Buy Best Term Insurance for Women in 2024

Amidst the sedentary lifestyle of the present times, financial stress has almost become undeniable and adversely affects people's health. Women, in particular, may experience the most difficulties as they aim to balance their personal and professional lives; this balance may include managing stress related to financial concerns while maintaining well-being in various aspects of their lives. Opting for a term insurance plan for women is indeed the need of the hour. A term insurance policy can help them lead a financially protected and peaceful life.

Amidst the sedentary lifestyle of the present times, financial stress has almost become...

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What is a Term Insurance Plan for Women?

Term insurance for women is similar to traditional term insurance policies, through which the beneficiaries can receive the death benefit in case of the policyholder's untimely death within the policy period. However, term insurance plans for women tend to be 20% more affordable than traditional ones.

You can avail of a term insurance plan for a longer policy period at lower premium rates. In case you pass away prematurely, your family can use the death benefit to manage any of their financial commitments. It can also help maintain your children's life, education and even marriage.

Participation of Women In Life Insurance

With the growing population of working women in the country, the demand for term insurance has risen considerably. Therefore, in 2021-22, the percentage of women’s participation in life insurance policies was 34.7%; it increased to 34.20% in 2022-23. Several term insurance providers in India offer suitable product solutions that cater to women's requirements and provide adequate life insurance coverage.

Let’s look at the table below, which highlights the states with the highest female participation:

Top 5 States/ Union Territories	Women’s Share to Total Policies in the State (in %)
Meghalaya	41.81
Sikkim	42.60
Mizoram	42.97
Kerala	43.96
Karnataka	44.23

The following table showcases the states from where the participation of women in life insurance was the lowest:

Bottom 5 States/ Union Territories	Women’s Share to Total Policies in the State (in %)
Ladakh	23.10
Haryana	27.16
Jammu & Kashmir	28.07
Uttar Pradesh	29.53
Gujarat	29.59

Why Should Women Opt For a Term Insurance Plan?

Opting for a term insurance policy is beneficial for everyone to ensure their family's financial security. However, it is also equally essential for women to have one for themselves due to the following reasons:

Financial Protection

Term insurance is one of the most affordable options to safeguard your loved one's financial stability. If you are a working woman, your earnings contribute a lot to maintaining a balanced life in your family. In case of your sudden demise, your nominees can get the sum assured as a death benefit that they can use to cover the necessary expenses.

Coverage for Specific Needs

As a woman, you may have different insurance needs. These include critical illnesses like breast cancer, health complications related to pregnancy and other health issues common among women. Some women also wish to have coverage for their children's education in case of her untimely death.

Lower Premiums

Women policyholders can usually obtain term insurance plans at lower premiums than males. This is primarily because of their longer life expectancy and lower risks of health issues. However, the extent of these reduced premiums can vary between different insurance providers. Clarifying these details before purchasing your policy ensures you get the best rate.

Peace of Mind

With the ongoing inflation scenario prevalent in the market, most stress in life comes from managing finances. Thus, the sudden demise of an earning family member can drive the dependents into an immense financial burden. Thus, when you have a term insurance plan, you can lead a better and more peaceful life that enables you to focus more on maintaining the quality of your life and health.

Tax Benefits

You can also get attractive tax benefits with your investment in term insurance plans. You are eligible for tax deduction under Section 80C of the Income Tax Act. Also, the death benefit your beneficiaries will receive in case of your demise would be tax-free under Section 10(10D) of the Income Tax Act.

What are the Top Features You Should Look For In Term Insurance for Women?

With the increasing number of women joining the workforce within the country, women may have several dependents like their siblings, parents, children, etc. Thus, you should be aware of the various features of term insurance policies before investing in them. These include the following:

Critical Illness Coverage

Most insurance companies offer attractive riders that give you additional coverage for critical illnesses that are usually common among women. This includes breast cancer, cervical cancer, ovarian cancer, etc. Including such riders in your insurance policy can help you get additional financial protection.

Coverage for complications related to Pregnancy

Some term insurance policies include riders for complications related to pregnancy, such as gestational diabetes, preeclampsia or other issues during childbirth. Having riders like these can help you have a stress-free pregnancy period, ensuring you get additional financial protection for such expenses.

Coverage for Children’s Education

Women with children can also opt for additional coverage for their children's education or other childcare expenses. Opting for such coverage ensures that in case of your untimely demise, your children do not suffer from any financial crisis. The additional amount can help provide your family with financial protection to fulfil the potential needs of your children.

Guaranteed Renewal Feature

You should always go for the term insurance policies that guarantee renewability. Through this feature, you can easily proceed to renew your policy at the end of its term period without going through any medical tests all over again. If you purchase a new policy, you need to undergo such measures as you are traditionally supposed to do. However, with this facility, you are not required to go through it to renew your policy.

Waiver of Premium Feature

The waiver of premium option is one of the most beneficial features of a term insurance policy. It allows you to skip the premiums if you become disabled. During unfortunate events, such as being unable to work or earn, being injured, or suffering from serious diseases, your insurance company lets you not pay the premiums.

Flexible Payout Options

You must aim to obtain term insurance policies that offer flexible payout options. This ensures that the plan's beneficiaries can receive the death benefit at their convenience, such as a lump sum or regular income payment.

Explore ACKO Life Flexi Term Plan

Many working women choose the ACKO Life Flexi Term Plan as a strategic measure to ensure that their dependents are well-protected financially. The plan offers comprehensive coverage and flexibility for women to make certain adjustments to meet their particular needs and those of their families.

This unique plan delivers a modern, flexible, and customer-centric solution for long-term financial protection. Moreover, the ability to maintain it entirely digitally throughout the policy lifecycle makes it an even more attractive option for those who appreciate ease of use and adaptability. By opting for the ACKO Life Flexi term plan, you can get the following benefits:

Life Cover

Select the sum assured of your term plan you want your nominees to receive in case you pass away. You can use a term plan calculator to estimate the right coverage based on your needs and associated premiums.

Flexibility

ACKO offers great flexibility in changing your existing term plan based on your financial status throughout the policy period. You can increase or decrease the sum assured, choose your premium payment frequency, and add or delete any nominee.

Optional Riders

You will also have the flexibility to enhance your existing term plan by incorporating additional riders:

ACKO Life Accidental Death Benefit Rider
ACKO Life Accidental Total Permanent Disability Benefit Rider and
ACKO Life Critical Illness Benefit Rider covers 21 critical illnesses, including cervical cancer, breast cancer, ovarian cancer, fallopian cancer and many more.

Easy Claim Process

ACKO has a personalised app with an easy and user-friendly interface. If something happens to you, the nominees can instantly raise a claim by contacting the ACKO support team via email or phone. The disbursement of the sum assured will be carried out based on the terms and conditions outlined by the policyholder.

Will Creation Services

Having a will gives you an idea of how the division of assets would go according to your desire. It brings clarity and minimises most conflicts that may arise amongst beneficiaries.

ACKO Life Flexi Term Plan vs Traditional Market Offerings

Below is a comparison of the unique features of Acko’s plan versus traditional market offerings:

Feature	Acko's Flexi Term Life Plan 🛡️	Traditional Market Plans 🏦
Locked-in Premiums 💰	Premium rates are locked at the time of purchase, even for future increases.	Premiums increase with age and inflation for future coverage changes.
Long-term Savings 🤑	Save up to 40% on premiums over time.	Premiums tend to rise significantly.
Customisable Coverage 🔄	Seamlessly increase or decrease sum assured or policy duration as life changes.	Rigid structure, hard to adjust without a new policy.
Fully Digital Experience 📱	Manage everything online via the app: changes, claims, riders, and more.	Often requires paperwork or in-person visits for changes.
Convenience 🖥️	Easy, hassle-free policy management from your phone.	Time-consuming processes, often offline.

Frequently Asked Questions

Given below are some of the commonly asked questions about the best term insurance for women:

Is it possible to change the coverage amount during the policy period?

Yes, policyholders can change their existing coverage amount during the policy period according to their changing circumstances. It is ideal for women to opt for a change in coverage when they get married or plan to start a family.

What kind of term insurance coverage is important for women?

The type of term insurance coverage women should choose largely depends on their personal financial requirements, which can vary from person to person. However, it is better to select insurance plans with longer policy durations.

At what age should women purchase term insurance?

There is no ideal age for women to opt for a term insurance plan. However, it is always better to purchase insurance plans earlier in life to get lower premiums. When you buy term insurance later in life, your health status might not be good enough to have lower premium amounts.

Can a housewife buy a term insurance plan for herself?

Yes, housewives can purchase a term insurance plan using their husband’s annual income as proof of income. A term insurance policy can help homemakers lead a stress-free life against the uncertainties of life.

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

Yes, many term insurance policies offer flexibility, allowing you to customise coverage to suit changing needs over time. You can add your spouse and children to your policy by adding riders or upgrading.