5 Best Term Life Insurance Plans for Women

Money is, fortunately, gender neutral and it is never too late to start investments and savings to secure one’s future. Financial planning is very crucial, especially for self-empowered women to secure against financial uncertainties.

The term life insurance market is dynamically changing to meet the customers’ requirements by offering a wide variety of products. Similarly, the following products have been introduced by leading insurance companies keeping the needs of women in mind. The products are designed to suit different stages of a woman’s life such as protection, health, retirement, child’s education and long-term investments.

1. HDFC Life Smart Women

This is a unit-linked investment plan specially designed for women which provides them coverage against pregnancy complications, diagnosis of malignant cancer or death of the spouse. The plan allows the insured flexibility to make partial withdrawals to meet contingencies.

The plan also offers options which cater to specific life events of women on their health, career and marriage. The plan provides sum assured equal to 40 times the annual premium and receives tax benefits under Sec 80C and 10D. The plan comes in three variants and can be purchased online easily with hassle-free premium paying options.

2. SBI Life Smart Women Advantage

This is a traditional participating endowment assurance plan focused on providing women with the much-needed protection and financial security. The product offers the triple insured benefits of life cover, savings and critical illness benefit under single, women-centric plan.

The product protects the insured’s family in case of eventuality through comprehensive coverage and chooses between coverage against pregnancy complications or child-birth related abnormalities. With two plan options, the product comes with an inbuilt waiver of the premium rider which waives future premiums in the event of critical illness. The beneficiary under this plan receives the sum assured equal to 10 times of annualised premium.

3. LIC Jeevan Bharathi-I Plan

This policy covers all aspects needed in policy while considering requirements of women. It is a money back plan in which the payout amount can be used to purchase an annuity on the policy maturity. In this plan, the premium needs to be paid for the entire tenure policy of 15 to 20 years and the survival benefit of 20% of the sum assured is paid every five policy years.

On maturity of the policy, the balance sum assured amount accrued revisionary and extra bonus is given to the insured. A high sum assured rebate is provided in this plan and add-on benefit as three additional riders.

4. TATA AIG Wellsurance Women Policy

This is a perfect health insurance for women that provides benefits beyond health insurance needs and ensures her well-being in all phases of life. The fixed lump sum benefit protects against 11 critical illnesses, with higher benefit in case of cancer, daily hospital cash benefit, convalescence benefit and cosmetic reconstruction surgery for accidental injuries.

The policy offers benefits like free look period of 15 days, tax benefit under section 80D, and sum insured enhancement and grace period of 30 days for renewing the policy. Additionally, the insured can access free health helpline, exclusive health portal, discounted services for health and wellness and continuous engagement with a newsletter for practising preventive care.

5. Shriram Life Insurance

This is a conventional participating saving plan which offers double term life insurance cover plus regular income apart from the maturity benefit. It is an affordable and easy to obtain financial security net which pays a lump sum in case of unfortunate death.

As a part of the plan benefits the individual receives a dual benefit of lump-sum and monthly income. Sum assured is ten times the annual premium plus additional death benefits. The policy comes with additional accident benefit rider, extra insurance cover and critical illness cover.

Systematic financial planning is one of the important goals of your life. Women require different financial solutions compared to men like protection on spouse’s premature demise, women-specific health risks, and financial security in retirement. Women’s term life insurance plans address women-specific needs for their financial independence and safety.

A life insurance policy is an obvious must have security for women Even if they don’t have any dependents, they should still choose to invest in a term life insurance plan. Such plans allow women to receive the protection of their financial future and gain peace of mind. One should choose a plan that provides them security, reliability and flexibility which will help them to spread their wings and soar high.