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Why Is Life Insurance Cheaper For Women?

Did you know that life insurance for women is cheaper compared to men? Here is why:  
  • Adrija Das
  • Editorial
Published -19 Sep 2022, 17:12 ISTUpdated -20 Sep 2022, 11:58 IST
life insurance woman

Emergencies don’t announce their arrival. Nor do misfortunes. They always strike without warning, and that is why it is so important to be prepared. Life insurance ensures protection for yourself and your loved ones. It ensures that no matter what happens, you will not have to compromise on your financial independence.

What Is Life Insurance?

Life Insurance

Generally, each insurance policy assures a monetary sum that is assured to your family in the event of your untimely death. Say, for a 15-year policy, if the policyholder dies during that period, the death benefits of the policy are paid out to the nominee (your family members). If the policy matures, then the policyholder receives the maturity benefit.

These policies generally involve the payment of a premium at regular intervals. You can choose between monthly, quarterly, and annual payment options, depending on your convenience. 

Insurance is an integral part of personal finance. It is not restricted to just life insurance, but you should get insurance for all your tangible and intangible valuables. 

EXPERT TIP: You can claim tax benefits on the premium payments for insurance plans. Under Section 80C of the Income Tax Act, you can claim deductions up to ₹1.5 lakhs from your taxable income every year.

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Why Life Insurance Is Cheaper For Women

What Is Life Insurance

It is rare to come across something that the pink tax does not apply. Be it clothes or beauty products, grooming or hygiene essentials, women have always had to pay more for the same privileges. The pink tax is not logical, it is downright discriminatory. And the worst thing is that we’ve gotten used to it.

However, life insurance is one of the few things that is actually cheaper for women.

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Why Is This So?

Is it a nod to the fact that society thinks women don’t really get life insurance of their own, but tag along on their fathers’ or husbands’ policies? Or is it because some people tend to value a woman’s life lower than men’s?

The truth, however, is a lot less sinister and a lot more mundane.

Life insurance is cheaper for women because statistically, women live longer than men. According to Statista, men in India have an average life expectancy of about 68 years. Women, on the other hand, tend to live till 71. 

When it comes to insurance, it’s derived from numbers. 

Imagine you have the option of providing life insurance to two individuals — one male and one female. Both individuals are aged 40, and both want policies that provide cover if the policyholder dies before the age of 70.

Of course, you’ll provide the policy to both individuals. But you’ll charge more from men than from women. This is simply because, in the case of men, there is a higher chance that you’ll have to pay the cover.

The Best Life Insurance Policies For Women

Buying a life insurance policy has become a relatively easy practice nowadays. With numerous insurotech platforms on the rise, all you need to do is choose a policy, and buy it online from an easy-to-use website. The trick is to select the right policy.

Here is a list of the most inclusive policies to get you started.

HDFC Life Smart Woman Plan

This is a ULIP plan that offers a variety of different options depending on your risk appetite and your financial goals. You can choose flexible payment options to suit your needs.

It’s an inclusive policy that provides good coverage, and more importantly, fits into your life organically.

LIC Jeevan Bharti Plan

How can we ever have life insurance without LIC? With the tagline “Zindagi ke saath bhi, zindagi ke baad bhi,” LIC has successfully ingrained itself into our lives. Now, the moment you think of life insurance, LIC is one of the first things that comes to mind.

LIC has numerous inclusive policies that provide decent coverage with low premium payments. The Jeevan Bharti plan is one such option that’s worth exploring.

SBI Life Smart Women Advantage Plan

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This plan from SBI takes “work smarter, not harder” to a whole new level. It has combined the benefits of life insurance, savings, and cover for critical illness into one neatly wrapped package. 

It provides a whole gamut of benefits that fit different purposes.

For more such finance stories, stay tuned to HerZindagi.

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