India has always been a land of endowment insurance policies. Since they include an element of savings as well, the premium on endowment insurance policies is always higher than a term insurance policy, all other factors remaining equal.
Term insurance was introduced in India in 2009 and since then the popularity of this class of policies has been zooming in the country mainly due to its lower premia and uncomplicated calculations. What’s more, the cost of term insurance is on the whole even lower for women. Let’s see what some of the major insurers are offering women.
Outlining how term insurance is especially suited for women, Policy Bazaar states, “When the female is a working woman or a housewife, term insurance is one of the ideal solutions to secure the financial future of her loved ones in her absence. These plans are up to 20% more affordable compared to men because of factors like higher life expectancy. In addition to this, the term insurance plan for females can provide coverage against women-specific illnesses like breast cancer which are more common among women.”
Tata AIA
Private sector life insurance major, Tata AIA, offers Rs 1 crore coverage at an annual premium of Rs 10,677 per annum. While this rate is offered to a man of 25 years for a 35-year coverage, the same coverage is offered to a woman at an annual premium payment of Rs 9,074. “The premia for women in this case is 15% lower than that men have to pay. The above figure will be applicable for annual payment and will include GST. If one ” Tapas Biswas, Executive Life Planner, TATA AIA told News9live.
HDFC Life
One of the bigger private sector life insurance players, HDFC Life, offers Rs 1 crore premium for as little as Rs 21 a day for women. In comparison, the premium for males for the same coverage begins from Rs 26 a day, implying the policy for women is 19.2% cheaper than for males.
The premia that women pay are less than that paid by men since the risks associated with women appear lower than that linked to men, all other factors remaining constant. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
