Life insurance policies according to the consensus are only for people who are earning. After all, only they will need a suitable income replacement, if something untoward happens in their employment scenario. While this may have been true, until some time ago, today the perception is changing and quite FAST! A number of enlightened individuals are now selecting proper life insurance covers including their homemaker spouse.
Women who have chosen family over profession, and dedicate their lives in the best interest of children, husband, or parents deserve financial stability too! If the breadwinner is no longer there to save the interests of his life partner, the insurance cover will at least soften the blow to a certain extent. As people become more sensitive to the plight of women in the family, insurance companies are quite happy to fulfill the requirement with customized policies.
Insurers such as Aegon Religare maintain that homemakers too have an economic value in the house, even if unsubstantiated with income tax payments or pay slips. The logic behind this mindset is that if women of the household start working, the expenses of the family will increase, as they will need to employ somebody to fit in the role. An employee costs money and it's time to view homemakers from a similar viewpoint. At least, the NEW AGE insurers are doing just that!
Here below are some insurance policies designed specifically for women that reflect this change in the outlook.
Aegon Religare Term Online Policy
This term policy online from Aegon Religare for women comes with ceiling of INR 1 Crore. For any cover over INR 30 Lakhs you will need to undergo a medical checkup to be eligible for the plan.
Bajaj Allianz policy covers for critical illness
Eight different women specific critical illnesses are covered in this plan. It includes paralysis or cancers of fallopian tube, ovaries, breasts, vagina, cervix, and uterus. The premise behind this cover is that women have to incur huge expenses and even leave employment due to such life changing diseases, hence the need for protection.
HDFC Woman Smart Life ULIP
This plan from HDFC has features similar to your regular Unit Linked Insurance Plans with certain changes incorporated to meet the needs of women. Life altering key events in the life of a woman are covered within this plan such as childbirth, spousal death, or critical illness.
Women for example can stop premium payments for three years in case of difficult pregnancy, female-specific malignant cancer, spousal death, or the birth of baby with congenital defects. However, compared to the mutual funds this plan is more costly.
Health insurance cover for women is an absolute essential; whether one is a homemaker or professionally engaged. Often, they even tend to go without treatment simply in the absence of a proper plan to cover the financial liabilities involved. Tata-AIG is hoping to change this with its insurance policy for the purpose. It combines critical illness with hospitalization benefit. Besides payment of a lump sum for 11 specific illnesses as cancer, kidney failure, heart attack, and stroke, the plan also offers benefits of daily cash upon hospitalisation.
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