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What is Term Insurance for Women?

Term insurance for women is a life insurance policy that provides life coverage for a specific period, typically chosen when purchasing the policy. Term insurance policies for women may be slightly inexpensive compared to those for men due to factors such as their longer life expectancy and lower risk of certain health conditions.

Also Read Out Our Full blog on: What is term insurance?

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Why should Women Buy the Best Term Insurance?

There are several reasons why women should consider buying term insurance:

1. Financial protection

Term insurance provides financial protection to your family in case of your unexpected death. The insurer pays a death benefit to your beneficiaries, which can help them cover expenses such as loan payments, living expenses, or your children's education.

2. Lower premiums

Women may be able to get lower term insurance premiums compared to men owing to their longer life expectancy and lower risk of certain health conditions. This, however, is subject to insurance companies and their policies.

3. Coverage for specific needs

Women may have specific insurance needs that should be considered when purchasing a policy, such as coverage for critical illnesses that are more common among women, pregnancy-related complications and coverage for their children's education or care in case of their unexpected death.

4. Peace of mind

Knowing that you have adequate life insurance coverage in place can give you peace of mind and help you feel more secure about your family's financial future.

5. Tax benefits

Term insurance policies offer tax benefits under Section 80C of the Income Tax Act, 1961, which allows for a tax deduction on the premium paid up to a certain limit. Additionally, the death benefit paid to the beneficiaries is tax-free under Section 10(10D) of the Income Tax Act.

Overall, term insurance is an important financial tool for women to ensure financial protection for themselves and their loved ones in case of an unexpected death.

How to Choose the Best Term Insurance for Women?

When choosing the best term insurance policy for women, there are several factors to consider. The following are five such factors:

1. Choose the maximum coverage amount

Consider the amount of coverage you need to ensure that your family's financial needs will be met in case of your unexpected death. Factors to consider include your current debts, living expenses, and your children's education or other future needs.

2. Choose the right policy term

Choose a policy term that aligns with your financial goals and future plans. For example, if you have young children, you may want a longer policy term to ensure they are financially protected until they are independent.

3. Enhanced coverage through riders and add-ons

Look for policies that offer riders and add-ons that suit your specific needs. For example, critical illness riders may be important for women who want additional coverage for illnesses such as breast cancer or ovarian cancer.

4. Affordable annual premium

The higher the coverage you choose the higher the premium you need to pay. Therefore, be sure to consider any discounts, such as discounts for non-smokers or those having healthy lifestyles, that may be available.

5. Read the fine print

Carefully read the policy documents and understand the terms and conditions of the policy. Make sure you understand the exclusions, limitations, and other important details of the policy.

Consider all of the above factors and consult with a financial advisor or insurance agent if you need help making a decision.

Top 7 Features of the Best Term Insurance for Women

Here are some top features to consider when choosing a term insurance policy for women:

1. Critical illness coverage

Many insurers offer riders that provide coverage for critical illnesses that are more common among women, such as breast cancer, ovarian cancer, or cervical cancer. This coverage can provide additional financial protection in case of a serious illness.

2. Pregnancy-related complications coverage

Some policies offer coverage for pregnancy-related complications, such as pre-eclampsia, gestational diabetes, or complications during childbirth. This coverage can provide financial protection for medical expenses or time off work.

3. Childcare or education coverage

Some policies offer riders that provide coverage for your child's education or childcare expenses in case of your unexpected death. This can provide additional financial protection for your children's future needs.

4. Lower annual premiums

Women may be eligible for lower premiums than men owing to their longer life expectancy and lower risk of certain health conditions.

5. Waiver of premium feature

Some policies offer a waiver of premium rider, which allows you to skip premium payments if you become disabled or are unable to work due to an injury or illness.

6. Guaranteed renewal feature

Choose a policy that offers guaranteed renewal, which allows you to renew your policy at the end of the term without undergoing a medical exam or answering health-related questions.

7. Flexible payout options

Choose a policy that offers flexible payout options to your beneficiaries, such as a lump-sum payment or regular income payments.


The recent India Protection Quotient 6.0 survey conducted jointly by Axis Max Life Insurance and Kantar recorded that financial acumen has shifted in the favor of working women. For the 1st time, working women have come at par with working men in terms of financial protection and now nearly 8 in 10 working women own life insurance. For more insights, please read the full IPQ 6.0 survey report.

Types of Term Insurance Plans for Women

There are several types of term insurance plans available for women. Here are some of the most common types:

1. Level term insurance:

This is the most basic type of term insurance plan. It provides coverage for a specific term or period of time, typically ranging from 5 to 30 years. The premium and coverage amount remain the same throughout the policy term.

2. Decreasing term insurance:

This type of policy provides a decreasing death benefit over time, which can be useful for those who want coverage to pay off a loan. As the amount of the loan decreases over time, the coverage amount decreases as well.

3. Increasing term insurance:

This type of policy provides an increasing death benefit over time, which can be useful for those who want coverage that keeps pace with inflation. The premium for such a policy increases over time as well.

4. Renewable term insurance:

This policy allows you to renew your coverage at the end of the term without undergoing a medical test or answering health-related questions. The premium for such a policy may increase upon renewal.

5. Convertible term insurance:

This policy allows you to convert your term insurance policy into a permanent life insurance policy without undergoing a medical test or answering health-related questions.

6. Term insurance with return of premium:

This policy provides a refund of the premium paid if you outlive the policy term. However, the premium for this type of policy is generally higher than those for other types of term insurance.

Overall, consider your specific needs and financial goals when choosing a type of term insurance policy for women. Consult with a financial advisor or insurance agent if you need help making a decision.

Frequently Asked Questions (FAQs)

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Customer Reviews

Axis Max Life Term Plan

“Axis Max Life has helped me to identify the best term plan with adequate Life Cover for protecting my family’s future financial and giving me the peace to enjoy my present existence in this earth. Axis Max Life has helped me to save through Endowment plans, thereby giving me a Guaranteed money at different stages of my life”

P. Kesavan

Axis Max Life Term Plan

“Over all online policy purchase process was easy and purpose form filling process was easy and online premium payment process was easy”

Zaid Anwar

Axis Max Life Term Plan

“Axis Max Life Term Plan is first proper Term Plan to take care of me and my Family. With Axis Max Life, I have Peace of Mind. I trust you and your Processes. I am Happy to have this Relationship. Manoj”

Manoj Chandwani

Axis Max Life Term Plan

“Life Insurance Products provide arrangements for future events and there are various requirements at different life stages. For events that are to occur beyond 10 yrs, Life Insurance products are the only option. Keeping above in mind, I have Term Insurance, Endowment products taken almost 19 yrs ago and they will give Tax Free Lump sum amounts; I have Guaranteed Income Products and also Annuity Plan. For little better return on my investment I have ULIP plans. I have products, that will provide 25 - 50 thousand every year on my Grand Children’s birthdate - Annual Gift from grandparents when we will not be around”

Ashok Shah

Axis Max Life Term Plan

“I had one endowment plan and one term plan with maxlife and I believe in making the difference with the help of MAXLIFE”

Satish Kumar

Axis Max Life Term Plan

“Thanks for the opportunity to secure life with Axis Max Life, the best term plan comparatively in the market which i opted today and seen that, this plan assisting many with the good claim settlement ratio by Axis Max Life a trusted term insurance company.”

Naresh Vattela

Axis Max Life Term Plan

“My experience has been great with Axis Max Life Term Plan. I truly believe that it is the best term insurance that I have chosen for financial security.”

Roshni Mudliyar

Axis Max Life Term Plan

“I bought the best Axis Max Life Smart Secure Term Plan! from your team. Thanks for the assistance. ”

Kiran K

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