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Term insurance protection for your housewife means an extra financial benefit for you and your kids, allowing everyone to grieve for their loss in peace. IndiaFirst Life Insurance has come out with the IndiaFirst Life Plan that allows policyholders to add their non-working spouses to the cover.
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Note: Know more about what is term insurance first before reading this article.
Term Plans
Yes, the insurer offers term insurance cover to housewives under its IndiaFirst Life Plan. This is a pure risk plan which means that if the life assured survives the policy term, no benefit shall be paid to you or your wife. However, the plan offers a lot of flexibility to the policyholder to customize different features.
The contribution of housewives to a household is so much more than just financial. While money cannot compensate for the loss of such an important person, term insurance for your spouse can provide an extra layer of protection. On the death of your wife, you can use the proceeds from the term life cover to add to your income and finance important milestones. You can use the IndiaFirst term insurance plan for housewives to fulfill such needs.
This is a term insurance plan that offers life cover to the policyholder for a maximum period of 40 years. The assured sum is paid to the nominees on the death of the life assured (the non-working spouse in this case) within the coverage period.
The coverage amount is fixed at Rs. 10 Lakhs.
The husband should have a life cover of at least Rs. 25 Lakhs to buy this policy for his spouse.
Premiums can be paid regularly on a monthly, half-yearly, or yearly basis. You can also choose to pay the premium amount as a lump sum.
A physical medical examination is not compulsory.
Should you choose to cancel the policy, you can do it within 30 days of policy issuance to get a full refund.
Loan benefit is not applicable under this plan.
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| Criteria | Minimum | Maximum |
| For the Housewife | ||
| Maturity Age | NA | 70 years |
| Policy Term | 5 years | 38 years |
| Education Qualification | 12th Pass (if the policy term is above 20 years) | Graduate and above (if the policy term is less than 20 years |
| Sum Assured | Rs. 10 Lakhs (fixed) | |
| For the Husband | ||
| Existing Life Cover | Minimum - Rs. 25 Lakhs (from any insurer) | |
| Annual Income | Minimum - Rs. 4 Lakhs | |
Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.
The documents mandatory to buy the IndiaFirst Life Plan for housewives are -
KYC documents of the housewife demonstrating proof of identity and address such as PAN card, Aadhar card, etc.
Income proof of the husband such as salary slips, income tax returns, etc.
This IndiaFirst term insurance plan for housewives does not cover the death of the life assured if it occurs as a result of a suicide attempt within the 1st year of the policy.
Note: You should also check the term insurance benefits if you are planning to purchase the term insurance plan.
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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