Housewives are considered to be pillars of the family, supporting the family, taking care of all family members, & performing invaluable household chores without any salary. Buying a term plan for housewives offers financial protection in case of any unfortunate event. This plan ensures mental peace& covers expenses such as children’s education, children’s marriage, medical expenses, etc., in their absence.
The main objective of this plan is to offer financial security to the family members of the housewives in case of their sudden demise. A term plan offers financial security, helping the family members meet expenses in the absence of the policyholder. Also, it provides additional riders, which helps enhancing the plan, offers safety, & covers health-related risks as well.
How to Choose the Best Term Insurance Plan for Housewife?
Consider the following factors while choosing the Best Term Insurance Plan in India
for housewives:
- Coverage Amount
Make sure that the coverage amount is enough to meet the future financial obligations of the policyholder, such as children’s education, children’s marriage, purchasing a house, loan repayment, retirement, etc.
- Affordable Premium
Select an affordable premium amount that best fits your budget, keeping the future financial affordability in mind.
- Policy Tenure
Choose the policy tenure that well aligns with future financial obligations, generally till the age of retirement or until your children become financially independent.
- Reputation of Insurance Provider Company
Choose an insurance provider company that has a good reputation, i.e., a good high claim settlement ratio &good customer service.
- Compare Different Insurance Provider Companies
Compare different insurance provider companies on the basis of premium charged, exclusions, inclusions, policy coverage, benefits offered, etc.
- Flexibility in Policy
Evaluate the plan on the basis of flexibility offered, like payout mode, structure, etc., in an event of financial crisis.
Eligibility Criteria
Provided are the eligibility parameters that are to be met in order to apply for a term insurance by housewives:
- Qualification
To avail of this term plan, a housewife should hold a minimum qualification of a graduation.
- Husb&’s Income
To avail of this term plan, the husb&’s income is considered, as the wife is not an earning member of the family. To buy this term plan, husb&’s income should be equal to or more than INR 5 lakhs.
- Payment of Premium Amount
Under this plan, a husb& is required to make payment towards the premium amount on his wife’s behalf.
- Selecting the nominee
Any of the family members can be selected as beneficiary of the term plan.
Steps to Buy a Term Insurance Plan for Housewife Online
Provided are the steps to be followed to purchase a Term Insurance for a Housewife online:
Step 1:Research & Compare Policies
Conduct proper research about the different insurance provider companies & term insurance plans they offer. Choose those flexible plans that are designed specifically for housewives.
Step 2:Assess your Coverage Needs
Make an assessment of the amount of coverage that is required, keeping some factors into mind such as outst&ing loans, future financial obligations, children’s education expenses, children’s marriage, etc.
Step 3:Check Eligibility
Check for the eligibility parameters, such as age limits, health-related requirements, etc., should be met by the housewives.
Step 4:Gather Essential Documents
Collect some common documents such as:
- Address proof (such as bank statements, utility bills)
- Income proof, if applicable
- Identification proof (such asPassport, Aadhaar card)
- Age proof (such as aPAN card, birth certificate)
- Medical reports (in case medical check-up is required)
Step 5: Fill Out the Application Form Online
Fill out the application form available on the insurance provider’s official website. Fill out the details required, such as policy tenure, coverage required, personal details, beneficiary details, etc.
Step 6: Choose critical riders
Check for additional riders who will help enhance the plan, such as critical riders, accidental death benefits, waiver of premium, etc.
Step 7: Review & submit the application
Review the details entered once before submitting the application for its correctness & completeness to avoid any discrepancies later on.
Step 8: Make Payment towards premium
Choose the desired payment mode, i.e. UPI, debit card, credit card, net banking, etc. to pay the premium.
Step 9:Get Policy Document
The policy document will be issued by the provider company after the application is approved.
Step 10: Review on a regular basis & update it
Review the plan periodically to ensure it fulfills all your financial obligations. Also, one should update the details in case of any important life-related changes, such as childbirth.
Benefits of Purchasing a Term Plan for Housewives
Provided are the benefits of buying a term plan for women:
- Affordable Premium
This plan offers high coverage with a reasonable premium, but it increases with age.
- High Coverage
It offers high coverage with low premiums due to pure protection & no investment component.
- Premium waiver
It includes waiver of premium in case the policyholder gets critically injured, physically impaired, etc.
- Increased additional term coverage benefits
This feature allows for the enhancement of policy coverage during policy tenure, keeping in mind that the husb& also has a term plan. This means together they can enhance the coverage to benefit their children in terms of their education & marriage expenses.
- Tax Benefits
Get deduction of tax u/s 80C on the amount of premium paid & exemption of tax u/s 10(10D) on death benefit received.
- Return of Premium feature
It offers return of premium in terms of maturity benefit to the insured.
- Online accessibility
All the processes, from choosing a plan, buying it, & making payment towards the premium, have become online, making the process easier & hassle-free.
Conclusion
In earlier times, as women used to stay more at home, being housewives or not allowed to work, they did not usually buy term plans for themselves. But in today’s world, they are more into the working sector, & restrictions have also become loosened. Hence, they can purchase a term insurance plan for themselves by comparing different plans online, sitting at the convenience of their homes & buying the best one for themselves & their family members.
