Women Vs Men - Comparing Life Insurance Benefits

One of the fundamental reasons behind the differences between term insurance rates for men and women is their average life expectancy. As per research[1], women are considered life-expectancy champions, living longer than men by five years on an average.

At the insurer's end, this is a crucial difference, as they will likely to benefit more by offering life insurance to women. The medical side also says that the term insurance rates for men and women vary because women are less likely to suffer from chronic diseases. They are less prone to different heart conditions from lifestyle habits like drinking or smoking in excess. Men consume high quantities of tobacco, alcohol, and psychoactive substances, drive less safely, and eat less than women do, which results in high risks of cardiovascular diseases, lung cancer, liver cirrhosis, and accident fatalities.

Moreover, some insurers offer women-centric plans and additional benefits like maternity insurance, keeping that male vs female life insurance rates in mind. Women can also add various life insurance riders to their plans for extended insurance benefits.

If you want to dig deeper into the differences between term insurance rates for women and men, it would be best to ask a renowned insurer. Make sure you clarify such doubts before you buy a term plan that fits your needs.

The premium cost for term life insurance policies is typically lower for women compared to men. This is because women generally have a higher life expectancy and are less prone to certain health problems.

On an average the premium is 15% lower for women than men. However, the actual cost of the term insurance depends on several factors like age, health, coverage amount needed, etc.

We have shown the difference in premium costs for an Axis Max Life Term Insurance Plan below:

Women in India are coming up to shoulder responsibilities for their family, just like men. The more dependents you, as a woman, have, the more crucial it is for you to build a shield to protect their financial future with a suitable term insurance plan.

It is even more important for those women who are the only breadwinner in their families. Any untoward incident to their life may cause considerable financial strain for the family behind. Hence, it will be good for you to get your life covered under a term plan.

If you are young, you can easily get the benefits of differences between term insurance rates for men and women. Here are some other reasons why women should buy term insurance in life:

While selecting an appropriate term life insurance policy, you should be aware of the factors that affect the premium. So far, we have seen how gender determines the premium cost for life insurance plans. However, criteria like age, health condition, smoking habits, policy tenure, etc. also play important roles in deciding it. Here are some ways you can save money on your life insurance premium:

• Buy term plan at a young age
  When you buy a term plan at a young age (e.g., buying term plan in your 20’s), the premiums are likely to be lower. This is because young people are generally healthier than the older ones. They have lower health risks, and fewer pre-existing conditions. That’s why, their premium rate is lower in comparison to the older generation.
• Maintain a healthy lifestyle
  People who smoke, consume alcohol or indulge in high-risk activities usually pay higher premiums. If you maintain a healthy lifestyle by staying away from these habits, your premium rate is likely to be lower. This is because making healthy lifestyle choices increases life expectancy, and reduces health risks. This, in turn, reduces the premium rate.
• Maintain an optimum body mass index
  Body mass index (BMI) is a body fat measure on the basis of height and weight, that applies to every adult. A BMI between 18.5 and 25 kg/m2 is seen as normal weight. If your BMI falls within this range, you are likely to be charged with lower premium.
  
  To maintain an optimum BMI, you should have a balanced diet. A nutritious meal ensures that your weight is under control. Further, you should limit your sugar and unhealthy food intake to improve your health. Most importantly, it’s essential to drink plenty of water and exercise regularly. This helps in better digestion and burning calories.
  
  When your BMI is accurate according to your height and weight, you’re considered healthy. Thus, your premium cost is likely to be lower. Hence, you should inculcate healthy habits to maintain an optimum BMI. You can calculate your BMI with this BMI calculator.
• Check family medical history
  People whose family members have had life-threatening critical illness like cancer or heart conditions are likely to have higher premiums. Hence, before you apply for a term insurance policy, you should check your family’s medical history. If they haven’t faced major diseases earlier, you might have to pay a lower premium.
• Select an appropriate policy
  The premium you pay also depends on the policy you select. Policies with higher sum assured or lower tenures have higher premiums. Hence, you should be careful about selecting the right policy to avoid paying more. There are also monthly, quarterly, and annual mode of payment that you can choose.

Ideally, there is no major difference in tax exemptions for men and women. According to the Income Tax Act,1961, tax benefits levied on term insurance policies are the same for all genders. To make the most of their policies, people buying term life insurance plans should have clarity about these tax benefits.

The key tax benefits for men and women opting for life insurance policies are as follows:

• Tax Benefit Under Section 80C: Under Section 80C of the Income Tax Act 1961 (Section 123 of Income tax Act, 2025), both men and women can avail of tax benefits. This section offers an income tax deduction of up to ₹1.5 Lakh on premiums paid for the term life insurance plans.
• Section 10(10D) tax benefits: Section 10(10D) makes sure that the death benefit remains tax-exempt. It means that if the policyholder passes away during the policy term, the nominees receive the entire sum assured. This amount is free from all taxes. Additionally, this section exempts incentives and surrendering values from taxation.
• Tax Exemption Under Section 80D: Policyholders can also avail of the tax benefits under Section 80D of the Income Tax Act, 1961. However, this is possible only if they opt for a health-related rider at the time of the policy purchase.
  
  For example, if they choose the critical illness rider, they can avail deductions up to ₹25,000 under Section 80D. The amount can be extended to ₹50,000 if the policyholder buys the policy for their senior citizen parents.