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ICICI Term Insurance for Housewife

Gone are days when only men were considered the sole earners of the family. With an increasing number of women at work and as housewives, they are contributing to household expenses and taking care of their homes and family. This makes financial security a must for them too. One of the right ways to offer financial protection to loved ones even when you are not with them is through a term insurance plan for housewives.

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

Note: Know more about what is term insurance first before reading this article.

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:

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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. 

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

ICICI Term insurance plan comes with the following term insurance 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 

Criteria  Minimum  Maximum 
Age at Entry  18 years  65 years 
Age at Maturity  - 75 years 
Policy Term  5 years  99 years less entry age 
Premium Paying Term  Equivalent to Policy Term 
Premium Payment frequency  Single/yearly/half-yearly/monthly 
Minimum premium  Rs. 2400 
Sum Assured  Subject to the minimum premium  No Limit 

Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.

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.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

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ICICI Term Insurance for Housewife Reviews & Ratings

4.2 / 5 (Based on 44 Reviews)
(Showing Newest 10 reviews)
Roshan
Barabanki, March 02, 2021
Check premium online
I checked the premium online when I bought the term insurance policy. I visited to policybazaar website for the same. And I got the icici prudential plan very affordable as per my budget. It has benefits and I really like them.
Nikita
Ahmednagar, February 19, 2021
Claim is fast
I choose policybazaar to buy my term insurance policy. They suggested me to buy a term plan of icici prudential. It is a nice plan which I have come through. I am thankful to whole team and would love to recommend this to everyone.
Ankit
Chandigarh, January 23, 2019
Excellent
One of my close friends had been using ICICI term insurance since last 8 years. He has married 2 years ago and due to unfortunate circumstances involved, he was severely injured in an accident. Thankfully, ICICI team was really considerate and helpful while helping his wife settling the claim. The claim settlement was fast and timely. Following his steps, I have recently bought ICICI Pru iProtect Smart. It is safe to say that investing in ICICI term insurance is definitely worth every penny experience. It has worked as a great deal for me. The staff was really good and was prompt with their service.
Rijool
Garu, September 22, 2016
Good
My term insurance policy is good one which i bought from icici prudential life insurance. The premium is low and paybacks are high. Coverage is about 85% and the claiming is very simple by the help of executives which working 24X7.
Jagdish
Jammu, July 20, 2016
Coverage Is High
ICICI term insurance plan of mine is very beneficial for me and my family. The service of your staff is so quick and claiming become due due to that. The updates of the policy plan is mailed to me regularly on my email address.
Sumeet
Haridwar, July 20, 2016
Term plan
The icici term insurance is on of the best policy among all. Premium of the plan is low and returns are high. Service is fast and behaviour of the staff is very well. Good investment which reduces taxes too. Payments and premiums are done on online portal website of the company.
Vikram
Gurgaon, February 14, 2016
superb plan...
My life insurance term plan is with prudential. The premium amount is Rs.4700 and return is Rs.25 lakh. Policy coverage is also nice. Service is really good provided by executives and agents. Nice policy.
Plan Name: iProtect Smart
Agent Code: BPW00250
Sudhakar
Ghaziabad, February 14, 2016
above average
I have purchase my life insurance from prudential. The services are average. I do not get any kind of alerts for the payments or the policy thought mail or text. The payment options are convenient as I can pay the payment thourgh my ATM cards. The payment is on a yearly basis.
Plan Name: iProtect Smart
Agent Code: BPW01888
Chander
Delhi, February 14, 2016
"Bad service"
I do have a life insurance with icici. The policy has good claiming amount and policy coverage is also high but the service is very slow. The work takes days or weeks to complete. Please speed up your services.
Plan Name: iProtect Smart
Agent Code: BPW00250
ANAND
Jaipur, February 14, 2016
Life insurance plan
I buy life insurance policy with icici, basically i took this plan for the savings purposes. Premium payment is made by cheque and the executive agent is coming to my place to collect this amount. As this policy is endowment policy, I need to pay on yearly basis for 7 years. And the policy holder will get good returns after 13 years.
Plan Name: iProtect Smart
Agent Code: BPW00130
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