Who takes care of all the family members but tends to forget taking care of herself?
Yes, you guessed that too. It is mainly the woman in the house.
You are carrying so much burden in your lives. Be it working professional, homemaker, mother or daughter, you do all the things ranging from running a home to supporting your family and, mostly, handling money matters. Do you ever think about what would happen when you will not be there tomorrow?
That is why we want to talk about something very important but often ignored, term insurance for women.
What Is Term Insurance and Why Do I Need It?
Term insurance is life insurance. It’s the cheapest and easiest type of insurance to obtain.
You pay a little money each year (a premium). If something goes wrong with you during the policy term, your loved ones get a big chunk of money. This money assists your family in dealing with:
- Everyday expenses
- School or college tuition
- House rent or EMIs
- Medical expenses
- Any other expenses
So, even when you are away, your family’s life doesn’t come to a halt. That’s the magic of term insurance.
Why Women in India Should Purchase Term Insurance?
Most individuals believe only men need insurance since they earn. This is not correct.
Let us see some real reasons why women also need to purchase term insurance:
1. You Add Value to Your Family – In Various Ways
Whether you earn or not, your time, love, and efforts matter. From cooking, teaching kids, handling bills, or managing work, you do it all. If you are not around, your family may have to hire help or make many changes. Term insurance can ease that financial burden.
2. You May Earn Less, But You Still Earn
It doesn’t matter if you earn less than your partner; your income is still essential. What if that income stops suddenly? A good term plan can replace that income and keep the house running.
3. Women Pay Lower Premiums
Yes, you read that right. Most women get cheaper premiums than men for the same cover simply because women live longer. So, you get the same protection at a lower cost.
4. Health Issues Don’t Issue a Warning
Purchasing a term plan at an early age covers you prior to falling ill. If you delay and then become ill, it may be more difficult to obtain insurance or the premium may get too expensive.
5. Your Children’s Future Needs to Be Secured
You wish big for your children, good education, a secure home, and a prosperous life. A term insurance plan ensures those dreams remain, even if fate plays a different hand.
Best Time to Purchase Term Insurance? Now.
Other women find themselves thinking, “I’ll get it later.” Here’s the reality: The later you wait, the higher the cost.
Why?
Because insurance companies consider your age and health before offering a plan. And when you are young and healthy, you pay less and receive more.
What to Check in the Best Term Insurance in India for Women?
There are lots of term plans available in the market, but all of them are not the same.
While searching for the best term insurance in India, ensure it provides:
- High coverage at low premium
- Simple claim process
- Ability to add additional protection (referred as riders)
- Flexibility in payout (one-time or monthly)
- Critical illness covers (particularly for conditions such as breast cancer)
Certain insurance providers also provide special term insurance policies for women with:
- Female-specific disease cover
- Waiver of premium if you become seriously ill
- Discount in premiums for female customers
Always compare policies and utilize a term insurance calculator online to determine the appropriate cover and premium for your requirements.
Simple Tips to Choose the Right Term Plan
Still feeling confused? No need to worry. Here is a simple checklist to help:
Decide How Much Cover You Need:
Calculate your income, your family’s expenses, loans, and future needs. A good thumb rule is to get at least 10–15 times your annual income.
Select a Long Term:
If you are 30, opt for a policy term of 30 – 40 years. You will find your premium fixed and you being covered for longer.
Choose the Right Insurance Company:
Look for a company with a high claim settlement ratio. This means they settle most claims on time.
Add Extra Protection
You can add riders like:
- Critical Illness Rider
- Accidental Death Benefit
- Waiver of Premium Rider
These riders give you extra safety for a small extra cost.
Let’s Talk About Rina
Rina is a 32-year-old IT professional and a mother of one. Her husband works in sales. They share expenses, and she also supports her parents.
She invested in a ₹1 crore term plan for only ₹550 a month. She also included a rider for cancer cover.
She is now reassured that her family will not suffer if something happens to her. That’s what term insurance does, lends peace of mind.
Don’t Let These Myths Fool You
There are plenty of women who don’t purchase term insurance due to incorrect assumptions. Let’s dispel them.
- Myth: I don’t earn, so I don’t need insurance.
Fact: Your unpaid care at home is worth a lot. If you’re away, it would be costly to replace that care.
- Myth: My husband’s policy is sufficient.
Fact: Each adult should have his own cover. You never know who life will challenge first.
- Myth: It’s costly.
Fact: Term insurance is the most affordable life coverage in India. You can have ₹50 lakh to ₹1 crore cover for a few hundred rupees a month.
Final Words: Protect Your People, Protect Yourself
You always prioritize others. Now is the time to take care of your future.
Purchasing a term insurance policy is an intelligent and caring decision. It’s not merely about money. It’s about responsibility, protection, and love. So, if you’re a woman living in India, don’t wait. Look up the best term insurance plans, use a calculator, and get started.
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