ICICI Term Insurance for Housewife

There are a number of insurers that offer term plans for housewives. One such company is ICICI Life Insurance. 

ICICI Term insurance plans help secure the lives of female homemakers, independent of the life cover of their spouse. Here are some points why every woman, including housewives, should consider this plan:

ICICI Term Insurance Plans 

ICICI Prudential Life Insurance Company Ltd. is a joint collaboration between ICICI Bank Ltd. and Prudential Corporation Holdings Ltd. It offers effective term insurance plans that offers financial support to the loved ones of the policyholder in case of his/her unforeseen death. The term plans provide financial security to the nominee in case of disability, disease and death. It provides cover for a certain time period and if the life assured passes away during a policy tenure the nominee will receive the death benefit. 

5 Reasons Why Housewives Need ICICI Term Insurance? 

A term insurance plan is a financial product that secures the family’s objectives in the absence of life assured. Not many individuals understand this, but a housewife is responsible for most of the household work and her presence is irreplaceable. Following are the points why a housewife needs to buy a term insurance plan: 

1. Enhanced financial protection for the family 

   The increase in nuclear families simply means that most families consist of a wife, husband, and children. In case of your unfortunate death, the financial difficulties of your partner would increase significantly. With ICICI Term insurance for housewife, your family can get the insurance cover which can be used by your family to manage the extra responsibilities. This will make sure that your husband gets the much-required financial backing even in your absence. 

2. Help in Repaying Loans 

   Many couples opt for joint loans these days. In case of your absence, your partner will solely be responsible to pay back the loan amount. But with term insurance for housewives, your family can easily repay home or car loans when you are no more with them. 

3. Protection against critical illness 

   ICICI Term insurance offers protection against critical illnesses, in which the insurance company pays a lump sum payment to the life assured in case he/she is detected with some conditions like a heart attack or cancer. Regardless of whether you are a working woman or a housewife, this cover can secure your family members from the high medical bills that came because of the treatment. 

4. Disability Cover 

   Accidents can happen anywhere and anytime and such accidents could also result in permanent and total disability. ICICI Term insurance for housewife pay the premium amount in case of any type of impairment and ensures that you continue receiving policy profits without paying the premium amounts. 

What are the Benefits of Purchasing a ICICI Term Insurance for Housewife? 

ICICI Term insurance plan comes with the following benefits: 

1. Affordable premiums

   You can purchase a term insurance plan at affordable premium charges. Term plans are cost-effective. The early you buy, the lower will be its premium amount as the premium increases with age. 

2. High sum assured amounts 

   You can purchase a high-life cover at low premium rates. This is majorly due to the fact that term insurance is a pure protection policy and have no component of investment. The whole premium is invested towards the life cover that is paid to the beneficiary or nominee in case of death during the policy tenure. 

3. Added protection through Riders 

   You can attach or add riders such as permanent disability rider, critical illness rider, or an accidental death rider to enhance the protection of the base plan. For example, term riders like critical illness riders provide protection against the increasing costs of healthcare. Other term riders can also benefit their loved ones with higher payouts. 

4. Tax Benefits 

   ICICI Term plan for housewives offers tax savings benefit u/s 80C of the ITA, 1961. Also, the ITA provides you additional exemptions on tax if you buy a term plan for your partner, kids, or parents. 

   You can save more money on taxes while offering financial security for your loved ones. The death benefit will also be free of taxes as per section 10(10D). 

ICICI Term Insurance Plan for Housewives 

One plan that is suitable for housewives and is specially designed to provide assurance to your family member’s safety at premiums amounts that can easily fit into your budget is ICICI Pru iProtect Smart Term Insurance. Let’s discuss the plan in detail: 

ICICI Pru iProtect Smart Term Insurance Plan 

ICICI Pru iProtect Smart is a flexible and wide-ranging term insurance policy that safeguards your family members financially in case of your absence. This plan allows you to customize your plan by selecting from a comprehensive array of benefits. Also, it provides coverage for 34 critical ailments and also increases the cover for accidental death. 

Eligibility Criteria of ICICI Pru iProtect Smart Term Insurance Plan 

Key Features of ICICI Pru iProtect Smart Term Insurance 

• Increased protection: The plan offers safety against disability and terminal illness

• Comprehensive supplementary benefits: Option to select ACI (accelerated critical illness) and ADB (accidental death benefit)

• Special rates: Plan provides special premium rates for women and non-tobacco consumers 

• Payouts: Choose to get the benefit amount as monthly proceeds for a time of ten years or as a single payment or as a blend of both. 

• Flexibility: Option to pay the premium once, for a limited period, or over the policy tenure

• Tax Benefits: Get tax savings benefits on premiums paid and payouts received as per the prevalent laws of the Income-tax Act, 1961. 

For women: 

• Special discounted premium prices for accelerated critical illness and life cover benefit 

• The plan covers female organ cancers like cervical cancer and breast cancer under ACI benefits.