Tata AIA Term Insurance for Housewife

When you think of a term plan, one of the most obvious reasons to purchase a term plan is if you are the only breadwinner of your family. In such cases, your loved ones depend on you for their survival and would need backup funds if you were no longer around to cover their requirements. However, the reality is quite different.

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The benefits of the term plan are not limited to the individuals earning for their loved ones but also to those who are the homemakers of the family-like housewives. A Tata AIA term insurance for Housewife can be one of the most important insurance products as it can offer you various benefits as discussed in the article:

Why Do Housewives Should Buy Tata AIA Term Insurance Plans? 

With the increasing health care and living costs and the increase in cases of terminal illnesses, the need to insure the non-earning members of the family increases multiple times. Unfortunately, the IRDAI doesn’t allow non-earning persons to buy term plans. However, a term plan with spouse benefit cover is beneficial in such cases. With a Tata AIA Term plan for housewives, you can help your family financially and emotionally in your absence. The payout from the plan coverage can be used to maintain the household and provides help in children’s education and take care of their health. 

What are the Benefits of a Tata AIA Term Insurance for Housewife in India? 

A term insurance plan for housewife comes with a number of following benefits: 

  1. Affordable premium rates 

    You can buy an online term plan at affordable premium rates without any hassles. Term insurance plans are very cost-effective and provide you with a good money value. The sooner you buy a term plan; the lower the premium amount you have to pay as the premium increases with the increase in age. So, it is advisable to opt for a term plan at younger ages. 

  2. High life cover amounts

    You can buy a high life cover at low rates of premium as a term insurance plan comes with no investment element. The full premium is then invested for the SA that is paid to the beneficiary/nominee upon death during the plan tenure. 

  3. Secure your child’s future

    The best-term insurance plan for housewives offers benefits to the children’s well-being, helping them to guarantee their future without having a considerable amount of financial stress. Buying a term plan for a housewife secures your children’s future.

  4. Benefit of Joint Cover

    A joint term plan provides you the benefit of increasing coverage to your husband as an active life assured. The surviving partner is eligible for the insurance benefit if one of you dies, thus it offers a strong financial backup for your loved ones. 

  5. Add-ons for extra protection

    Term insurance provides various additional benefits. You can attach or add a term rider such as permanent disability, critical illness, or accidental death rider. Riders such as critical illness rider can offer health insurance to housewives and protects them against the healthcare rising costs. Other term riders can benefit the loved ones with higher death benefits. 

  6. Flexible Modes of Paying Premium 

    Flexibility to choose premium payment mode such as yearly, half-yearly, quarterly and Monthly 

  7. Tax Benefit

    The term insurance tax benefits reduce a lot of financial liabilities, thus helping in further savings. You can also claim tax exemption under section 80D, section 80C, and section 10(10D) of ITA, 1961. In Section 80C, the tax on the premium amount paid for a term plan is deducted up to a limit of 1.5 lpa. And, u/s 80C, the tax is deducted on premium paid for a cover of critical illness up to a limit of Rs. 25,000 pa u/s 80D. Moreover, the death benefit amount is tax-free, subject to conditions, u/s 10(10D). 

Tata AIA Sampoorna Raksha Supreme POS Plan For Housewife 

Tata AIA Sampoorna Raksha Supreme (SRS) is an insurance plan that provides financial security to your loved ones and provides you the flexibility to choose the term plan that suits your needs. 

Key Features of Tata AIA Sampoorna Raksha Supreme Plan 

  • Flexibility in choosing death benefits options from: Life option, life plus option, Life Income, and Credit Protect

  • Whole life coverage till 100 years of age 

  • You can get death benefit as a lump sum or income or as a combination of both 

  • You can choose to increase life cover through top-ups 

  • Option to increase life cover at important stages of life using life stage death benefit option 

  • You can source this plan through Point of sales (POS)

  • Low premium rates for females 

  • Flexibility in choosing premium paying term and policy term

  • Tax benefits are applicable as per the prevailing laws of Income Tax

Five things to know before buying Term Plan Five things to know before buying Term Plan

Eligibility Criteria 

Minimum Entry Age  18 years 
Maximum Entry Age  65 years 
Maximum Maturity Age  65 years 
Plan options  Life option  Life Income  Life Plus Option  Credit Protect 
Policy Term  5 years to 47 years 
Minimum Sum Assured  1 Lakh 
Maximum Sum Assured  No Limit 

Wrapping It Up!

We have already answered ‘Can a Housewife buy a Tata AIA term insurance plan in India?’ So, you now are aware that housewives play an important role in making the lives of their families secure and stable. With the help of Tata AIA term insurance plans, they can help their dependents financially even after they are not with them. So, buy the best term insurance plan for a housewife to secure her family in the long run.

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