurance is not only limited to family members but also to women who are working and have their careers. Women also need to think about their financial security when they work as they are the primary caretaker or parents on most occasions. The need for life insurance might change in the future so it's better to plan now and get life insurance that offers good coverage even if you are changing jobs or professions.
  • Single Women: Life insurance is important for single women also to ensure that their needs are met in the event of their death. The risk of death is higher for single women because they tend to suffer from chronic illnesses at a higher rate than men and have less access to healthcare. Furthermore, as most single mothers are at the lower end of the economic scale, they have even less access to health coverage than other groups. They also put themselves at risk during an emergency. This means that they need life insurance coverage more urgently than others.
  • Business Owners: A woman entrepreneur needs to have life insurance. This is because her family will depend on her for their financial security, in case of an unfortunate event and also life insurance provides women business owners with the necessary support to maintain expenses. Having an insurance policy in such scenarios will prove to be handy for you.  Thus, women entrepreneurs need to buy life insurance before they start their businesses.
  • Single Mothers: Many single moms worry about providing the best for their children. The importance of life insurance cannot be overstated since it provides economic security to loved ones when the need arises. It is especially important for single moms because they have only one income and are also managing the kids. Thus, a death in the family often leads to even more financial problems for them, which is why Life Insurance has become an essential purchase for this group.

Benefits of Buying Life Insurance for Women

  • Cost Effective: The majority of life insurers will charge a lower premium for females because they statistically live longer than males.
  • Financial Protection: Women who have life insurance know that if anything happened to them, their family would be taken care of financially.
  • Wealth Creation: Life insurance can create long-term savings/investment plans and build a sizable corpus that can be directed towards financial goals like starting one’s own business, buying a home, accumulating savings for family members, etc.
  • Child Education: By investing in a Child life insurance Plan, women ensure a smooth higher education for their children and secure their child’s future even in her absence.
  • Coverage for Critical Illness: Life insurance plans protect women financially in the event of critical illnesses and other health problems like pregnancy or childbirth-related issues, breast, uterine, ovarian, etc.
  • Retirement Planning: A retirement life insurance plan helps a woman to secure her future financially even if she is a homemaker without a fixed monthly income.
  • Tax benefits: Life insurance policies allow tax benefits for women to save on the premiums to secure a financial cushion for their loved ones as per the income tax act laws.

Types of Life Insurance Plans for Women

There are different types of life insurance plans available for women:

  • Term Life Insurance: With this type, you will be able to choose a term that best suits your needs. This type is usually recommended for people who are in good health and have a low risk of developing a condition that would make it difficult to work.
  • Whole Life Insurance: This type of plan provides protection for both death and disability, and it can be used as an investment vehicle because it earns interest over time.
  • ULIP Plans: These types of plans offer a combination of investment and savings by allowing the policyholder to save money regularly over a period. It is helpful to achieve long-term financial goals in life.
  • Retirement Plans: These types of life insurance plans are important for women in their retirement. These help to create wealth and ensure financial security for self and family.

Top 5 Best Life Insurance Plans for Women in India

HDFC Life Smart Woman Plan:

HDFC Life Smart Woman Plan for women to live life worry-free the sum assured of up to 40 times your annualized premium and it is up to 40 times your annualized premium.

Eligibility Criteria:

Entry Age Minimum 18 years to Maximum 45 years
Maturity Age Minimum 28 years to Maximum 60 years
Policy Term Minimum 8 years to Maximum 12 years
Sum Assured 10x - 40x annualized premium
Premium Payment Mode Annually, half-yearly, monthly, and quarterly
Annual Premium Minimum Rs.24K to Maximum Rs. 1 Lakh
Premium Payment  Term Single payment, Limited payment, Regular payment

SBI Life Smart Women Advantage Plan:

SBI Life Smart Women Advantage provides triple benefits of life cover, savings, and Critical Illness benefits under a single, women-centric plan.

Eligibility Criteria:

Entry Age Minimum 18 years to Maximum 50 years
Maturity Age Minimum 28 years to Maximum 60 years
Policy Term 10 years, 15 years
Sum Assured Minimum Rs.2 Lakhs to Maximum Rs. 10 Lakh
Premium Payment Mode Annually, half-yearly, monthly, and quarterly
Premium Payment  Term Single payment, Limited payment, Regular payment
Annual Premium Minimum Rs.15K to Maximum Rs. 1 Lakh

PNB MetLife Mera Jeevan Suraksha Plan:

PNB MetLife Mera Jeevan Suraksha Plan comes with the option to cover your spouse as well as to choose the return of premiums on survival till the end of the policy term, ensuring a stable future for a family with and without you.

Eligibility Criteria:

Entry Age Minimum 18 years to Maximum 50 years
Maturity Age Minimum 23 years to Maximum 80 years
Policy Term 10 years
Sum Assured Rs. 25 Lakhs
Premium Payment  Term Single payment, Limited payment, Regular payment
Premium Payment Mode Annually, half-yearly, monthly, and quarterly

AEGON Life’s Jeevan Riddhi Insurance Plan:

AEGON Life’s Jeevan Riddhi Insurance Plan gives you guaranteed additions on the Sum Assured during the premium payment term. Moreover, Aegon life covers 50 lacs for 55 yr old women for any unf

Eligibility Criteria:

Entry Age Minimum 18 years to Maximum 55 years
Maturity Age Minimum 23 years to Maximum 70 years
Policy Term 10 years to 20 years
Sum Assured Rs. 1 Lakhs
Premium Payment  Term Single payment, Limited payment, Regular payment
Premium Payment Mode Annually, half-yearly, monthly, and quarterly

Bharti AXA Life Saral Jeevan Bima Plan:

Bharti AXA Life Saral Jeevan Bima Plan offers financial protection at reasonable premiums and it provides coverage at different key stages of your life. It offers special premium rates for women and multiple combinations of the policy term and premium payment term available.

Eligibility Criteria:

Entry Age Minimum 18 years to Maximum 65 years
Maturity Age Maximum 70 years
Policy Term 10 years to 20 years
Sum Assured Rs. 5 Lakhs to Rs. 50 Lakhs
Premium Payment  Term Single payment, Limited payment, Regular payment
Premium Payment Mode Annually, half-yearly, monthly, and quarterly

Life Insurance Premium Rates for Women

Gender determines the life insurance premium to be paid by the customer. It can be noted that the premium for Women would be considerably lower than that of Men. This is because women are more likely to live an average of 5 years more than men which means that the mortality ratio for the same period would be less in women. This results in life insurance premiums being paid by women when compared to men.
One of the best ways to calculate life insurance premiums for women is by using the Life Insurance premium calculator online.

Plan Type Term Insurance Plan
Age 27 years
Gender Female
Tobacco User No
Monthly Income 30k
Policy Term 10 years
Sum Assured Rs.10 lacs
Premium Payment Term Regular

Let us see the result premiums of this calculation

  • Monthly Premium: Rs.921/-
  • Quarterly Premium: Rs.2730/-
  • Half-Yearly Premium: Rs.5349/-
  • Yearly Premium: Rs.10, 240/-

Note: Results are changed based on the data given by you

Difference in the Rate of Premiums for Men and Women

Women are different from men in many ways, so there are some differences between life insurance for men and life insurance for women. The most significant difference is that the majority of life insurers will charge a lower premium for females because they statistically live longer than males.

Age Sum Assured Premium Cost for Female Premium Cost for Male
25 years Rs. 10 Lacs 4584/- 5012/-
30 years Rs. 10 Lacs 5312/- 5845/-
35 years Rs. 10 Lacs 6021/- 6578/-
40 years Rs. 10 Lacs 6654/- 7124/-
45 years Rs. 10 Lacs 7014/- 7584/-
50 years Rs. 10 Lacs 7858/- 8231/-
55 years Rs. 10 Lacs 9124/- 9654/-
60 years Rs. 10 Lacs 10547/- 11247/-

*The above-mentioned values are for reference purposes only * Refer to our website for exact values.

Conclusion

Choosing the right life insurance policy for women can be difficult because there are so many different options to choose from. There are many different types of policies that can be purchased to provide coverage for a variety of needs.  The right type of policy will depend on the individual’s needs and budget. It is important to know what type of coverage is needed before purchasing a policy to get the best deal possible. Compare life insurance quotes at PolicyBachat to compare different types of life insurance from different insurers and grab the best life insurance policy for women.

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