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Term Insurance for Housewives
Get extensive coverage Tata AIA term plan and secure your family today!
Term Insurance for Housewives
Get extensive coverage Tata AIA term plan and secure your family today!
Looking to buy a new insurance plan?
Our experts are happy to help you!
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A housewife is the most important individual who makes a family life complete. She manages the house financially and otherwise to make it a liveable place with peace and happiness. Although she may not be an earning member, she holds the responsibility for various activities, without which life at home becomes complicated for every member. The impact can trigger emotional and financial disturbances for everyone. Therefore, her importance is valued as equal to an earning family member.
While imagining a life without her is emotionally daunting, the family must understand the financial constraints that might appear in her absence and have a financial plan to manage such scenarios. Term insurance for homemakers is a perfect solution in this regard.
Use Online Term Calculator to Get Instant Family Security Coverage Amount
A Non-Linked Non-Participating Individual Life Insurance Plan (UIN:110N160V03)
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Sampoorna Raksha Supreme
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What is Term Insurance for Housewives?
Term insurance for a housewife is a life insurance plan that provides a sum assured to the nominee in case of the unexpected death of the housewife during the policy term. Term insurance plans provide a higher sum assured at an affordable premium rate.
In addition, term insurance plans provide various flexible features to customize them for individual financial needs. For example, the proceeds from the term insurance policy can be payable as a regular income, lump sum, or a combination of both. Therefore, upon the unexpected death of the housewife, the family will receive a regular income for a defined income period to help manage the family finances.
Why is Term Insurance Important for Housewives?
Term insurance for a housewife is important for the following reasons.
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![Reasons To Buy Insurance Plans Online | Tata AIA Life Insurance]( "No hassles or delays when it comes to providing financial security | Reasons To Buy Insurance Plans Online")
Financial Protection
A housewife works on various household responsibilities. In the event of her unexpected demise, the husband or any other earning member may have to manage such responsibilities by hiring a person. And that can affect the family's financial condition that can have an impact on future financial obligations such as paying the tuition fees for the children, spending on regular grocery expenses, etc.,
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![Reasons To Buy Insurance Plans Online | Tata AIA Life Insurance]( "Choose from multiple payout options | Reasons To Buy Insurance Plans Online")
Managing Medical Emergencies
Women in India have been getting affected due to various diseases such as breast cancer, cervical cancer, etc., reducing the life expectancy and increasing the death rate. The increasing cost of medical treatment is a significant reason to have adequate financial planning. Term insurance for homemakers with add-on riders can provide additional funds to help pay medical expenses in case of critical illnesses.
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![Reasons To Buy Insurance Plans Online | Tata AIA Life Insurance]( "Helps in Retirement Planning | Reasons To Buy Insurance Plans Online")
Planning Investments
The lump sum death benefit from the term plan for a housewife can be utilized by the nominee for investing in various financial investments that can help them accomplish future financial goals such as retirement planning, child's higher education, etc.,
Features of a Term Insurance Plan for Housewives
Term insurance for a housewife in India provides various features. Knowledge about these features can help maximize the financial benefits.
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![Claim Settlement Ratio - Money Bag - How to choose a Term Insurance Plan?]( "Claim Settlement Ratio - How to choose a Term Insurance Plan?")
Higher Life Coverage
A term insurance plan for a housewife can provide huge life coverage compared to other financial investments. The family can calculate the required sum based on their financial needs. For example, one can evaluate the expenses required to be managed in the absence of the policyholder, account for the inflation rate and choose the required life cover. The lump sum death benefit will help the family pay for the expenses and reduce the financial crisis in the absence of the housewife.
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![Good choice of optional riders - How to choose a Term Insurance Plan?]( "Good choice of optional riders - How to choose a Term Insurance Plan?")
Affordable Premium
Term life insurance for a housewife is available at an affordable premium rate. In addition, our Tata AIA Sampoorna Raksha Supreme (A Non-Linked Non-Participating Individual Life Insurance Plan (UIN:110N160V03)) term insurance plan provides a lower premium rate for term insurance for women. Furthermore, if the term plan for the housewife is purchased early in her life with a longer policy term, the premium becomes even more affordable. It is because, at an early age, the probability of having a serious illness that can cause death is less, reducing the life risk and further the premium.
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![Adding a good critical illness cover - How to choose a Term Insurance Plan?]( "Adding a good critical illness cover - How to choose a Term Insurance Plan?")
Add-On Riders
Optional riders are one of the most important features of term insurance for a housewife in India. There are different types of add-on riders. For example, At Tata AIA, we provide add-on riders^ such as Tata AIA Vitality Protect - A Non-Linked, Non- Participating Individual Health rider (UIN:110B046V01) and Tata AIA Vitality Health - A Non-Linked, Non- Participating Individual Health rider (UIN:110B045V01) for financial assistance during a critical illness, terminal illness, disability, etc. The benefit can be provided as a lump sum or fixed regular income for a defined period or as a combination of the lump sum and regular income.
The fund can be used to pay for hospitalisation and medical expenses if the housewife is affected due to a critical illness, terminal illness, etc. This financial benefit is in addition to the life cover and is available anytime during the policy tenure. -
![Opt for lower premiums - Badge - How to choose a Term Insurance Plan?]( "Opt for lower premiums - How to choose a Term Insurance Plan?")
Flexibility
Flexibility is an important feature in the term insurance for women. It helps in customizing the product based on individual financial requirements. For example, the sum assured can be increased at different milestones in life, premiums can be paid for a limited term or regularly throughout the policy tenure, payouts can be received as a regular income for a defined period, etc.
Benefits of Purchasing Term Insurance for Housewives
Term insurance for a housewife in India provides certain benefits based on the Income Tax Act of 1961.
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Income Tax Benefits
Investing in term insurance can provide the following tax# benefits.
Section 80C - The premium paid for the term insurance policy will qualify for a tax benefit under Section 80C of the Income Tax Act, 1961, up to ₹1,50,000.
Section 10(10D) - The payouts received from the term insurance, such as the death benefit and the maturity benefit, will qualify for the tax exemption benefit under Section 10(10D) of the Income Tax Act, 1961.
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Facilitate Future Goals
The family can utilize the payouts received from the term insurance for the housewife to accomplish future goals, such as starting a new business, purchasing a new car, etc., by clearing off debts and other liabilities. In addition, the fund can also be invested in different financial investment options to create wealth in the long term.
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Long-Term Financial Protection
The term plan for a housewife can be purchased for a longer policy tenure ensuring financial protection for the family at any time.
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Return Of Premium Option
A term insurance policy also provides the return of premium option wherein the paid premiums will be refunded by the insurer subject to the policy conditions as a maturity benefit to the policyholder.
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Securing The Future Of The Children
The financial benefit from the term plan for a housewife can help pay for her child's higher education, plan for their marriage, etc., to ensure a secure life without experiencing a financial crisis for their development.
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Online Support
With the advancement in technology, an individual can access the different term insurance policies, compare their features, and choose the best online term plan for a housewife. Also, purchasing the term insurance, paying the premium, filing a claim request, etc., is simplified and extremely cost-effective.
Know More about our Best Selling Term Insurance Plan – Tata AIA Sampoorna Raksha Supreme
A Non-Linked Non-Participating Individual Life Insurance Plan (UIN:110N160V03)
TATA AIA
Sampoorna Raksha Supreme
Key Features:
A comprehensive plan that gives your premiums back**
Increase life cover at important milestones
Get financial protection till 100 years^^ of your age.
Save Income Tax# up to 46,800++
Enhance your protection with optional riders^
Types of Term Insurance for Housewives
There are different types of term insurance plans for housewives. The choice of the term insurance plan can be based on the individual family's financial needs.
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![Benefits of Buying a Life Insurance Plan Online | Tata AIA Life Insurance]( "Compare plans easily | Benefits of Buying a Life Insurance Plan Online")
Level Premium
In term insurance with a level premium, the premium will remain constant throughout the policy tenure. It is not subject to age with the increase in age or other related factors.
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![Benefits of Buying a Life Insurance Plan Online | Tata AIA Life Insurance]( "Transparency Process While Buying Insurance Online | Benefits of Buying a Life Insurance Plan Online")
Increasing Term Insurance
In an increasing term insurance plan for a housewife, the sum assured, and the corresponding premium will increase at different milestones in their life, such as when they are blessed with children, plan for their child's higher education, etc.,
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![Benefits of Buying a Life Insurance Plan Online | Tata AIA Life Insurance]( "Pay Premium Amount As Per Your Convenience| Benefits of Buying a Life Insurance Plan Online")
Decreasing Term Insurance
In decreasing term insurance, the policyholder can decrease the sum assured based on the changing family conditions. For example, suppose the children are well settled and planning to take up the responsibilities of clearing off the family's debts. In that case, the sum assured can be reduced, resulting in reduced premiums.
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![Benefits of Buying a Life Insurance Plan Online | Tata AIA Life Insurance]( "Pay Premiums Online | Benefits of Buying a Life Insurance Plan Online")
Term Insurance with The Return Of Premium
If the objective of purchasing term insurance for a housewife is to ensure financial security while saving funds for the future, term insurance with the return of premium is a suitable option. It can refund the premium paid for the term insurance policy as a maturity benefit subject to the policy conditions.
Factors to Consider Before Choosing a Term Insurance for Housewife
Before purchasing a product, it is important to consider certain factors to decide on the best term insurance for a housewife.
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01
Sufficient Sum Assured
It is important to evaluate the family's financial needs and decide on the required sum assured. For example, the family can consider loans and liabilities, future money goals such as retirement, a child's education, etc. The payout should be sufficient to manage the financial crisis in the event of the unexpected demise of the housewife. -
02
Health Condition
Considering the housewife’s health condition and her family’s medical history can help the family determine if a health rider is essential. -
03
Affordability
Based on the sum assured and the required policy term, the family can calculate the premium for the term insurance and its affordability considering the current and future family expenditures. At Tata AIA, we provide the Tata AIA Term Plan Calculator to determine the affordable premium based on the family's financial needs. -
04
Claim Settlement Ratio
Considering the reliability of the insurance provider is critical to ascertain the financial benefits at the right time. Compare the claim settlement ratio of the insurance providers to evaluate their service and efficiency in settling the claim requests.
Conclusion
Term insurance for a housewife in India is an important financial investment considering the increasing family financial needs and emerging health complications. A term insurance policy can satisfy financial needs and provide various benefits in addition to life coverage. There are different types of term insurance for housewives with flexible features. Therefore, it is essential to understand the financial requirements, compare the different products and choose the best term insurance for a housewife.
Looking to buy a new insurance plan?
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Frequently Asked Questions
What is the maximum age to purchase term insurance for a housewife?
The maximum age to purchase the term plan for a housewife can range between 60 and 65 years based on the term plan option and the insurance provider's eligibility conditions.
Does a term plan provide accidental coverage for a housewife?
Yes, term life insurance for a housewife can provide accidental coverage if optional riders^ are purchased. However, to increase the death benefit due to an accident, the policyholder can avail of the add-on rider^ that covers accidental death. The rider will provide additional funds in case the unexpected death of the policyholder is due to an accident.
Is the employment status of my spouse significant while purchasing the term insurance?
The employment status of the person purchasing the term policy and paying the premium is insignificant. Therefore, if you are buying term insurance for your housewife, her employment status is irrelevant.
Can a non-salaried person purchase term insurance?
A term insurance plan cannot be purchased without submitting a valid Income proof. This is required because the insurance company will decide the premium amount and the sum assured basis the premium payment capacity of the purchaser. For non-salaried individuals, the income proof can be submitted as ITR Filing document.
Is the term insurance premium rate less if purchased for a couple?
Yes, the term insurance premium is less if purchased as a joint term insurance for a couple than two separate term plans for the husband and wife.
Can I include the life cover for my wife in the existing term insurance plan?
Including the life cover for your wife in the existing term plan will be based on the insurer's policy conditions.
What is a joint-term insurance plan?
A joint term insurance plan is a life insurance plan that provides financial coverage to the two policyholders, the husband and wife. In case of the death of one of the life insured, the other surviving partner will receive the death benefit.
What is the importance of riders in a term insurance plan?
Riders^ in a term insurance plan provide additional financial benefits during specific scenarios, such as when the policyholder gets affected due to a critical illness, terminal illness, total and permanent disability, etc. For example, the rider for the critical illness benefit will provide financial support to manage the medical expenses if the policyholder gets affected due to a critical illness. Therefore, it is an additional benefit apart from the life cover.
How do you choose the best term insurance plan for a housewife?
Choosing the best term insurance plan for a housewife is based on the family's financial requirements.
Determine the financial needs considering the loans and liabilities, future financial commitments, etc.,
Consider the housewife's health condition and the family's medical history to determine if a rider^ is required.
Find the affordable premium based on the current financial commitments and the policy tenure required.
Compare the different term insurance plans based on their features and cost to determine the best product to help satisfy the financial requirements.
Are housewives eligible for purchasing term insurance coverage?
Term insurance cannot be purchased by an individual who is not employed or does not have a steady flow of income. However, term insurance can be purchased on behalf of the housewife by the husband. Therefore, the housewife will be the policyholder, and the husband will pay the premiums.
Can a husband purchase term insurance for his wife?
Yes, a husband can purchase term insurance for his wife. In this case the husband will be the policyholder and the wife will be the life assured.
Can a husband and wife be covered under one term insurance plan?
Yes, a husband and wife can be covered under one term insurance plan. It is referred to as the joint term insurance plan.
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Disclaimer
The complete name of Tata AIA Sampoorna Raksha Supreme is Tata AIA Life Insurance Sampoorna Raksha Supreme (UIN:110N160V03) - A Non-Linked Non-Participating Individual Life Insurance Plan
**Under Life Plus Option, an amount equal to the 105% of the Total Premiums Paid (excluding loading for modal premiums) shall be payable at the end of the Policy Term, provided the life assured survives till maturity and the policy is not terminated earlier.
^^Applicable for specific plan options. Please refer brochure for additional details.
^Rider is not mandatory and is available for a nominal extra cost. For more details on benefits, premiums and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/ branch.
Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider (UIN:110B033V02 or any other later version) - A Non-Linked, Non- Participating Individual Health Rider, Tata AIA Life Insurance Non-Linked Comprehensive Health Rider (UIN: 110B031V02 or any other later version) - A Non-Linked, Non- Participating Individual Health Rider, Tata AIA Vitality Protect (A Non-Linked, Non- Participating Individual Health rider (UIN:110B046V01), Tata AIA Vitality Health (A Non-Linked, Non- Participating Individual Health rider (UIN:110B045V01) are available under this plan
Vitality is a trademark licensed to Tata AIA Life by Amplify Health Assets PTE. Limited, a joint venture between Vitality Group International, INC. and AIA Company Limited. The assessment under the wellness program shall not be considered as a medical advice or a substitute to a consultation/treatment by a professional medical practitioner.
#Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
++Tax benefits of up to ₹46,800 u/s 80C is calculated at highest tax slab rate of 31.20% (including cess excluding surcharge) on life insurance premium paid of ₹1,50,000. Tax benefits under the policy are subject to conditions laid under Section 80C, 80D,10(10D), 115BAC and other applicable provisions of the Income Tax Act,1961. Good and Service tax and Cess, if any will be charged extra as per prevailing rates. The Tax Free income is subject to conditions specified under section 10(10D) and other applicable provisions of the Income Tax Act,1961. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
This plan offers pure risk premium option under Life Option and return of premium benefit under Life Plus Option along with other benefits. Please refer sales brochure for complete details.
This product is underwritten by Tata AIA Life Insurance Company Ltd. This plan is not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.
Insurance cover is available under this product. For more details on risk factors, terms and conditions please read Sales Brochure carefully before concluding a sale.
In case of sub-standard lives, extra premiums will be charged as per our underwriting guidelines.
Buying a Life Insurance policy is a long-term commitment. An early termination of the policy usually involves high costs, and the Surrender Value payable may be less than the all the Premiums Paid.
This publication is for general circulation only. This document 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. This document 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 and this document is not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
- L&C/Advt/2022/Nov/2744
