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5 Term Insurance Benefits for Single Women

Term Insurance Benefits for Single Women are It offers low premiums if bought early, helps their family pay off debts, offers tax benefits, offers medical benefits, etc.

  • 3,636 Views | Updated on: Feb 28, 2024

Term insurance is often associated with the chief earning member of the family. In the unfortunate event of their demise, a term insurance plan can help their family cope with the loss and at the same time cater to their future financial needs. Given the fact that more and more women are working and supporting themselves financially in today’s times, a term insurance plan is essential for all single women.

Benefits of term insurance for single women

1. It offers low premiums if bought early: Buying a term plan at an early age can come with low premiums. This can considerably reduce the costs of term insurance. Young single women can greatly benefit from lower premiums and buy a plan with a high sum assured without putting a dent in their budget.

2. It helps their family pay off debts: Loans are a common way to fulfil goals these days. Home loans, car loans, student loans, and even personal loans can help individuals lead comfortable lives. However, the interest rates can be a burden. In the case of an untimely demise, the onus of paying back the loan can fall on the family. The payouts from a term plan can help a grieving family settle these loans and carry on with their lives with dignity.

3. It offers tax benefits: A term plan has many tax benefits that can contribute to overall savings. Policy owners can claim a tax deduction of up to ₹1.5 lakhs on the premiums paid towards a term plan under Section 80C of the Income Tax Act of 1961 Tax Act of 1961. Not only does this secure the future of the nominee but also provides the policy owner with short term savings.

4. It can help the future family and children:A term insurance policy can secure future generations too. When a woman gets married and has children, the term insurance plan can be used as a financial cushion for her loved ones. The sum assured can cover her children’s higher education expenses, wedding costs, loan repayments, and a lot more.

5. It offers medical benefits: There has been an alarming increase in illnesses. A static lifestyle followed by high-stress levels and poor eating choices has led to several medical issues in people of all age groups. Women, in particular, are prone to breast cancer, ovarian cancer, Polycystic Ovarian Disease (PCOD), etc. A term insurance plan with a critical illness cover can be used to accommodate medical expenses.

Term insurance plans for single women by Kotak Life

Here are some benefits by Kotak Life term insurance plans and their features for single women:

1.Kotak e-Term Plan

- High protection, starting at only ₹23 per day.

- Multiple payout options, such as Life Option, Life Secure Option, and Life Plus option.

- Flexible payouts, such as Immediate, Level Recurring, and Increasing Recurring payout options.

- Minimum sum assured starting from ₹25,00,000 (the higher limit depends on the plan).

To sum it up

is an essential part of every woman’s financial plan. Hence, it is critical to buy a wholesome term insurance plan as soon as possible. Moreover, keep in mind to pick an adequate sum assured with suitable riders to enhance the cover and receive optimal benefits.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

Kotak e-Term

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  • Life Cover till 85 years for Life & Life Secure Option
  • 3 Payout Options
  • Special Rates for Women
  • Option to exit the policy with premium refund at the age of 60*
  • Special Rates for Non-Tobacco Users
  • Free Medical Check Up every 5th year**

Ref. No. KLI/22-23/E-BB/2435