Housewives can most definitely get a life insurance, but not everyone is aware of this. A housewife manages the house everyday and takes care of the family with all her might. So if something unfortunate happens to the pillar of the house, it will take a toll on the whole household emotionally and also economically. There are limited term insurance plans available for housewives, but they can get life insurance policies like money back plans, endowment, pensions or ULIPs. Many life insurance companies provide tailor-made insurance policies for woman
Types of life insurance for housewives:
- Term insurance: Term insurance is a policy where the insurance coverage is offered without offering any maturity benefits at the end of the policy term.
- Endowment policy: In case of an endowment policy, the life insurance company will provide the beneficiary a lump sum maturity benefit in case the insured individual dies or on maturity of the policy, even if she survives the term.
- Money Back Plans: In this type of policy, the insured person will get a percentage of money at regular intervals, instead of getting a lump sum amount at the end of the term. This is also considered to be an investment plan.
- Unit Linked Insurance Plans: This policy provides beneficiaries both insurance and investment under a single integrated plan. A portion of the premium paid by the policyholder is utilized to provide insurance coverage to the policyholder and the remaining portion is invested in equity and debt plans like mutual funds. The policyholder can choose the investment plan as per their risk appetite.
Additional Reading: What Are the Different Types of Life Insurance Policies?