Written by
Kriti Arora
Insurance Writer
Kriti is a content marketing and branding expert with more than 13 years of rich experience across BFSI and Telecom industries. She is currently leading Digital Creative Strategy for Axis Max Life Insurance.
Reviewed by
Vaibhav Kumar
Insurance Expert
With over 15 years in life insurance, Vaibhav is a recognized products and digital leader for driving innovation at Axis Max Life. He's played a pivotal role in developing new business lines and implementing successful D2C strategies.
Term insurance for housewife is a type of life insurance where the housewife is the life insured and the policyholder is typically the male spouse. In the case of such a policy, the sum assured is typically paid to a nominee other than the spouse, if the life insured person passes away during the policy tenure. Timely premium payments are required to keep this type of policy in force, just like any other type of term insurance policy. Also, the premium of a housewife term insurance is lower than a similar term insurance plan offered to a male applicant as women are offered preferential lower rates compared to men applicants with similar profile.
A term insurance plan is undoubtedly essential for housewives for the following reasons:
Given the rising incidence of diseases among women, such as PCOS (polycystic ovarian syndrome), breast cancer, and other diseases/illnesses, housewives may require a term insurance policy to guarantee their family are financially secure in the event of the unexpected death of a key family member.
The most suitable term insurance plan for housewives can give a guaranteed cover amount to aid the nominees with expenditures such as educational pursuits and ongoing loans. It fosters your financial planning by providing the beneficiary/nominee a guaranteed sum to cover vital expenditures. It is appropriate in terms of providing a corpus for your family members in your absence.
Now that we have established why term insurance for housewife is required, here are some tips that can help you pick a term insurance for housewife:
The last thing you would want is to choose a cover that is inadequate to meet your financial requirements. Therefore, it's essential to go for a term insurance plan for housewife that offers financial coverage you need.
To ensure that, it's highly recommended to go through your financial plans. Know how much savings you have and how much more you need. At the same time, keep a track of your present expenses, and anticipate your future expenses.
Decide an adequate coverage amount accordingly. As a thumb rule you can consider the cover amount to be 3 to 5 times of the husband’s annual salary.
The Claim Settlement Ratio is an important factor that you need to consider while buying term insurance. Claim settlement ratio is calculated by dividing the number of insurance claims settled by the number of insurance claims received by the insurer. Ideally, you should go for an insurer with a high claim settlement percentage.
Axis Max Life Insurance has a claim settlement ratio of 99.65% (Source: Individual Death Claim Paid Ratio as per Audited Financials for FY 2023-2024).
There are different types of term plans available; namely – Increasing Term Insurance, Decreasing Term Insurance and Return of Premium plan. As these plans offer you different features, you have to choose the one that suits your requirement and financial goals the most.
The latest India Protection Quotient 6.0 survey conducted jointly by Axis Max Life Insurance and Kantar recorded an increase in the Knowledge Index of Indians regarding life insurance. In IPQ 6.0 this Knowledge Index was recorded at 61, which indicates a 4 points increase from the previous year IPQ 5.0 score of 57. This can become a key driver for term insurance sales in India over the coming years.
Below are some key factors to consider when trying to identify the term insurance plan that is ideally suited to the needs of housewives:
Below are some key features that distinguish term insurance plans tailored for housewives from regular term plans:
If a policyholder wishes to increase their policy benefits and coverage, they have the option of buying term insurance riders with their basic term plan for housewives. Although insurance riders vary with the insurance companies, here are the most common term insurance riders available with term insurance for housewife:
There are different types of term insurance plans for housewives. Here are the types in brief:
TROP is the type of term insurance for housewife pays back the premium paid by the policyholder if the insured survives the policy term.
This term insurance plan for housewives gives the policyholder the option to increase the policy coverage during the term plan. This type of plan is ideal for policyholders who wish to increase their policy cover as their income rises and also for those who wish to.
This type of term life insurance offers a sum assured that decreases at a set rate. The basic idea of this type of term life insurance plan for housewives is that as individual ages, their liabilities decrease, the need of a higher sum decreases.
With the recent rise in women-specific health concerns and the increasing stresses of day-to-day life, it is of utmost importance to get yourself, as a housewife, a suitable term insurance plan. After all, even without seeking any payment, as a housewife, you are managing multiple activities on a daily basis.
Whether it is taking care of the family meals, managing house help, decluttering the house or allocating the family budget, as a housewife your responsibilities are numerous. As a result of this busy lifestyle and its inherent stresses, there is growing occurrence of illnesses like poly cystic ovary disease (PCOD), breast cancer, ovarian cancer and mental depression, to name a few.
While we can and should try our best to stay clear of such health-related issues, the risk of contracting a critical or terminal illness is always there. Therefore, it is best to safeguard your family with a suitable term insurance plan. While a financial pay-out can never be a replacement of your value as a housewife, this can at least provide the family with some financial assistance in your absence. That's why, it is imperative that as a housewife, you should get yourself a fitting term insurance plan.
Selecting an adequate sum assured in case of housewife is crucial and depends on various factors. Below are some of the sum assured options you can avail. Click on the preferred option and check on further details.
Disclaimer: %*Standard daily premium for 24-year old healthy male, non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Axis Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V07). ARN: C/SA/280125
Axis Max Life offers the term insurance plan for housewives, which does not require husband’s income proof (subject to applicable terms and conditions) along with key benefits like:
The process to buy a term insurance plan for housewife from Axis Max Life is easy and hassle-free as mentioned below:
1. To begin with, you have to determine how much coverage you require. This may depend on both your family's future financial demands and your existing financial situation i.e. affordability. With Axis Max Life, you may choose from a range of policies that offer a number of easily understandable coverage options to get the ideal term insurance plan for a housewife.
2. Next, compare the different plans offered by Axis Max Life Insurance along with their key features. Once you've decided on the plan that best suits your needs, fill out Axis Max Life's online application form. The application procedure involves basic personal information such as your name, address, contact details and date of birth. You will also be required to provide information about your health status, lifestyle habits, and any current medical concerns. Axis Max Life will use this information to evaluate the risk and calculate the premium based on inputs provided by you.
3. After submitting the application, Axis Max Life will analyse it and issue a quotation. You can then select whether or not to proceed with the plan being offered. If you want to proceed, you will be required to pay the premium in order to start the process of purchasing the term plan. Once the payment is paid, you will receive a confirmation. Post the premium payment, the verification process as well as the medical testing will occur and you may be required to submit key documents as per applicable underwriting criteria. If everything falls in place, you will receive your policy document after which, your policy will be activated and you can begin to reap the benefits of the plan chosen.
Axis Max Life also offers comprehensive customer service, so if any problems or issues arise during the purchase process you can easily get in touch with an insurance expert to get your issue resolved. By following the steps indicated above, housewives can get a term insurance plan from Axis Max Life and enjoy the protection and peace of mind that it brings.
ARN NO: PCP/TIHW/220124
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Read More“Subodh Mishra helped me a lot in getting the money. He personally collected the documents and helped me at every step. I am extremely thankful to him and I would like to buy another Axis Max lIfe policy in future”
Subodh Mishra
“I already have a policy and buying this was a nice experience.This is according to my requirement. Completely satisfied with details shared by customer care executive before purchasing the policy.”
Gaurang Kumar Pawar
“I visited Amritsar branch after the demise of my son. My family was not left with a single penny and it was getting impossible to make the ends meet. Vinay Sharma gave me the right direction and helped me at every step to receive the claim amount and gave a source of income to my family. I thank him and bless him from the bottom of my heart.”
Vinay Sharma
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