Canara Term Insurance for Housewife

Being a housewife may seem like an easy job, but it is as critical as any earning member of the family. From doing all the household work to taking care of the family and looking after their requirements, a housewife does all the work. But has anyone ever thought about: What will happen if the housewife is not there to take care of your family? It definitely going to impact the family members mentally, emotionally and also financially.

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+Tax benefit is subject to changes in tax laws.

++All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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In such cases, can a homemaker be eligible to buy a term insurance plan for the security of her loved ones? Canara Term plan is the purest option for a housewife if you wish to buy a term plan. It provides you with good returns at low premium prices. Let’s discuss Canara Term Insurance for Housewife in detail:

Canara Term Insurance Plan for Housewife 

Canara HSBC OBC Life Insurance Company, one of the leading insurers, is a joint scheme between HSBC Insurance Holdings Ltd, Canara Bank, and Punjab National Bank. Canara offers an extensive range of term insurance plans that promise to achieve the customer’s needs. Canara Term Insurance Plans come with whole life coverage options along with the increasing cover at key milestones of life and in-built options. It is the safest and purest form of life insurance that one can buy for themselves and protect the family’s future in case of their unforeseen demise. In the case of the unfortunate death of the homemaker, the family goes through mental, financial, or emotional trauma. Canara HSBC OBC offers a Term plan for Housewives that can support their children’s education expenses, loans, liabilities, and health expenses in case of an unforeseen event. 

Let’s understand this with the help of an example: 

Mrs. Rao, a homemaker, loves to stay at home and takes care of the family. She looks after everything in the family –kids and their education, house expenses, laundry, food, and other things which are needed to keep a house in order. While she takes care of all the household work, her husband Mr. Rao works hard in a company to make sure that there are sufficient funds for the family. But now she has started thinking that can a housewife buy a term plan? Isn’t it important to buy term insurance for a housewife? What would happen if Mrs. Rao passes away? This is where term plans come to the rescue. If she buys term insurance, then upon her death, there will be sufficient money through which the family will not face any financial difficulty in the future. 

What are the Benefits of Canara Term Insurance for Housewives? 

Following are the reasons which highlight the importance of a term insurance plan for you and your loved ones: 

  1. Affordable premium rates

    You can easily buy an online plan at low premium prices. Term insurance plans are very much inexpensive and can provide value for money. The early you buy a term plan, the lower will be its premium amount, this means that the premium increases with an increase in age. 

  2. High Sum Assured

    You can purchase a high life cover at low premium rates. This is majorly because a term policy is a pure protection plan with no component of investment. The whole premium is invested towards the life cover that is paid to the nominee in case of death during the policy tenure. 

  3. Save Taxes 

    Canara Term insurance for housewives offers tax savings benefit u/s 80C of ITA, 1961. However, this act also provides you additional exemptions on tax if you buy a term plan for your spouse, kids, or parents (dependent). So, when you opt for a Canara term plan for a housewife, you can save taxes while offering financial security for your loved ones. The death benefits of your term plan will also be free of taxes as per section 10(10D). 

  4. Riders for enhanced protection

    The term insurance plan provides various extra benefits apart from providing life protection. One can attach or add riders like permanent disability, accidental death, or critical illness which can enhance the coverage of your base plan. 

Different types of Plans

Canara iSelect Smart360 Term Plan for Housewives

One of the clauses that everyone faces sometimes while insuring their spouse is the need to have term insurance from the same insurance company. Other term plans such as iSelect Smart360 Term plan from Canara HSBC OBC Life insurance, permit you to involve your spouse in the same plan. 

Canara iSelect Smart360 Term Plan provides financial protection ensuring that in case of unforeseen death of the policyholder, the family still can fulfill his/her financial requirements. The policy would pay a regular income or lump sum amount at the covered event of the policyholder. It also offers extra coverage to choose from. The plan comes with the flexibility to buy cover as per your requirements and make sure that the dreams of your family should be fulfilled.

Eligibility to Buy Canara iSelect Smart360 Term Plan

Criteria Details
Plan options  Life Secure  Life Secure with income  Life Secure with Return of Premium 
Entry Age  18 -65 years 
Maturity Age (Max.) 99 years 
Minimum Policy Term  Life secure: 5 years  Life secure with income: 65 years minus entry age  Life secure with Return of Premium: 81 years 
Maximum Policy Term  Life secure with income: 81 years  Life Secure with ROP: 81 years 
Premium Payment Term  Life Secure: Single Pay, Regular pay, and Limited pay options  Life secure with income/Life secure with ROP  Regular pay and limited pay option
Premium Frequency  Yearly/Bi-yearly/Quarterly/Monthly/Single 
Sum Assured  Minimum: Life Secure: 25 Lakhs  Life Secure with income/Life Secure with ROP  Critical illness Sum assured: 5 Lakhs  Maximum: No Limit 
Five things to know before buying Term Plan Five things to know before buying Term Plan

Key Features of Canara iSelect Smart360 Term Plan

  • Life coverage is available till 99 years

  • Policyholders have the option of receiving a return of total premiums paid during ‘no claim’

  • In case of occurrence of Accidental total and permanent disability and diagnosis with covered critical illness, no future premiums are paid. 

  • Option of child care benefit that offers additional sum assured till child acquires the age of 21 years.

  • The plan has the option to block the premium amount at policy commencement and enhance cover up to 100 percent of the base sum assured amount in the next coming five years. 

  • Option to increase cover with accelerated terminal illness benefit 

  • Option to opt for steady income option on acquiring 60 years 

  • Tax savings benefit may be applicable as per the prevailing laws

  • A spouse can also be covered in the same plan at an extra discounted rate 

Why Buy Term Life Insurance from Policybazaar Why Buy Term Life Insurance from Policybazaar

Should Housewives Opt For a Term Insurance Plan? 

Yes, Housewives should opt for a term plan. With an increase in health problems such as PCOD, breast cancer etc. a term policy can be a requirement in these times. Term plans with rider options such as critical illness benefits can also help housewives provide coverage for medical expenses. In addition to this, there are various term plans such as traditional term plans, TROP (Term insurance with return of premium), etc. So plan offers a comprehensive range of selections to choose from.

Canara Term insurance plan offers unique paybacks for housewives and their loved ones. The term insurance plan offers a high SA amount at low premium rates. The method of paying premium is quite flexible and can be used according to the preference of the nominee and the requirement for funds. Overall, term insurance can be a good monetary addition for any family.

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Canara Term Insurance for Housewife Reviews & Ratings

4.4 / 5 (Based on 29 Reviews)
(Showing Newest 10 reviews)
Rohtak, April 07, 2021
For long term basis
I took this term insurance plan online and have been a great customer of canara hsbc and policybazaar. It’s been a wonderful plan for a long term basis. All thanks to both the team for giving such support.
Nawabganj, April 05, 2021
View best quotes
Recently I bought this term plan from the canara hsbc term insurance company and I viewed various quotes related to the same. I have check the quotes and have used the premium calculator for my plan. I really liked it. Thanks team policybazaar.
Barpali, March 30, 2021
For long term basis
I took this term insurance plan online and have been a great customer of canara hsbc and policybazaar. It’s been a wonderful plan for a long term basis. All thanks to both the team for giving such support.
Lowada, March 23, 2021
View best quotes
Recently I bought this term plan from the canara hsbc term insurance company and I viewed various quotes related to the same. I have check the quotes and have used the premium calculator for my plan. I really liked it. Thanks team policybazaar.
Atmakur, February 16, 2021
High coverage low premium
Last year I bought a canara hsbc term insurance plan. It was done from policybazaar. I bought it as high coverage and at low premium rates. Such a good plan. Thanks team.
B.khajuripada, February 16, 2021
Get to know free quotes
I recently bought a term insurance plan of canara hsbc and it is a nice plan. I got this plan done from policybazaar. Before buying a plan I checked few free term insurance quotes. That’s easy to select. Thanks team.
Laxmipur, July 18, 2016
Excellent Work
The term insurance plan of canara hsbc obc life insurance is fantastic and it came in low premiums and even investment is also less. Policy coverage and claims are good. Claiming process is easy because of fast service provided by the executives is awesome.
Patherdewa, July 07, 2016
Term plan
My colleague suggested me a term insurance plan and it really did work for me. The service is fantastic which facilitate by the staff and team members. Policy coverage is good and claims are simple to sanctioned by online portal service or by manually.
Ghaziabad, June 28, 2016
Great Insurance Plan
I have term insurance plan which I buy in low premium. The service provided by the company members is quick and the claiming is easy due to this. Policy covers many cases which has fair terms and conditions. The internet service is very simple to operate.
Mumbai, April 11, 2016
Policy plan is wonderful with huge benefits like low premiums and the policy coverage is high 89%. Claims are are good and the payback amount is around Rs.37 L after the policy get mature. Internet services are great with easy interface and vast variety of policies are there with full descriptions. Daily update are mailed to me, I like it.
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