Housewives is called homemakers for a reason. They transform a house into a home. Their efforts, love and care give a warm vibe to a house that makes it a home. Her absence, on the other hand, can exactly do the opposite. Realising the value of a housewife’s contribution to a household, insurance companies are now offering term insurance for housewives. Though it is impossible to replace her, financial protection ensures the smooth running of the household in her absence.
The role of a housewife is as integral as the role of the earning member in the family. As an earning member ensures that his family is well protected financially, even after he is not around. Similarly, it is very important that a family is well taken care of in the absence of a housewife. The impact of a housewife’s sudden demise or illness will put a substantial financial burden on the family in addition to emotional setbacks. The cost of replacing her services will add to the monthly expenses. Therefore, a term plan helps secure the lives of female homemakers and enhance the financial coverage of the entire family.
Kotak life offers a range of term insurance protection plans to suit your protection needs. These plans include Kotak Saral Jeevan Bima, Kotak Term Plan and Kotak E-Term plan. In this article, we will discuss Kotak E-term Plan in detail.
Kotak life's E-term plan is a pure risk cover plan that offers special premiums to women. It is an online pure term plan that offers a sum assured as a death benefit in case the insured dies during the policy term. The policy is available online for purchase. Therefore, no agents are involved, which makes it affordable with high coverage. Kotak term insurance also offers additional benefits like critical illness and cover for accidental death or disability.
Here are the features and variants of Kotak E-term plans;
Kotak e-term plan offers special rates for women and non-tobacco users.
An e-term plan offers insurance at low cost, which means high coverage at economical rates.
It offers 3 plans to choose from such as life option (death benefit), life plus option (death benefit+accidental death benefit) and Life Secure option ( death benefit+premium waiver on a permanent disability).
It offers multiple payout options such as
It offers additional coverage for critical illness, accidental death and total permanent disability.
| Eligibility Criteria | Minimum | Maximum |
|---|---|---|
| Entry Age | 18 years | 65 years |
| Maturity Ag | 23 years | 75 years |
| Policy Term | 5 years | 40 years or (75 years - entry age |
| Premium Payment Option | Regular, Limited and Single pay | |
| Premium Payment Term | Regular Pay: Equal to Policy Term
Limited Pay:
|
|
| Premium Payment Mode | Single, Yearly, Half-yearly, Quarterlyand Monthly | |
| Sum Assured | 25 Lakhs |
|
Here are the benefits you can avail of if you choose a Kotak term insurance plan.
Buying term insurance for housewives helps in financial planning and safeguards the family financially in case of an unforeseen event. It also helps build a corpus for the family's financial needs, such as children’s education.
Additional benefits offered by Kotak term insurance help during an emergency such as a critical illness or an accident; thus, it protects your investments which otherwise may get used while dealing with an emergency.
E-term plan offered by Kotak Life offers special rates for women, which makes it an affordable term plan. Also, no agents are involved because it is online, reducing costs.
Buying life cover for a spouse may get you additional tax benefits. Also, the death benefit received by the beneficiary is tax-free.
Before buying term insurance for housewives, you should check a few things.
Kotak E-term insurance can be easily purchased online through the Coverfox website.
With the high cost of living and increasing inflation rates, it is essential to have additional financial security. Additional security helps in covering all financial needs in any adverse situation. Hence, including housewives in the insurance umbrella is necessary for financial security and for covering the cost of managing the household and taking care of the family.
Can a non-earning housewife get term insurance?
Yes, a husband can buy a plan for his wife, who is not an active earning family member. He can propose a plan only up to the coverage he already has and not more. A housewife can buy term insurance either individually or in a joint term plan with her husband.
What benefits can I claim as a housewife after buying term insurance?
You can support your children’s education, and investments for future goals, prepare for emergencies like critical illness or accidents and avail tax benefits.
What are the eligibility criteria for buying a Kotak term plan for housewives?
Eligibility Details: Entry Age - 18 to 65 years, Maturity Age - 23 to 75 years, Policy term - 5 to 40 years, Sum Assured - 25 lakhs to No limit.
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.