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Gone are days when only men were considered the sole earners of the family. With an increasing number of women at work and as housewives, they are contributing to household expenses and taking care of their homes and family. This makes financial security a must for them too. One of the right ways to offer financial protection to loved ones even when you are not with them is through a term insurance plan for housewives.
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There are a number of insurers that offer term plans for housewives. One such company is ICICI Life Insurance.
Note: Know more about what is term insurance first before reading this article.
ICICI Term insurance plans help secure the lives of female homemakers, independent of the life cover of their spouse. Here are some points why every woman, including housewives, should consider this plan:
Term Plans
ICICI Prudential Life Insurance Company Ltd. is a joint collaboration between ICICI Bank Ltd. and Prudential Corporation Holdings Ltd. It offers effective term insurance plans that offers financial support to the loved ones of the policyholder in case of his/her unforeseen death. The term plans provide financial security to the nominee in case of disability, disease and death. It provides cover for a certain time period and if the life assured passes away during a policy tenure the nominee will receive the death benefit.
A term insurance plan is a financial product that secures the family’s objectives in the absence of life assured. Not many individuals understand this, but a housewife is responsible for most of the household work and her presence is irreplaceable. Following are the points why a housewife needs to buy a term insurance plan:
The increase in nuclear families simply means that most families consist of a wife, husband, and children. In case of your unfortunate death, the financial difficulties of your partner would increase significantly. With ICICI Term insurance for housewife, your family can get the insurance cover which can be used by your family to manage the extra responsibilities. This will make sure that your husband gets the much-required financial backing even in your absence.
Many couples opt for joint loans these days. In case of your absence, your partner will solely be responsible to pay back the loan amount. But with term insurance for housewives, your family can easily repay home or car loans when you are no more with them.
ICICI Term insurance offers protection against critical illnesses, in which the insurance company pays a lump sum payment to the life assured in case he/she is detected with some conditions like a heart attack or cancer. Regardless of whether you are a working woman or a housewife, this cover can secure your family members from the high medical bills that came because of the treatment.
Accidents can happen anywhere and anytime and such accidents could also result in permanent and total disability. ICICI Term insurance for housewife pay the premium amount in case of any type of impairment and ensures that you continue receiving policy profits without paying the premium amounts.
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ICICI Term insurance plan comes with the following term insurance benefits:
You can purchase a term insurance plan at affordable premium charges. Term plans are cost-effective. The early you buy, the lower will be its premium amount as the premium increases with age.
You can purchase a high-life cover at low premium rates. This is majorly due to the fact that term insurance is a pure protection policy and have no component of investment. The whole premium is invested towards the life cover that is paid to the beneficiary or nominee in case of death during the policy tenure.
You can attach or add riders such as permanent disability rider, critical illness rider, or an accidental death rider to enhance the protection of the base plan. For example, term riders like critical illness riders provide protection against the increasing costs of healthcare. Other term riders can also benefit their loved ones with higher payouts.
ICICI Term plan for housewives offers tax savings benefit u/s 80C of the ITA, 1961. Also, the ITA provides you additional exemptions on tax if you buy a term plan for your partner, kids, or parents.
You can save more money on taxes while offering financial security for your loved ones. The death benefit will also be free of taxes as per section 10(10D).
One plan that is suitable for housewives and is specially designed to provide assurance to your family member’s safety at premiums amounts that can easily fit into your budget is ICICI Pru iProtect Smart Term Insurance. Let’s discuss the plan in detail:
ICICI Pru iProtect Smart is a flexible and wide-ranging term insurance policy that safeguards your family members financially in case of your absence. This plan allows you to customize your plan by selecting from a comprehensive array of benefits. Also, it provides coverage for 34 critical ailments and also increases the cover for accidental death.
| Criteria | Minimum | Maximum |
| Age at Entry | 18 years | 65 years |
| Age at Maturity | - | 75 years |
| Policy Term | 5 years | 99 years less entry age |
| Premium Paying Term | Equivalent to Policy Term | |
| Premium Payment frequency | Single/yearly/half-yearly/monthly | |
| Minimum premium | Rs. 2400 | |
| Sum Assured | Subject to the minimum premium | No Limit |
Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.
Increased protection: The plan offers safety against disability and terminal illness
Comprehensive supplementary benefits: Option to select ACI (accelerated critical illness) and ADB (accidental death benefit)
Special rates: Plan provides special premium rates for women and non-tobacco consumers
Payouts: Choose to get the benefit amount as monthly proceeds for a time of ten years or as a single payment or as a blend of both.
Flexibility: Option to pay the premium once, for a limited period, or over the policy tenure
Tax Benefits: Get tax savings benefits on premiums paid and payouts received as per the prevalent laws of the Income-tax Act, 1961.
For women:
Special discounted premium prices for accelerated critical illness and life cover benefit
The plan covers female organ cancers like cervical cancer and breast cancer under ACI benefits.
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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