Women today earn, invest, and build families - so their protection needs deserve equal attention.
Whether you’re a salaried professional, entrepreneur, or homemaker managing your family’s finances, a
term insurance plan for women ensures long-term financial independence and protection for
your loved ones.
The best part? Insurers offer lower premiums (5-10% discount) for women because they
statistically live
longer and file fewer claims.
This guide explains how women’s term insurance works, its benefits, premium examples, and why every woman
- married or single - should consider having her own life cover.
Why Women Need Term Insurance
- Financial Independence: You shouldn’t rely only on your spouse’s cover.
- Family Security: Ensures dependents have financial stability if something happens to
you.
- Cheaper Premiums: Women pay less for the same sum assured.
- Loan Protection: Covers personal, education, or business loans.
- Tax Benefits: Deductions under 80C and 10(10D).
- Equal Ownership: Ensures assets and liabilities are protected equally.
Unique Advantages For Women
| Benefit |
Description |
| Lower Premiums |
Up to 10% cheaper than male premiums. |
| Maternity-Friendly Underwriting |
Post-pregnancy medicals and flexible options. |
| Critical Illness Riders |
Covers female-specific cancers and diseases. |
| Wealth & Legacy Planning |
Ideal for independent or single women. |
| Add-on Flexibility |
Customize riders for health, disability, or income support. |
Sample Premium Comparison
| Profile |
Sum Assured |
Term |
Annual Premium (₹) |
| 30-year-old female, Non-Smoker |
₹1 Cr |
30 yrs |
₹8,400 |
| 30-year-old male, Non-Smoker |
₹1 Cr |
30 yrs |
₹9,100 |
| 35-year-old female, Non-Smoker |
₹1 Cr |
25 yrs |
₹10,500 |
| 35-year-old male, Non-Smoker |
₹1 Cr |
25 yrs |
₹11,700 |
(Premiums vary slightly per insurer and rider selection.)
Types Of Term Plans For Women
| Plan Type |
Ideal For |
Features |
| Regular Term Plan |
Working professionals |
Pure protection, lowest cost |
| TROP (Return of Premium) |
Homemakers or conservative investors |
Refund of all premiums if you outlive the term |
| Whole-Life (Till 99) |
Legacy planners |
Lifetime coverage and wealth transfer |
| Joint Term Plan |
Married couples |
One policy for both spouses with shared benefit |
| Critical Illness Add-on |
Women with family health risks |
Lump-sum payout on major illness diagnosis |
Best Riders For Women
- Critical Illness Rider: Covers breast, ovarian, and cervical cancer.
- Accidental Death Benefit (ADB): Double protection for unforeseen accidents.
- Waiver of Premium (WOP): Keeps policy active if disabled or critically ill.
- Income Benefit Rider: Provides monthly income to family post-claim.
Why PolicyBachat Recommends Term Insurance For Women
- Get lower premiums automatically through gender-based pricing.
- Add women-focused riders for enhanced coverage.
- Compare 20+ insurers for best rates
- Flexible payout options - lump sum, monthly, or combo.
- End-to-end paperless buying and digital policy issuance.
Local Insights
- % of female policyholders: 42%
- Avg. sum assured by women: ₹4,500,000
- Top 3 insurers with best plans for women: Max Life, HDFC Life, SBI Life
- Popular rider combo: CI + ADB + WOP
Who Should Buy Term Insurance For Women
- Working Women: To secure income replacement and family support.
- Homemakers: To cover household value and personal liabilities.
- Single Mothers: To protect children’s future and education.
- Entrepreneurs: To safeguard business loans or guarantees.
- Young Professionals: To lock in lowest premiums early.
Tax Benefits For Women
- Section 80C: Deduction up to ₹1.5 lakh/year on premiums paid.
- Section 80D: For Critical Illness Riders.
- Section 10(10D): Tax-free payout for nominees.
FAQs
Is term insurance cheaper for women?
Yes, women typically pay 5-10% lower premiums due to lower mortality risk.
Can homemakers buy term insurance?
Yes, with proof of household contribution or spouse income. Insurers may set a moderate cover limit.
Are there women-specific term plans?
Yes, some insurers offer plans designed for female-specific illnesses and life stages.
Can women apply without income proof?
Homemakers can apply under joint-life or spouse-linked policies; others need basic income proof
(salary
slips or ITR).
What is the best age for women to buy term insurance?
The earlier, the better - ideally between 25-35 years to lock lowest premium rates.
Can I add maternity or pregnancy-related riders?
Term plans don’t cover maternity, but Critical Illness Rider covers complications arising from
illnesses.
Is online purchase safe?
Yes, all digital policies are IRDAI-approved and 100% valid.
Can I choose a nominee other than my spouse?
Yes, you can name parents, children, or any dependent as nominee.
Can NRIs or OCI women buy Indian term plans?
Yes, via digital KYC and medicals abroad.
Do women get any special riders?
Some insurers offer female-specific critical illness coverage for cancers and reproductive disorders.
Are tax benefits same for men and women?
Yes - identical 80C, 80D, and 10(10D) deductions.
Can I increase cover later?
Yes, many plans allow life-stage upgrades after marriage or childbirth.
Does pregnancy affect premiums?
Not permanently. Insurers may defer medicals or issue post-delivery.
What happens if I stop paying premiums?
Policy lapses after the grace period, but you can revive it within 2 years.
Are joint policies better for women?
Yes, for couples - it’s cost-effective and simplifies coverage under one plan.
Customer Reviews
- “I didn’t know women get lower premiums - saved ₹1,200/year!” - Divya Krishnan,
Chennai
- “Critical Illness Rider for women is a must - PolicyBachat explained everything clearly.” -
Rashmi Kapoor, Pune
- “Applied online, smooth process and instant approval.” - Anita Paul,
Bengaluru
- “Love how simple the calculator made it for me.” - Sneha Iyer, Mumbai
- “Joint-life policy with my husband - perfect solution for us.” - Nidhi Menon,
Delhi
- “Empowering article - every woman should have her own term plan.” - Mala Suresh,
Hyderabad
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