Aegon Life Term Plan For Housewife

Being a housewife seems to be easy but this job is as important as any other earning member of the family. From looking out for the children to managing the household chores, she bears complete responsibility. Nowadays, housewives or any women is no longer limited to household responsibilities and some are even the breadwinners of the family.

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Therefore, it is also very important for them to protect and secure their financial requirements and future. Here the necessity of term insurance becomes evident. While most men are aware of the term insurance policies, it is time that women know the importance of emergency funds and helps meet their dear one’s objectives. Aegon Life Term Insurance has come as a savior plan for housewives that provides financial protection to their families. 

Why Aegon Life Term Plan Is A Must-Fuy for Housewives? 

As a housewife, you need to understand the importance of a term insurance plan. Nowadays, women are also earning and providing financial help to their families in continuing to live their lives with a good lifestyle. But term insurance plan is also a necessity for non-earning members of the family such as housewives to secure the lives of their dependents. So, you also need life insurance to ensure your family’s safety if something happens to you such as permanent or total disability, or death. In such situations, who will take care of your children, your family? What about their future goals? Let’s understand some of the reason which highlights the importance of a term insurance plan: 

  • Financial Protection – While you as a housewife are not contributing to the household works financially, but you are valuable and important to your family. If in case some unforeseen events occurred to you, then the payout offered by the term insurance will protect your children. Moreover, the payout will also be provided to your family for fulfilling long-term financial liabilities. Hence, life insurance is a necessity these days whether you are earning it or not, to protect your loved ones from financially stressful situations. 
  • Cost-Effectiveness – Term insurance is a basic life protection plan that provides a life cover to your nominee/beneficiary in case of an unforeseen event. Additionally, you can get high coverage amounts at lower premium rates. The plan also offers a rebate on premiums depending on the policy’s terms and conditions. 
  • Tax Benefits – Enjoy the tax benefit on premiums as per the prevailing laws of the Income Tax Act, 1961. 
  • Overall Protection – Term insurance plans protect you from every kind of life-threatening situation such as critical illnesses, disabilities, etc. 
  • Riders – Term insurance plan offers riders to enhance their policy coverage that provides additional protection to you and your family.  
  • Joint Life Cover – In this Joint Life Cover, both the partners are the equal owner of the insurance policy. If in case any unfortunate incident happens to any one of the partners, the other one (surviving one) will receive the life cover benefit. This cover ensures the safety of both the partners to face any exigencies that would arise in such situations. This plan generally comes up with critical illness and an inbuilt accidental cover. 

Aegon Life Term Plan For Housewife 

Aegon Life Insurance Company Limited, one of the leading insurers is founded in July 2008 that has launched several life insurances services and products for meeting all the requirements of buyers at lower premium rates. These plans are specifically designed to provide financial protection to the policyholder’s family. They also offer women-specific plans. 

  • Aegon Life Term Plans offers different riders for enhancing the coverage of the insurance policy. Women Critical Illness rider is also available that covers women-specific critical illnesses. It provides a part of the sum assured payment if the life assured is diagnosed with any of the critical illnesses mentioned in the company’s brochure.
  • The policyholder has the option to pay premiums in one lump sum amount under the single pay option or the entire policy duration under the option of regular pay 
  • You can purchase a policy online using the website of the company 

Why The Premiums Of Women Are Lower Than Men? 

It has been observed by insurers that women live for a longer time than men. And if someone survives for a longer period then the duration of paying premiums for them will be longer. In this way, life insurance providers deduct the premiums of women who buy insurance policies; thus, the premium amount is relatively lower for them. Health is also a very important factor in deciding the prices of premiums, Women live a much healthier life in comparison to men. As per the studies, heart attack, stroke is more common in men at 40 and 50 years of age as compared to women. This shows that women are less susceptible to diseases/illnesses. 

Which Term Insurance Plan Is Right For Housewives? 

To select the right term insurance plan, you are required to determine the financial requirements of the family and what premium amount can be paid to provide coverage to the housewife. There are limited options available for housewives because they are not active earners. But there are some alternative options from which you can choose: 

  • Endowment Plans – It is a plan in which you can save a set amount of money over a pre-specified duration and you receive a lump sum amount after the maturity date. 
  • Money-Back Plans – The policyholder receives a fixed sum assured amount at regular time intervals. 
  • ULIP – Unit Liked Insurance Plan (ULIP) is a combination of investment and insurance plans. In this, the policyholder can choose to invest a part of his/her sum in the market to gain profits. And the other part transferred to the insurance for the safety of the policyholder and nominee. 

Wrapping It Up! 

With the availability of several term insurance plans, finding the right plan for housewives is a quite difficult task. If you are a housewife and looking out for a term insurance plan, it is important to compare all the features and benefits compared and then make an informed decision. Housewives play a very important role in our lives. Aegon Life Term Plan for housewife protects their future, along with the family’s well-being in case of their death. These plans protect women in case they have been diagnosed with any critical illness. So chose carefully and wisely.

Written By: PolicyBazaar
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