For several decades, the market was primarily tailored to men’s needs and priorities. But times are changing. More women than ever are taking control of their needs and financial futures. The insurance industry, too, has joined this shift, with an increasing number of term insurance plans crafted specifically for women.
These women-focused term insurance plans now deliver targeted benefits that enhance financial security and address the unique life circumstances of women. Let’s explore how these plans empower women by offering them the protection they need and deserve.
What are women-specific term insurance plans?
Many term insurance plans focus on meeting the unique needs and financial responsibilities of women. These plans offer high coverage amounts, targeted protection and affordable premiums. In the event of an unforeseen absence, they provide financial security for the woman’s loved ones and help fill an irreplaceable void in the family.
Such term insurance plans understand the changing roles of women and aim to empower them by ensuring their family’s protection.
Benefits of women-specific term insurance plans
Here are some benefits of term plans designed for women:
1. Increased financial protection for the family
Every individual has a role to play in a family. This is especially true and more pronounced when it comes to a woman. Their contributions are invaluable to their family’s well-being. Irrespective of their working status, women handle multiple responsibilities.
Given the above, a woman’s absence can leave a significant void in the family’s daily life. While it is not possible to replace a person but having funds to be able to help in such a situation can make a big difference in the family’s well being, going forward. This is where term insurance plans for women come in. This financial support provided by such plans can help their loved ones meet their needs, even in difficult times.
2. Affordable premium
Term insurance plans provide women with affordable coverage to protect their family’s financial future without straining their budget. With these plans, they can secure a high life cover at reasonable rates. Premiums are even lower for younger women, who generally face fewer health risks. This makes term insurance an accessible option for women looking for long-term financial security.
3. Financial cover for illnesses
Health issues like cervical cancer, breast cancer, ovarian cancer and other serious illnesses are on the rise among women. These conditions can take a long time to recover from and often lead to significant financial strain for the patient and their family.
Women-specific term insurance plans offer the option to add a critical illness rider. This rider can be bought along with a term insurance plan by paying an additional premium. It provides a lump sum payout upon diagnosis of a covered illness. This amount can replace lost income, cover treatment costs or support other financial needs during recovery.
4. Tax benefits for enhanced savings
Term insurance plans provide tax advantages that make them a practical choice for women looking to save on taxes while keeping their families financially secure.
Term insurance offers tax benefits under the Income Tax Act, 1961. Premiums paid up to ₹ 1.5 lakh under these plans qualify for a tax deduction of Section 80C. Additionally, if an unfortunate event occurs during the policy tenure, the death benefit paid to family members is also tax-exempt subject to conditions under Section 10(10D).
5. Financial legacy for loved ones
Term insurance secures your family’s financial future. It provides a safety net during critical times and helps to save on taxes. These plans are far more effective than the outdated practice of keeping cash saved at home to cover up for a rainy day. Term insurance plans ensure that women can leave a meaningful financial legacy for their loved ones. They offer your family financial stability and support even when you are no longer there to provide for them.
To sum it up
Women-specific term insurance plans empower women to meet various financial needs. It helps them provide for their children, support their spouses and parents and plan for their own future. These plans serve multiple purposes.
Buying a term insurance plan today can help women ensure financial protection for themselves and their loved ones tomorrow!
