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Life Insurance for Women

Published On Apr 30, 2021

Life insurance policies are meant for everyone, to supplement their income if any untoward circumstance occurs in their life. Until very recently, it was held that life insurance policies were only required by the earning member of the family, or men. But such a perception is fast changing. The role of women in being the primary breadwinner of their families has come to be acknowledged and nowadays, life insurance companies are offering life insurance policies specifically earmarked for them. 

Yet it would be wrong to assume that life insurance policies can only be availed by working men and women. Homemakers are also eligible for subscribing to life insurance policies and it is no doubt a welcome change. The following are a list of things that you need to about life insurance policies that have been specifically designed for women -

Financial Security For Your Family

It is pertinent for women to have a life insurance cover who live with their families. It is an accepted fact that they will not always be there for their family members and a life insurance cover that comes with a lifetime coverage is an effective instrument of sewing their concerns about their well-being in her absence. The extension of benefits to the nominee of the policyholder in her absence is a guarantee to a secure financial back-up in the face of any kind of monetary distress or obligation. 

Borrowing Facility Against Cash Value Benefit

Many life insurance policies offer the benefit of borrowing cash value against the insurance amount. For women, there are no restrictions in accessing the cash value, for any number of times. The reasons for borrowing the cash value can also be multifarious such as bill payment, sponsoring education, starting a business or any other kind of financial need and requirement. 

Living Benefit on Diagnosis of Critical or Terminal Illness

Life insurance policies that are specifically designed for women come with a living benefit that allows them to use their insurance coverage to pay for their living expenses after being diagnosed with any kind of critical or terminal illness. This is an added bonus that helps women to pay their bills and also provide for the financial needs of her family members. Some of the money can also be used to pay medical expenses, thereby ensuring that women do not leave their employment positions in the face of fiscal hardships. 

Coverage for Elderly or Disabled Family Members

The role of women as caregivers has been historically and globally acknowledged and women still figure as the primary care-giver in Indian families. As they approach middle age, their responsibilities also increase manifold and it becomes crucial to care for their parents or other dependent family members. Life insurance policies for women offer the security of covering their elderly or disabled family members even in their absence. Adding them as beneficiaries to the policy ensures that there is a relatively secure financial future for your parents, even if you are not there to look after them. 

Best Life Insurance Plans for Women

Now let us look at some of the significant life insurance policies for women in India. These are as follows -

1. Aegon Religare Term Online Policy

This online term policy can provide sufficient cover at a reasonable rate. It comes with a death benefit that would be payable to your nominee in a lump sum amount on the unfortunate or untimely occasion of your death. This policy has an insurance coverage ceiling of INR 1 Crore that would prove to be a strong financial cushion for your loved ones against any kind of monetary distress. However, for covers above INR 30 Lakh, the policyholder will have to undergo a medical checkup to be eligible for this plan. 

2. Bajaj Allianz Policy Cover for Critical Illness

A women centric plan, the Bajaj Allianz Cover for Critical Illness offers a comprehensive insurance cover against serious ailments. It offers an insurance cover ranging from INR 50,000 to INR 2 Lakh and reimburses the entire sum assured amount on the diagnosis of a critical illness. It is an ideal option to secure financial coverage against 8 critical illnesses such as breast cancer, fallopian tube cancer, uterine and vaginal cancer, permanent paralysis of limbs and burns. This option is an ideal choice that offers ample protection to women and prevents them from resigning from their positions, in the aftermath of any critical disease. 

3. HDFC Woman Smart Life ULIP

This plan from HDFC is a unit-linked insurance plan that comes with investment options alongside extensive coverage against medical complexities. Designed specifically for women, it has an option of increasing the sum assured to 40 times the annualized premium and gives the investor the flexibility of choosing the best plan for themselves from amongst its 3 variants and 5 fund options. It not only covers complications arising while giving birth but also secures the life of a child born with congenital disorders. The insurance policy offers insurance against the diagnosis and treatment of any critical illness and the death of the investor’s spouse. 

4. TATA AIG Wellsurance Woman

This insurance policy for women provides an insurance cover against specific illnesses along with other benefits. Combining critical illness benefits with hospitalization, this policy pays a lump sum amount for 11 specific illnesses such as cancer, renal failure, cardio-vascular disorder and stroke. It also comes with a daily cash benefit and a lump sum payout for recovery at home. This policy effectively reduces the financial pressure on working women and the negligence that they are often subjected to. 

5. SBI Life Smart Women Advantage

This insurance policy offers triple benefits of savings, critical illness and life insurance in a single policy. With two plan options, it comes with the facility of adding an additional rider for pregnancy benefits. Any woman in the age bracket of 18 to 50 years is eligible to buy this insurance policy. 

You are now aware that life insurance policies are not restricted only for working men and women but for homemakers as well. The features and plans will hopefully inform you about the many benefits and services that you can avail as a working woman and be guaranteed of a secure financial future. However, the option of choosing the best insurance and investment option ultimately depends upon your discretion and your financial requirements. 

You may also like to read Can I Still Get Life Insurance if I’m Unemployed?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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