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How To Choose The Right Term Insurance Policy For Women

Women and their relationship with money has evolved significantly in the past few years owing to financial literacy and increased awareness. This renewed equation with money has also led them to understanding the need to safeguard their own life with term insurance.Read More

Amid juggling between multiple roles at work and home, many are pondering on how to choose term insurance for women. In this article we answer this very question and explore the many steps in choosing the right term insurance plan for women.Read Less

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Written ByShruti gujarathi
AboutShruti gujarathi
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Shruti gujarathi has 5 years of experience in the BFSI sector, and as Manager- Digital Marketing at Bajaj Allianz Life Insurance, manages digital and content marketing. She has had hands-on experience in content strategy, performance marketing and Strategic Alliances over a career spanning 10 years.
Reviewed ByRituraj Singh
AboutRituraj Singh
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Rituraj Singh,With over 6.5 years of experience in the insurance industry, Rituraj Singh, Manager- Product & Brand Marketing at Bajaj Allianz Life Insurance overlooks new product launches, compliance, and brand projects, leveraging artificial intelligence and technology to enhance outcomes.
Written on: 12th Feb 2025
Modified on: 13th Feb 2025
Reading Time: 15 Mins
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What Is Term Insurance For Women?
 

As the name suggests, term insurance provides the life assured with insurance cover for a set period of time[1]. Women can account for life’s unpredictability by availing this type of insurance to financially secure their financial future. How does this work? A woman choosing term insurance will be paying premiums for a set time span which has been decided beforehand. In case of her death during the tenure of the plan, the nominee will receive a pre-established amount as death benefit. However, if she survives the time frame of the policy, there will be no payment as a benefit.
 

Why Term Insurance is Important for Women
 

Insurance is a way to financially secure you and your family from life’s unpredictable challenges. For women, of all ages and marital status, choosing term insurance can be a good way to secure the financial future. This type of insurance is comparatively more affordable and the premiums are cheaper for women as they have more life expectancy than men[3].

For a woman, financial priorities keep evolving with life changes such as marriage or family planning. By choosing term insurance, women will also find flexibility in their plans such as adding more beneficiaries and changing the amount in some plans that offer this option. However, these options are subject to policy terms and conditions.

In the unfortunate event of death, by choosing term insurance, you can ensure that your loved ones are taken care of and do not face any difficulty during tough times. [3]
 

How To Choose Term Plans For Women At Different Stages?
 

For Young Women
 

When you are young, you can choose a plan that has affordable coverage since the responsibilities are lesser. However, you can also choose to add-on riders which come with a nominal additional premium that can help you increase the coverage over time as your financial needs change[4].
 

For Single Women
 

If you are single and a working woman looking to choose the right term insurance, there is a big upside – tax savings. For women, the premiums paid towards an insurance policy up to ₹ 1.5 lakh qualify for tax deductions under Section 80C of the Income Tax Act, 1961[5] under old tax regime. As a single woman, you can also opt for term insurance that comes with benefits for gender-specific contingencies[6].
 

For Married Women
 

Your term plan can evolve with you at every life stage. For a married woman, there is the responsibility of children and spouse, so you can opt for insurance cover that is on the higher side to ensure their needs are met.
 

For Senior Citizen
 

If you are nearing retirement or are above 60, you can still opt for a term insurance plan that extends till 65 years of age, subject to underwriting terms and conditions. In case of demise, the benefits will be received by the nominees. However, if the life assured survives the term, some insurance companies allow an exit from the policy to receive all premiums back[4]. However, you must ensure that you have opted ROP (Return Of Premium) (ROP) option to be capable of availing these benefits.
 

Key Factors to Consider When Choosing a Term Plan
 

Your decision to choose the right term insurance plan as a woman will stem from your financial goal. Here are a few things you can consider for term insurance so it aligns with your priorities:
 

Coverage Amount
 

The decision on the amount is pivotal in determining if it will fulfill the needs of your family in case of your absence. You may calculate this amount by identifying your family's expenses each month to stay afloat.
 

Time Period Of The Policy
 

You can choose the right term policy for you by determining how much your family depends on you. In case you have young children, you may choose to opt for a longer term insurance[9].
 

Affordability
 

When choosing term insurance, you may want to check if the premium amount is affordable for you. You can review all plans to see which is the premium that falls within your budget and meets your coverage requirements. The premium amount is impacted by many factors such as health, lifestyle and age[9].
 

Additional Tips for Women
 

If you are looking to choose the right term insurance policy as a woman, then there are a few more questions you may ask your policy provider.
 

Gender-related benefits
 

You may check if the plan is covering benefits for maternity or for conditions such as breast cancer, and other women specific illnesses[10].
 

Riders or Add-Ons For Women
 

Policyholders can avail riders, which are added features, to the policy plan at a nominal fee. Once you have assessed your needs, you can check with the insurance company if there are any riders in that specific plan.[10].

To sum it up, planning for financial security can help in achieving a peace of mind. With term insurance,    women can have their life cover while making sure their loved ones are safe. The right term insurance plan is a bridge to help women achieve financial empowerment.
 

Frequently Asked Questions
 

1. Why is term insurance important for women?
 

In an unforeseen event, such as a critical illness, term insurance provides financial safety for women. It helps in preparing for unplanned life changes so their financial goals are  not disturbed.
 

2. Do term insurance premiums differ for women?
 

Yes, women usually have to pay a cheaper premium when opting for term insurance subject to other factors such as family medical history etc. Insurance companies assess risks such as life expectancy which is longer for women[11].
 

3. How do I choose a reliable insurance provider for my term plan?
 

Assess  claim-settlement ratio of the Insurer which is usually available on the Insurers website and  gives a metric of the reliability of an Insurer , it gives the percentage claims settled by an Insurer out of the claims received in a given period . In addition one must also view the policy terms and conditions of the plans given by the Insurer [7].
 

4. How to choose the coverage amount for term insurance for women?
 

A coverage plan that is 10 times your annual income can be a good way to choose the right plan. Women can account for factors such as family’s financial needs, rising inflation, outstanding loans, among other things, before choosing coverage amount[4].
 

5. Can I change the coverage amount or beneficiary changes to my term insurance plan?
 

Yes, if your policy offers a plan that evolves based on life changes. The plan will then account for changes to sum assured, coverage amount, change in beneficiaries, among other things based on policy terms and conditions [2].
 

6. Can I change or cancel nominations in term insurance?
 

Yes, you can change or cancel the nomination for your term insurance plan any time (subject to policy terms & conditions) before the policy matures for payment. A written notice needs to be sent to the insurer to notify your nomination changes[1].
 

7. Is choosing term insurance good?
 

Yes, it is a direct form of life insurance that comes at an affordable price. The term insurance policies payout options are many so you can choose one that fits your goal[8].
 

References

 

[1]https://irdai.gov.in/life3

[2]https://groww.in/blog/difference-between-term-insurance-and-life-insurance

[3]https://www.business-standard.com/content/specials/why-women-should-consider-a-term-insurance-plan-124112200768_1.html

[4]https://www.financialexpress.com/money/insurance-how-to-choose-a-term-insurance-policy-for-working-women-and-homemakers-3220040/

[5]https://www.freepressjournal.in/latest-news/women-specific-term-insurance-plans-how-they-offer-enhanced-benefits

[6]https://upstox.com/learning-center/term-insurance/group-term-insurance-vs-individual-term-insurance-explained/article-148/

[7]https://www.deccanherald.com/dhbrandspot/factors-to-consider-when-choosing-a-term-insurance-plan-3313214

[8]https://www.business-standard.com/finance/personal-finance/factors-to-consider-when-choosing-term-insurance-plan-124081201402_1.html

[9]https://upstox.com/learning-center/term-insurance/term-insurance-for-women-why-it-s-essential/article-134/

[10]https://www.livemint.com/money/personal-finance/why-life-insurance-is-cheaper-for-women-11583672906843.html

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*Above illustration is for Bajaj Allianz Life eTouch II - A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N198V01) considering Male aged 25years | Non-Smoker | Policy Term(PT)– 30 years | Premium Payment Term (PPT)– 30 years | Sum Assured opted is Rs.1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 5,092. 2nd Year onwards premium Rs. 5,520. Total Premium Rs. 1,65,172 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 40, Income Payout Percentage: 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Online Discount only, no other discounts have been considered and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale.

##Tax benefits as per prevailing Section 10(10D) and Section 80C (under old tax regime) of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

**5% Discount applicable for customer's first individual life insurance policy, applicable only on first year’s premium. 5% Discount for salaried customers, applicable only on first year’s premium. 6% Discount on online purchase is available for regular premium payment and limited premium payment frequency on first year's premium.

$Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^^The Return of Premium means total of all the premiums paid under the base product, excluding any extra premium and taxes, if collected explicitly.

Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any Call made, including via Voice over Internet Protocol & WhatsApp, SMS or WhatsApp messages, in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

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Disclaimer

Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04)

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116


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The views stated in this article are not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read the sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale. Bajaj Allianz Life Insurance Company Ltd., Regd. office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune - 411006, Reg. No.: 116, CIN: U66010PN2001PLC015959, Call us on toll free No.: 1800 209 7272, Mail us: customercare@bajajallianz.co.in

Tax benefits as per prevailing Section 80C (under old tax regime) of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy

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Disclaimer

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

X
Terms & Conditions

I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

 

Please refer to BALIC Privacy Policy

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Disclaimer

%%Above illustration is for Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V03) considering Male aged 25 years | Non-Smoker | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 6,238. 2nd Year onwards premium is Rs. 6,659. Total Premium Paid is Rs. 1,99,349 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly installments (Lumpsum Payout Percentage : 45, Income Payout Percentage : 55) | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. This is inclusive of all the discounts mentioned above.

##Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

@Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^^The Return of Premium amount is total of all the premiums received, exclusive of extra premium, rider premium and GST & /any other applicable tax levied, subject to changes in tax laws
Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

X
Disclaimer

Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04)

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116


X
Disclaimer

*Above illustration is for Bajaj Allianz Life eTouch II - A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N198V01) considering Male aged 25years | Non-Smoker | Policy Term(PT)– 30 years | Premium Payment Term (PPT)– 30 years | Sum Assured opted is Rs.1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 5,092. 2nd Year onwards premium Rs. 5,520. Total Premium Rs. 1,65,172 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 40, Income Payout Percentage: 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Online Discount only, no other discounts have been considered and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale.

##Tax benefits as per prevailing Section 10(10D) and Section 80C (under old tax regime) of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

**5% Discount applicable for customer's first individual life insurance policy, applicable only on first year’s premium. 5% Discount for salaried customers, applicable only on first year’s premium. 6% Discount on online purchase is available for regular premium payment and limited premium payment frequency on first year's premium.

$Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^^The Return of Premium means total of all the premiums paid under the base product, excluding any extra premium and taxes, if collected explicitly.

Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

X
Terms & Conditions

I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any Call made, including via Voice over Internet Protocol & WhatsApp, SMS or WhatsApp messages, in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

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