Purchasing term insurance should be a priority for anyone who wants to financially protect their family in their absence. To ensure a family’s well-being and enhance financial security, it is suggested to buy term insurance for housewife even if the husband has term insurance. It will provide an additional layer of financial coverage that will take care of day to day needs of your children and other members when you are not around.
The term “working” has always been associated with someone making money. However, a homemaker who stays at home and manages all household responsibilities work more than someone doing a 9-to-5 job. Hence, both the working spouse and the non-working spouse are equally important and need a term plan that can cover the financial aspect of the loss of a family member.
IRDAI does not allow a non-working individual without income proof to have term insurance but it allows a working spouse to buy a term plan for a non-working spouse. Addressing this situation, many insurance companies are now offering independent term insurance for housewives or non-working spouses.
Indiafirst offers 3 products under IndiaFirst term insurance category: IndiaFirst Life Guaranteed Protection Plan, Online term plan and IndiaFirst Life Plan. Let us discuss in detail IndiaFirst Life Plan.
It is a non-participating pure term plan that provides financial coverage for the family in the absence of the housewife. It offers a sum assured as a guaranteed death benefit to the nominee in case of the death of the insured during the policy term. The plan can be extended to include riders for critical illness, accidental death or disability, and income replacement at a nominal price. IndiaFirst life plan is essential to secure the lives of female homemakers as they have an entire family depending on them.
Here are the features of the IndiaFirst Life Plan for housewives.
The coverage amount for the IndiaFirst life plan for housewives depends on the coverage of the husband. The husband can propose coverage for his wife up to the coverage he has and not more.
A term plan for housewives is available at affordable rates. If you buy the plan at a young age, the premiums are further reduced.
The plan offers additional benefits for critical illness, accidental death or disability, etc. This helps in getting financial aid in any unforeseen event.
The plan provides lump sum payout and regular payout on a monthly, half-yearly or yearly basis as chosen at the time of purchase of the policy.
No medical examination is required before buying the policy.
This term plan does not offer any loan facility.
| Eligibility Criteria | Minimum | Maximum |
|---|---|---|
| Entry Age | 18 years | 60 years |
| Maturity Ag | N/A | 70 years |
| Policy Term | 5 years | 40 years |
| Premium Payment Option | Regular, and Single pay | |
| Premium Payment Mode | Single, Yearly, Half-yearly, and Monthly | |
| Sum Assured | As per underwriter’s discretion depending on husband’s life cover. | |
In addition to financial security, a term plan offers several other benefits such as;
Here are some important things to check before you buy a term plan.
To avoid under-insuring, it is crucial to calculate the right amount of coverage you need. With time, lifestyle changes, responsibilities and expenses increase and so does the cost of living. Considering all these factors plus your future needs, decide on a term plan that provides the right coverage.
Your responsibilities change with different life stages. So, consider your present life stage to calculate the amount you need to fulfil all your responsibilities. Also, how much you can invest in term insurance depends on your income and expenditure. It is always advisable to buy a term plan early in life because it is more affordable and you have few responsibilities plus you can claim additional coverage for upcoming life stages.
It is important to understand the policy you are purchasing, what benefits it offers at what cost, and how easy it is to file a claim. What additional coverage you can opt for. The sum assured, premiums to be paid, payment frequency, etc. should be checked thoroughly. Always read the policy document carefully to understand its terms and clauses.
After selecting a suitable term plan, request a quote for the premium for your desired sum assured and policy term. Add riders if you want and check the revised quote. Compare before you buy.
After getting the quote and cross-checking all the details, you can make a payment online and submit all the required documents. Once your documents are verified, your policy will be mailed to you.
IndiaFirst Life Plan can be easily purchased online through coverfox.com:
Term insurance is not purchased to fulfil the needs of the policyholder or life assured. It is purchased for the financial security of the dependents when the life assured is no longer with them. It also provides a financial cushion in case of a medical emergency or any unforeseen accident, thus protecting your investments. Whether a spouse is working or not, term insurance is a must as both the partners are the primary caretakers of the family and the absence of any one of them can cause a lot of financial strain.
What should be the tenure of my term insurance plan?
It is always recommended to opt for the maximum tenure in order to financially protect your family. Thus, you should opt for a tenure till when you have financial liabilities.
Does the premium amount change during the tenure of the policy?
The Premium amount remains the same 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.