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Being a housewife may seem like an easy job, but it is as critical as any earning member of the family. From doing all the household work to taking care of the family and looking after their requirements, a housewife does all the work. But has anyone ever thought about: What will happen if the housewife is not there to take care of your family? It definitely going to impact the family members mentally, emotionally and also financially.
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Note: Know more about what is term insurance first before reading this article.
In such cases, can a homemaker be eligible to buy a term insurance plan for the security of her loved ones? Canara Term plan is the purest option for a housewife if you wish to buy a term plan. It provides you with good returns at low premium prices. Let’s discuss Canara Term Insurance for Housewife in detail:
Canara HSBC OBC Life Insurance Company, one of the leading insurers, is a joint scheme between HSBC Insurance Holdings Ltd, Canara Bank, and Punjab National Bank. Canara offers an extensive range of term insurance plans that promise to achieve the customer’s needs. Canara Term Insurance Plans come with whole life coverage options along with the increasing cover at key milestones of life and in-built options. It is the safest and purest form of life insurance that one can buy for themselves and protect the family’s future in case of their unforeseen demise. In the case of the unfortunate death of the homemaker, the family goes through mental, financial, or emotional trauma. Canara HSBC OBC offers a Term plan for Housewives that can support their children’s education expenses, loans, liabilities, and health expenses in case of an unforeseen event.
Let’s understand this with the help of an example:
Mrs. Rao, a homemaker, loves to stay at home and takes care of the family. She looks after everything in the family –kids and their education, house expenses, laundry, food, and other things which are needed to keep a house in order. While she takes care of all the household work, her husband Mr. Rao works hard in a company to make sure that there are sufficient funds for the family. But now she has started thinking that can a housewife buy a term plan? Isn’t it important to buy term insurance for a housewife? What would happen if Mrs. Rao passes away? This is where term plans come to the rescue. If she buys term insurance, then upon her death, there will be sufficient money through which the family will not face any financial difficulty in the future.
Term Plans
Following are the reasons which highlight the importance of a term insurance plan for you and your loved ones:
You can easily buy an online plan at low premium prices. Term insurance plans are very much inexpensive and can provide value for money. The early you buy a term plan, the lower will be its premium amount, this means that the premium increases with an increase in age.
You can purchase a high life cover at low premium rates. This is majorly because a term policy is a pure protection plan with no component of investment. The whole premium is invested towards the life cover that is paid to the nominee in case of death during the policy tenure.
Canara Term insurance for housewives offers tax savings benefit u/s 80C of ITA, 1961. However, this act also provides you additional exemptions on tax if you buy a term plan for your spouse, kids, or parents (dependent). So, when you opt for a Canara term plan for a housewife, you can save taxes while offering financial security for your loved ones. The death benefits of your term plan will also be free of taxes as per section 10(10D).
The term insurance plan provides various extra term insurance benefits apart from providing life protection. One can attach or add riders like permanent disability, accidental death, or critical illness which can enhance the coverage of your base plan.
One of the clauses that everyone faces sometimes while insuring their spouse is the need to have term insurance from the same insurance company. Other term plans such as iSelect Smart360 Term plan from Canara HSBC OBC Life insurance, permit you to involve your spouse in the same plan.
Canara iSelect Smart360 Term Plan provides financial protection ensuring that in case of unforeseen death of the policyholder, the family still can fulfill his/her financial requirements. The policy would pay a regular income or lump sum amount at the covered event of the policyholder. It also offers extra coverage to choose from. The plan comes with the flexibility to buy cover as per your requirements and make sure that the dreams of your family should be fulfilled.
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| Criteria | Details |
| Plan options | Life Secure Life Secure with income Life Secure with Return of Premium |
| Entry Age | 18 -65 years |
| Maturity Age (Max.) | 99 years |
| Minimum Policy Term | Life secure: 5 years Life secure with income: 65 years minus entry age Life secure with Return of Premium: 81 years |
| Maximum Policy Term | Life secure with income: 81 years Life Secure with ROP: 81 years |
| Premium Payment Term | Life Secure: Single Pay, Regular pay, and Limited pay options Life secure with income/Life secure with ROP Regular pay and limited pay option |
| Premium Frequency | Yearly/Bi-yearly/Quarterly/Monthly/Single |
| Sum Assured | Minimum: Life Secure: 25 Lakhs Life Secure with income/Life Secure with ROP Critical illness Sum assured: 5 Lakhs Maximum: No Limit |
Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.
Life coverage is available till 99 years
Policyholders have the option of receiving a return of total premiums paid during ‘no claim’
In case of occurrence of Accidental total and permanent disability and diagnosis with covered critical illness, no future premiums are paid.
Option of child care benefit that offers additional sum assured till child acquires the age of 21 years.
The plan has the option to block the premium amount at policy commencement and enhance cover up to 100 percent of the base sum assured amount in the next coming five years.
Option to increase cover with accelerated terminal illness benefit
Option to opt for steady income option on acquiring 60 years
Tax savings benefit may be applicable as per the prevailing laws
A spouse can also be covered in the same plan at an extra discounted rate
Yes, Housewives should opt for a term plan. With an increase in health problems such as PCOD, breast cancer etc. a term policy can be a requirement in these times. Term plans with rider options such as critical illness benefits can also help housewives provide coverage for medical expenses. In addition to this, there are various term plans such as traditional term plans, TROP (Term insurance with return of premium), etc. So plan offers a comprehensive range of selections to choose from.
Canara Term insurance plan offers unique paybacks for housewives and their loved ones. The term insurance plan offers a high SA amount at low premium rates. The method of paying premium is quite flexible and can be used according to the preference of the nominee and the requirement for funds. Overall, term insurance can be a good monetary addition for any family.
Note: Check out the term insurance plan in India and choose one that suits your requirements.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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