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Term insurance for women is not just a financial tool but a way to secure a woman’s future and that of her family. Women in India, whether working professionals or homemakers, are key contributors to their families’ well-being and financial stability. Yet, many overlook securing their financial future through life insurance.
Women, who statistically live longer than men, are increasingly finding the need to plan ahead. As of 2023, the life expectancy for women in India is around 73 years, while for men, it is approximately 69 years. Tata AIA's term life insurance for women ensures that no matter the life stage, women can maintain financial security for their loved ones.
The need for term insurance for women is more crucial than ever, given the changing societal and economic dynamics. Women are more independent, and with the evolving nature of work and lifestyle, they deserve protection that provides them and their families with peace of mind. With Tata AIA’s range of plans, women can find the best coverage at affordable rates.
Types of Term Insurance for Women
Tata AIA offers a range of term insurance plans to meet the diverse financial needs of women. These include:
Tata AIA
Sampoorna Raksha Promise
Non-Linked, Non-Participating, pure risk, Individual Life Insurance Product (UIN:110N176V02)
Tata AIA
Maha Raksha Supreme Select
Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN:110N171V04)
These are pure protection plans that ensure your family’s financial security in the event of your untimely demise. They provide a high sum assured at affordable premiums and can be enhanced with riders^ for additional protection.
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How Term Insurance for Women Works
A Tata AIA term plan works in a straightforward way. Once you purchase the policy, you pay premiums (either monthly, quarterly, or annually). In case of your unfortunate demise during the policy tenure, the nominee receives the sum assured as financial protection. You can also avail of additional benefits through riders^, like critical illness cover.
Tata AIA's Term Insurance allows flexibility in premium payments and coverage options to suit the lifestyle of modern women, ensuring that their families remain financially secure regardless of what life throws their way.
Specific Needs and Plans for Different Types of Women
Every woman’s journey is unique, and their financial needs vary depending on their life roles and responsibilities. Tata AIA recognises these diverse needs, offering tailored term insurance plans to empower women.
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![Working Women]( "Working Women")
Working Women
For working women, term insurance serves as a critical safety net, ensuring financial stability for their dependents. In case of unforeseen events, term insurance can replace lost income, helping to cover everyday expenses, debts, or future financial goals such as a child's education. Tata AIA offers plans tailored to provide adequate coverage, ensuring working professionals can safeguard their family's lifestyle while focusing on career aspirations.
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![Housewives/Homemakers]( "Housewives/Homemakers")
Housewives / Homemakers
Homemakers contribute significantly to household management, though their efforts often remain financially unquantified. A term plan for housewives addresses this gap by offering financial protection to families. In their absence, the plan can support essential services they manage daily, such as childcare or household maintenance. Tata AIA's flexible term insurance options allow families to recognise and secure the value homemakers bring to their homes.
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![Single Mothers]( "Single Mothers")
Single Mothers
Single mothers shoulder dual responsibilities of care and financial support. Term insurance empowers them to protect their children's future by ensuring that crucial needs—such as education, healthcare, and other life goals—are financially covered. Tata AIA's term plans provide tailored solutions, allowing single mothers to create a secure financial foundation for their loved ones, no matter the circumstances.
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![Non-Resident Indian (NRI) Women]( "Non-Resident Indian (NRI) Women")
Non-Resident Indian (NRI) Women
For NRI women, term insurance serves as a bridge between their international aspirations and family security in India. Tata AIA offers term plans that cater to NRIs, enabling them to invest in financial safety for dependents in India. These plans ensure that cultural and familial responsibilities are honoured while offering the flexibility to manage global commitments.
By addressing the unique financial planning needs of these groups, Tata AIA ensures that every woman, regardless of her life stage or role, has access to the best term insurance options to secure her family's future.
Features of Term Insurance Plans for Women
Tata AIA term insurance plans for women come with a host of features designed to provide comprehensive protection:
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01
Financial Security
Term insurance provides a financial safety net, ensuring that a woman's dependents are protected from financial uncertainties. It helps cover expenses such as education, debts, and daily living costs in the absence of the insured. -
02
Affordable Premiums
Due to women’s longer life expectancy, term insurance plans often come with lower premium rates, making it an economical way to secure comprehensive financial protection. -
03
Customised Riders^
Women can enhance their term plans with riders^ such as critical illness, accidental death, or disability benefits, offering additional layers of protection tailored to their needs. -
04
Tax Benefits*
Policyholders can enjoy tax deductions on premiums paid under Section 80C and receive tax-free death benefits under Section 10(10D) of the Income Tax# Act, providing dual financial advantages.
How to Choose the Best Term Insurance Plan for Women
Choosing the right plan can seem overwhelming, but Tata AIA makes it easy:
Assess Your Coverage Needs: Evaluate your family’s financial needs, future obligations, and current lifestyle.
Compare Premiums and Benefits: Ensure that the premium fits your budget and that the benefits match your financial goals.
Consider Additional Riders^: Enhance your coverage with optional riders^ like critical illness, accidental death, etc.
Check Claim Settlement Ratio: Tata AIA offers a high claim settlement ratio of 99.13% for FY 2023-24, providing peace of mind that your loved ones will receive their benefits without hassle.
Tata AIA’s best-term plan for women makes it simple to customise your coverage, ensuring you get the most suitable protection for your life stage.
The Difference in Term Insurance Premium Rates for Women & Men
One of the key distinctions in term insurance lies in the premium rates for women and men. Women generally enjoy lower premium rates compared to men for the same coverage. This is primarily due to actuarial statistics showing that women tend to have a higher life expectancy than men, which reduces the insurer’s risk.
For example, a 30-year-old non-smoking woman opting for a ₹1 crore term insurance policy may pay a significantly lower annual premium compared to a man of the same age and health profile. This affordability allows women to access robust financial protection at economical rates, enabling better financial planning for their families.
Tata AIA ensures that women benefit from these competitive rates while providing options for flexible coverage and rider^ additions, making term insurance a practical and cost-effective choice for their unique needs.
FAQs
Can women take term insurance?
Yes, women can take term insurance. Tata AIA offers a range of term insurance plans designed specifically for women.
Which category of females are eligible to apply for a term plan?
All women, whether working professionals, homemakers, or freelancers, are eligible for term insurance plans from Tata AIA.
What is the maximum age limit to buy term plans for females?
The age limit for purchasing a term insurance plan varies, but most Tata AIA plans allow women to purchase coverage until the age of 65.
Why is term insurance for women more affordable?
Women typically have a longer life expectancy, which results in lower premiums for term insurance plans.
How much term insurance coverage do women need?
The coverage amount should be based on your financial obligations and family needs. Tata AIA can help you calculate an adequate sum assured.
Do term plans offer accidental coverage for women?
Yes, Tata AIA’s term plans offer riders^ like accidental death benefits for added protection.
Why should women buy term insurance?
Term insurance provides financial protection for women and their families, ensuring that financial stability is maintained in case of any unfortunate event.
Disclaimers
- Tata AIA Sampoorna Raksha Promise - Non-Linked, Non-Participating, pure risk, Individual Life Insurance Product (UIN:110N176V02)
- Tata AIA Maha Raksha Supreme Select - Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN: 110N171V04)
- 1Illustrated Premium is the monthly premium excluding taxes for 20 yr. old female, Standard Life, Non-Smoker for ₹ 1 Cr. Sum Assured with Policy Term of 20 yrs. (Regular Pay) under Life Promise Option with first year premium discount for digital purchase and salaried person. Please refer Benefit Illustration for more details. Premium is subject to applicable taxes, cesses & levies which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium. Tata AIA Life shall have the right to claim, deduct, adjust, recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy. Kindly refer the sales illustration for the exact premium.
- 2Under Life Promise Plus Option, an amount equal to the 100% of the Total Premiums Paid (excluding loading for modal premiums) shall be payable at the end of the Policy Term, provided the life assured survives till maturity and the policy is not terminated earlier
- 3This includes first year digital discount of 10% for Limited Pay/Regular Pay and 5% salaried discount. For Single Pay, 1% discount will be available for online purchase and salaried discount each.
- 4Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
- ^Riders are not mandatory and are available for a nominal extra cost. For more details on benefits, premiums, and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/Intermediary/ branch.
- 577,26,727 families protected till December ’23.
- 6Retail Sum Assured for FY23 is Rs 4,43,479 Crores.
- 7As on 03rd April 2024, the company has a total Assets Under Management (AUM) of Rs.100,099.11 Crores
- 8Individual Death Claim Settlement Ratio is 99.13% for FY 2023 - 24 as per the latest annual audited figures.
- 9Applicable to only non-early claims with more than 3 years of policy duration, non-investigation cases, up to Sum Assured of Rs. 50 lakhs. Applicable for branch walk in. Time limit to submit claim to Tata AIA Life Insurance is 2 pm on working days. Subject to submission of complete documents. Not applicable for ULIP policies and open title claims.
- 10Under CritiCash Benefit of the Tata AIA Sampoorna Health Rider, Benefit payouts for multistage critical illnesses are offered depending on the category of the illness. For minor critical illnesses such as cardiac arrest, Aortic Valve Repair, Early-stage cancer etc., the payout will be 25% of sum assured. For major critical illnesses such as Heart attack, Major head trauma, Parkinson’s disease, Alzheimer’s disease etc., the payout will be 100% of sum assured. For a catastrophic illness like end stage cancer or major organ/bone marrow transplant, the payout will be 150% of sum assured. Refer list of critical illnesses for benefit payouts.
- This product is underwritten by Tata AIA Life Insurance Company Ltd.
- The plan is not a guaranteed issuance plan, and it will be subject to company’s underwriting and acceptance.
- Insurance cover is available under this product.
- For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. The precise terms and condition of this plan are specified in the Policy Contract.
- Buying a Life Insurance Policy is a long-term commitment. An early termination of the Policy usually involves high costs, and the Surrender Value payable may be less than the all the Premiums Paid.
- In case of non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines.
- L&C/Advt/2024/Dec/3920
