What is term insurance for married women?
A term insurance policy for married women[1] is designed to pay a death benefit to the life assured’s nominee if she dies within the policy term. This may translate to financial security for the family if suddenly the life assured is no more, taking care of their lifestyle, expenses, liabilities, and life goals.
Why is term insurance important for married women?
A term insurance plan for married women may be an important choice for one if she seeks to protect the financial future of her loved ones. Here’s why[2]
Peace of mind:
Knowing that your loved ones won’t run out of funds if you are not there brings a mental peace. A term life insurance policy for married women may fit the bill here.
Financial security:
A term plan for married women pays the sum assured as a death benefit to the family in the event of the life assured’s death within the policy term. This may financially secure the family’s future if the Life assured is no more. They can use the money to carry on with life, repay the debts, and fund life goals.
Protection against unforeseen circumstances:
Term insurance for married women may protect them from unforeseen struggles if the life assured husband or wife dies an untimely death.
What are the features/benefits of buying term insurance for married women?
Term life insurance for married women has a set of features and benefits to financially safeguard their future. Here’s the list[1].
Comprehensive coverage:
Replicating the financial responsibility, a term plan for married women offers a large coverage that can help the nominee carry on with the existing lifestyle, pay off the debts, and build a corpus for life goals. Thus, the comprehensive coverage may keep the family secure in the absence of the life assured.
Affordable premium:
Term insurances are cheaper when compared to other life insurance options, it also ensures that the future of your family members is secure. Premiums assigned to women are even lower because they have a 2.5% higher life expectancy than men as well as lesser health risks[3]. This may make term plans for married women an affordable choice.
Tax benefits:
Like other insurances, term insurance for married women too has tax benefits. Under section 80C of the Income Tax Act 1961 (in case of old tax regime), annual premium payments are subject to exemption. The death benefit is also tax-free under section 10(10D).
Flexible premium payment options:
Term life insurances for policyholders including married women offer premium payment options of single pay, limited pay, and regular pay. Furthermore, under regular pay, premiums can be paid annually, half-yearly, quarterly or monthly. One may choose the best term plan for married women based on their preferred flexibility of paying premiums.
Riders benefit:
Term insurance for married women offers optional riders to enhance coverage such as critical or terminal illness rider or accidental death and disability rider or waiver of premium rider in case of permanent disability due to accident or diseases.
Things to consider before buying term insurance for married women
Here’s a checklist of [3][1] things to consider before purchasing term insurance for married women.
Adequate Coverage:
A well-chosen term plan for married women can financially cushion her beneficiaries from unforeseen crises in her absence. For that, you may choose a plan with sufficient coverage to take care of the lifestyle needs, liabilities, and life goals of your family.
Premium payment:
Term plans for married women come with the flexibility of paying premiums. You may choose according to your affordability from these options: a) single pay or one-time payment b) limited pay, where the premium payment term is shorter than the policy term, and c) regular pay, where you pay premiums throughout the policy term in an annual, half-yearly, quarterly, or monthly schedule.
Choice of Riders:
Different optional riders are available with term plans. You may need to research well and pick the ones that suit your needs.
Claim settlement:
Whether or not a claim will be settled hassle-free can be gauged from the claim settlement ratio of the insurer. You may need to check the ratio to save your family from unnecessary harassments in the event of the unforeseen.
Common mistakes to avoid:
To minimise hassles for your family in the future, here’s a list of mistakes you should avoid when buying a term plan.
Not disclosing correct details
erroneous information, especially regarding health conditions, can lead to rejection of a claim.
Not adding a nominee
This can deprive the beneficiary of getting the claim amount in the event of the unforeseen.
Not disclosing existing policies
Hiding these details can lead to claim rejection.
How to buy term insurance for married women?
Planning to buy a term plan for married women to financially secure your loved ones? Here’s a guide to do it.
- You may start by calculating the amount of coverage you need to keep your family financially sound in your absence. The lifestyle expenses, the fund needed for the fulfilment of life goals, and the repayment of loans and debts may be considered.
- Different plans are available with varied features and benefits. You may choose the best term plan that suits your needs and affordability.
- Checking the claim settlement ratio may help you trace the credibility of the insurer.
- To enhance the coverage and get comprehensive protection, you may pick the best-fit riders.
- You may purchase the plan if the rest is satisfactory.
Conclusion
For married women, losing a spouse is unimaginable, in uncertain situations it is important for women to ensure the future of her dependants is secure. However, married working women and homemakers these days are painting a brighter picture, buying term plans themselves to financially secure their family.
FAQs
Is it worth buying a term insurance plan for married women?
Yes, it may be worth buying a term insurance plan for married women to financially secure their loved ones from unforeseen crises.
How Much Term Insurance Coverage Do Married Women Need?
Married women need term insurance coverage that can take care of their financial responsibilities, life goals, and liabilities.
Is a medical test required for married women to buy a term plan?
Insurers mandate medical test based on their Company norms.
What factors affect the premium amount for term plans for married women?
Factors like age, health condition, income, occupation, number of dependents, lifestyle, and habits can affect the premium amount for term plans for married women.
Are there any tax benefits of buying term plans for married women?
Yes, there are tax benefits under sections 80C (in case of old tax regime) and 10(10D) of Income Tax Act, 1961, in term plans for married women.
What documents are required to buy term insurance for married women?
Age, identity, income, address proof, and a current photograph are needed to buy term insurance.
Reference
[1]https://www.forbes.com/advisor/in/life-insurance/term-insurance/best-term-insurance/
[2]https://www.business-standard.com/content/specials/why-women-should-consider-a-term-insurance-plan-124112200768_1.html
[3]https://www.etmoney.com/learn/insurance/things-to-keep-in-mind-while-buying-term-insurance/
An ISO 9001:2015 
