How to Choose the Best Term Insurance Plan for Women

Asking the right questions is the first step to getting the answers you need. Choose the best term insurance plan for women by understanding your needs first.

Author:IndiaFirst Life | Date:29 Dec 2020 | Time:14:30:00

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Asking the right questions is the first step to getting the answers you need. Choose the best term insurance plan for women by understanding your needs first.

If providing financial security to your family in your absence is high on your list of priorities, buying a term insurance plan is the first thing you need to do. A term insurance or pure protection plan is a traditional life insurance product that offers you the peace of mind that your family will be taken care of by the lump sum amount paid out on your policy in case of your untimely demise.
You may not like to think about the prospect of death. It might strike you as a macabre and an avoidable thought. However, the truth is that death is a certainty of life. The best thing you can do is understand what your loved ones will lose in case of your demise, and how you can best provide for them even in your absence.
As a wife, mother, and daughter, women have multiple roles to play in the family. Not only will your grieving dependents lose an earning member of the family, but they will also be saddled with worry about the expenses to come. This is where a solid term insurance plan comes into play.
Choose the best term insurance plan for women by answering these questions for yourself:

What am I looking for?

Are you looking for a no-frills pure protection term life insurance plan or do you want a plan that offers extra cover? If a straightforward vanilla policy that offers a lump sum amount in case of your death during the policy term is your choice, then a traditional term insurance plan with no bells and whistles is your best bet. It is recommended to choose a sum assured that is at least 10-20 times your annual income right now.
If you want extra cover, choose a term plan that offers either built in options to cover incidents like critical illnesses, accidental deaths, coverage of your spouse or even provision to support the family with an income option, OR look for a traditional cover which provides the chance to add riders which may cover such incidence.. While the premium for the in-built options may vary and be slightly higher than your vanilla term policy depending on the option you are choosing, your rider will also be attached to your term policy for a nominal additional cost. But enhancing your protection via any of these options would definitely reassure an all-encompassing coverage for you and your family.

A lump sum sounds good, but what about my family’s daily expenses?

With traditional life insurance term plans, you know that your nominees will receive a lump sum amount that can be used to pay off any liabilities and maintain their standard of living. If you think it will be best for your loved ones to receive a monthly income that would play the role of your salary, a term insurance policy with an assured monthly income in addition to a part of the sum assured as lump sum payment is the option you should go for. Ensure that the lump sum as well as monthly income pay-outs are tax-free.

Cheapest is best, right?

If something looks too good to be true, it most likely is. When it comes to choosing a term insurance policy for women, ensure that you look at the qualitative offerings of the policy before you allow a low-price tag to sway you. Cheapest is not always best. The goal is to research, compare, and buy a term insurance policy that suits your needs and secures your family’s financial future. As it stands, term insurance policies for women are already inexpensive because such policies only offer death benefits in case of the policy holder’s demise, and insurers bank on women living longer than men and hence relatively lower premium rates are charged for women.

Can I choose the term insurance pay-out mode in advance?

The last thing you need is for your dependents to receive a significant sum assured that gets squandered because of inadequate money management. At the outset, you can choose the pay-out mode offered under your chosen term insurance policy for women. Most policies feature a lump sum pay-out, and staggered increasing or fixed monthly pay-outs. Choose a pay-out mode that will serve your family’s needs better.

Will the traditional life insurance plan change as my circumstances change?

It is understandable that you want the most value for your money when it comes to buying a term insurance policy. As you get older, you may appreciate a term plan that adjusts itself according to your premium-payment capacity and needs. If you think your health is at optimal levels and you will safely reach the end of the policy term, check for a plan that allows you to adjust your premium payments as you age. Some plans allow you to get enhanced coverage in case of marriage or childbirth. Plan right today for a secure tomorrow.

Where do I buy a term insurance policy?

In the past, insurance providers offered only in-house and at-home services. This means that either you walk into the insurer’s office or set up an appointment with an insurance agent who will pay you a visit. Today, leading and reputed insurance providers offer online term insurance plans that you can buy wherever you are, whenever you want, and from any device. Invest your time in reading about different term insurance plans for women, make an informed choice, and buy your term insurance policy conveniently online.

Buying the right term insurance plan can give you the peace of mind that your family will be taken care of in any eventuality. Your life is important. Choose a term plan for women that factors in your specific needs and can be customised to suit them.



IndiaFirst Life

Headquartered in Mumbai, IndiaFirst Life Insurance Company Limited (IndiaFirst Life), with a paid-up share capital of INR 663 crore, is one of the country's youngest life insurance companies. Our key differentiators are our simple, easy-to-understand products that are fairly-priced and efficiently serviced.We offer a diversified suite of over 46 need-based products & Riders (as of 31st March 2022) catering to varied customer segments, leveraging multiple distribution capabilities and augmenting various investment options. In all, propositions under the categories of Protection, Assured Savings, Wealth, Pension, Health and Group Funds for Employee Liabilities form a complete suite of offerings that help our customers prepare for the certainties of life. Our products are easy to understand and competitively priced with risk management being our core strength.

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