4 min read
Updated on Apr 24, 2023
If you’re a homemaker and feel that you don’t really need to buy insurance for yourself, well, it’s time to think again. In today’s uncertain times, everybody has a dire need and also the right to secure their future through insurance. And when we talk of a housewife, she surely has the need to secure the future of her family as well – those for whom she tirelessly works and cares about. In the event of an unfortunate mishap, who would support her family the way she can? While the absence of a homemaker is nearly impossible to substitute, term insurance for housewife can at least attempt to provide some financial assistance to her bereaved family.
In this post we talk about why term plan for housewives would make sense and also some of the best term insurance plans for housewives in India so that their loved ones have someone to look up to for support.
If you’re still not convinced, here are some concrete reasons why a term insurance plan for housewife is such a good idea:
Also Read: Reasons to Add Riders to Your Term Insurance Policy
Hope the above section helps to answer the question – “Can we take term insurance for housewife?” Now that you’ve assessed all the advantages of the decision and made up your mind, let’s look at some of the top plans of life insurance for housewife offered by some insurance companies in India.
|Name of the Plan||Term of the Policy||Entry Age Range for Housewives||Max Maturity Age||Minimum Sum Assured||Premium Paying Term for Policyholder|
|SBI Life Smart Humsafar||10-30 years||18 years minimum
46 years maximum
|65 years||Rs. 100,000||Annual, six-monthly, quarterly, and monthly payments|
|Bajaj Allianz iSecure||10-85 years (excluding entry age)||18 years min.
65 years max.
|85 years||Rs. 25,00,000||Annual, six-monthly, quarterly and monthly|
|Aegon Religare iSpouse||5-65 years||21 years min.
60 years max.
|65 years||Rs. 25,00,000||Annual and monthly|
|PNB Metlife Mera Term Plan||10-99 years (excluding entry age)||18 years min.
65 years max.
|99 years||Rs. 10,00,000||Annual, six-monthly, quarterly and monthly|
If you decide to go ahead with buying any of the term insurance plans detailed in the table above, it’s a good idea to first get a rough estimate of total premium payable on the policy. This would help you make an informed choice.
You can easily make this calculation within minutes by using the term insurance premium calculator online. It is a simple auto-generated response system that takes in some of your vital details such as Gender, Date of Birth (to calculate your age), Lifestyle Habits (such as tobacco/alcohol) and your coverage preference (in Rupees) for your chosen plan. Once you feed in this data, the calculator will give you an estimate on the premium amount payable for term insurance.
PayBima offers the facility of a term life insurance premium calculator. Visit its website for more details and also to know the specific term insurance plans for Indian housewives.
Also Read: Max Life Independent Term Insurance Plan for Homemakers
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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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