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Should Housewives Opt for Term Life Insurance

India has one of the highest populations in the world. Among the population, there are millions of families with individuals working in the workforce and children going to school. However, a common factor in most of these families is the housewives that make sure their house is running smoothly and, at the same time, taking care of every individual. 
 

Housewives or homemakers are basically multi-taskers that are constantly putting out fires the entire day. They have to handle multiple things and, at the same time, take care of themselves. Families will spiral into disarray if homemakers stop working even for a day. 
 

While their energy and work may seem superhuman, they're still humans at the end of the day, making them susceptible to unforeseen incidents. Therefore, housewives must get a suitable life insurance policy to ensure their family's financial protection if something happens to them. While many insurance policies are available, getting a term life insurance plan seems like the apt option. 
 

 

What is a Term Plan?
 

The term insurance plan is a type of life insurance policy that offers coverage for a pre-determined tenure. In this plan, if the policyholder passes away from any issue, their beneficiaries are provided with monetary support. The coverage provided by the term plan is one of the apt coverages offered by any life insurance plan. Along with this, these plans come with quite affordable premiums. It is considered a comprehensive form of insurance policy that provides financial assistance to a family going through a tough time. 
 

It is recommended that if you have some people in your life who you wish to support financially even while you're not around, then you must get a term insurance plan. 
 

There are different variants of term insurance plans offered by insurers. Individuals will have the option of choosing between different term plans like:
 

  1. Standard Term Insurance Plans

  2. Group Term Insurance Plans 

  3. Term Return of Premium# (TROP)

  4. Convertible Term Plans 

  5. Decreasing and Increasing Term Plans 

Features of a Term Plan:
 
  1. Eligibility Age: Any individual who reached the age of 18 or 65 can purchase the term plan. However, if the individual buys the plan at a higher age, the policy's premium rates will increase. Hence, it is important to purchase a term plan at a young age. This way, they can protect their loved one's financial stability at an affordable cost.  
     

  2. Enhanced Cover: Some insurance companies provide policyholders with the flexibility to improve the policy's coverage when crossing important events in life. For instance, the policyholder may get the ability to increase the policy coverage by 50% when getting married and 25% at the time of their first child's birth. This allows the policyholder to begin with a less coverage and improve their coverage as they increase their responsibilities. 
     

  3. Maturity age: Some term plans provide the policyholder with coverage for their entire life. Most term plans generally offer a maturity age of 65-70 years. However, the plan with an entire life cover comes at an enhanced premium cost. Along with this, the policyholder's age will also play an important role in determining the policy's premium amount since the risk factor will rise as well. 
     

     

Benefits of Term Insurance for Housewives:
 
  1. Payout method flexibility: Policyholders will have the choice of selecting the premium payout method. Instead of a lump-sum amount, they can pick the monthly payout method. With this method, the beneficiaries will receive a portion of the sum assured monthly. This can be beneficial for them to maintain the house's financial stability. 
     

  2. Offers coverage at affordable premiums: Term plans are known to provide more coverage at lesser premium costs. It is an excellent way to safeguard any beneficiaries' financial future if something were to happen to you. Along with this, if the policy buyer is a female, they may get additional benefits on the premiums based on the policy chosen and the conditions attached. 
     

  3. Joint life coverage: With the help of joint life coverage, both the husband and wife of a marriage qualify as equal owners of the policy. If one partner were to face any unfortunate event, the surviving partner would benefit from the life cover. Through this method, both individuals are protected against any adversities. 
     

     

How to find the apt term insurance plan for housewives?
 

One of the optimal ways they can purchase the apt term insurance plan for housewives is by ensuring proper research of the available term insurance plans. It is advised that they read through the policy terms and conditions, ensuring that the policyholder is eligible to purchase the plan. They must also consider the premium quote and opt for the policy that matches their coverage and provides them with a life cover at affordable prices. 
 

 

Tata AIA Life Insurance Maha Raksha Supreme for Housewives
 

The Tata AIA Life Insurance Maha Raksha Supreme - A Non-Linked Non-Participating, Individual Life Insurance Pure Risk Premium Product (UIN: 110N102V04), is a pure term insurance plan offering financial protection to the policyholder's beneficiaries and provides them with the flexibility to choose the premium payment term depending on their requirements. This plan provides:
 

  • Whole Life Coverage (till age 100 years). 

  • Preferential premium rates are offered to women policyholders.

  • An inbuilt payout accelerator benefit that increases 50% of the sum assured if the policyholder gets diagnosed with any critical illness. 

  • The insured can also increase the cover for life-changing events with the Life Stage Plus option without fresh medical underwriting. 

  • They can also enhance the coverage by adding riders@ to the plan. 

Housewives are highly integral to a family as they deal with many responsibilities. These responsibilities arise as they have many loved ones in their life, dependent on them. Getting a term insurance plan will ensure the financial security of the ones close to them. Term insurance plans provide more coverage than other plans at affordable premium rates, making them optimal for housewives getting the plan for their beneficiary's well-being.
 

L&C/Advt/2023/Mar/1058

 

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Tata AIA Life Insurance

A joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA),  Tata AIA Life Insurance  is one of the leading life insurance providers in India. We post everything you need to know about life insurance, tax savings and a variety of lateral topics such as savings and investments in this space. You can access and read a host of different blogs, articles and pages at the Tata AIA Life Insurance Knowledge Center or get in touch with us with any queries or questions!

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Disclaimer

  • Insurance cover is available under the product.

  • The products are underwritten by Tata AIA Life Insurance Company Ltd.

  • The plans are not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.

  • For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.

  • This blog is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. The information is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.

  • Please know the associated risks and the applicable charges, from your insurance agent or the Intermediary or policy document issued by the insurance company.

  • Every effort is made to ensure that all information contained in this blog is accurate at the date of publication; however, Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.

  • @Riders are not mandatory and are available for a nominal extra cost. For more details on the benefits, premiums and exclusions under the riders please refer to the Rider Brochure or contact our Insurance Advisor or visit our nearest branch office.

  • #Return of premium shall be the return of Total Premiums Paid (excluding loading for modal premiums and discount) by the policyholder at the end of the Income Period.

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