According to census data, the percentage of women purchasing life insurance is still quite low as compared to men. However, their contribution to a family is quite significant even if they are homemakers and not an earning member. Hence, it is crucial to protect their invaluable and sometimes irreplaceable contribution. Term insurance for housewives ensures the financial stability of a household in her absence. Many insurance companies have come up with term plans which allow a husband to buy an independent term plan for his wife.
A term plan for a housewife is as important as a term plan for the earning spouse. Both are equally important for the well-being of the family and children. The absence of any one will affect the family emotionally and financially. Term insurance plans secure the lives of female homemakers and provide for the family. In the absence of a housewife, term insurance helps manage the added responsibilities and protects your investment by taking care of additional expenses.
ICICI term insurance plan is comprehensive and flexible term insurance that provides financial security to the dependents of the life assured in the form of the death benefit. You can customize the plan to include additional benefits like critical illness cover, accidental death cover or disability cover.
It offers special premium rates for life cover for women. It also offers cover for breast cancer and cervical cancer under accelerated critical illness benefits. ICICI Life Insurance offers:
Since we are talking about a specific term plan offered by ICICI Life Insurance, i.e. ICICI Pru iProtect Smart plan, here are the features of the same:
The term plan offers enhanced protection by providing coverage for death, terminal illness, and disability. It offers many benefits options to choose from, such as life, life plus, life and health, and all-in-one.
Provides riders with accelerated critical illness cover and accidental death benefits.
It offers special rates for women and non-tobacco users.
The policyholder can select how to receive the sum assured as a lump sum amount, as a monthly income for 10 years or a combination of both.
You can choose the premium payment option as a single payment, regular payment throughout the policy or limited payment.
Offers tax benefits on premiums paid and the benefits received per the applicable tax laws.
| Eligibility Criteria | Minimum | Maximum |
|---|---|---|
| Entry Age | 18 years | 65 years |
| Maturity Ag | N/A | 75 years |
| Policy Term | 5 years | 99 years |
| Premium Payment Option | Regular, Limited and Single pay | |
| Premium Payment Term | Regular Pay: Equal to Policy Term
Limited Pay:
|
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| Premium Payment Mode | Single, Yearly, Half-yearly, and Monthly | |
| Sum Assured | Subject to minimum premium | No Limit |
You can choose any term plan offered by ICICI life insurance, as per your requirement. Here are the common benefits that you can avail yourself:
ICICI term insurance for housewives is cost-effective due to low premium rates and provides added financial security in addition to the husband’s term plan. The additional cover further helps take care of the family’s financial needs.
Since female organ cancer cases are on the rise, the plan has a critical illness benefit which covers cancers like breast cancer and cervical cancer. This can benefit women, especially those with a family history of such diseases.
Buying life cover for spouse help in getting additional tax benefits. Also, the death benefit received by the beneficiary is tax-free.
Riders like accident cover offered by ICICI term insurance help during an emergency such as an accident, and thus it protects your investments which otherwise may get used while dealing with an emergency.
Before buying term insurance for housewife, you should consider a few things.
ICICI term insurance can be easily purchased online through coverfox.com:
With increasing inflation rates and the high cost of living, it is essential to have additional financial security. Purchasing term insurance for housewives doubles the security net, which helps in covering all financial needs in any adverse situation. Hence, including housewives in the term insurance umbrella is necessary for financial security and for covering the cost of managing the household and taking care of the family. However, if you plan to buy a plan for your wife, who is not an active earning member of the family, then you can propose a plan only upto the coverage you already have and not more.
Can a non-earning housewife get term insurance?
Yes, A housewife can buy term insurance either individually or in a joint term plan with her husband. However, the coverage can be taken only upto the spouse's coverage amount and not more.
Does the premium amount change during the tenure of the policy?
The premium amount does not change throughout the policy. The only change that can occur is in the service tax regulations as per the government.
Is it possible to increase the sum assured of my term plan?
The sum assured can be increased at different life stages, such as marriage, childbirth, etc., depending on the terms and conditions of the policy.
Are there any deductions in the term plan?
Yes, you can claim tax deductions for premiums paid under section 80C of the Income Tax act. The sum assured payable to the beneficiary is also tax-free.