Decoding Insurance

Giving homemakers their due with independent term insurance plans

Breadwinners of a family are often advised to invest in life insurance because their loved ones depend on their income. But what about their better halves who do their part while staying at home - the homemakers? The value added by a homemaker to a family is monumental. Last year, the Supreme Court of India recognized the “problematic conception that housemakers do not work, must be overcome.”The court added that the economic significance of a homemaker’s unpaid domestic chores must not be undermined. It was necessary that this long-overdue change should extend to the life insurance industry as well. 

To make financial protection accessible, Max life Insurance and Policybazaar collaborated to empower homemakers with an option to get term insurance independent of their spouse’s term insurance policy. Under this plan, consumers with a family income of at least 5 lakh per year will be eligible to buy this. Homemakers between the ages of 18 and 50 will be able to choose from a variety of plan options, including mortality and all rider benefits. Additionally, the homemakers have the option of choosing a nominee so that in case of her sudden demise the family can continue paying expenses like child’s education, loans, daily expenses etc and stay financially secured.   

To sum up, providing a term plan to homemakers is a big step towards financial inclusion for women as it allows women to buy insurance and secure the lives of their loved ones, and have peace that their family can carry on with their financial needs in case they are not around. Hence, it is Important to have term  insurance as part of your financial portfolio. 

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