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Top 5 insurance policy features for housewives

December 27, 2018 5176
In the present day world, women have emerged as competitive equal shareholders in all walks of life and have become significant partners in all economic activities. For a working woman, the twin responsibilities of managing the professional sphere and also the family life are key deciding factors for her financial health. A working woman is poised for a secure financial life because of having a regular monthly income and the professional coverage for her future. However, when it comes to housewives or women who have given up professional ambitions for taking care of the family, the importance of having a significant coverage assumes a higher meaning.

A woman may choose to become a housewife just because she wants to and alternately, circumstances may decide her choice. In either way, a housewife is a home maker who works for the benefit of the entire family without any monthly remuneration as such. She must not be seen as a liability but as a contributor who selflessly takes care of everyone's needs and is the backbone of a family's life. Therefore, it is very important for her own financial needs and future to be secured. This brings us to the point where the importance of having an insurance policy in place becomes evident. However, the insurance policy must have certain points and features which are suited for her particular needs and requirements.

Here is a list of five important features of insurance plans meant for housewives:

  1. Due coverage: A traditional life insurance plan entitles the policy holder's subscribers to the main fund benefit (i.e. sum assured) in case of the policy holder's demise. It also entitles the policy holder to receive the maturity proceeds if she/he survives the term of the policy. However, a traditional term insurance plan does not have the provision for maturity proceeds and only the death benefit is payable. Although some insurers do offer a return of premium option these days, yet the payable premiums are impacted. Therefore, any decision to purchase the policy must be taken after proper analysis of the coverage that you require as a housewife, considering the fact that in the absence of a monthly salary, you may have to depend on your partner for paying the premiums.
  2. Payable premiums: As mentioned above, in the absence of a monthly salary, you may have to depend on your partner for paying the premiums. Therefore the payable premiums of the policy must be coherent with your financial health.
  3. Additional benefits: An ideal insurance policy is the one that offers the option of additional benefits or riders. However, since the cost of purchasing these riders also impacts the premiums, therefore, you must carefully select the riders as per your needs and not randomly.
  4. Waiver of premium: This is one clause that ideally must be there in the policy terms. This is the option that entitles you for waiver of premiums in the event of the demise of the partner. Since, a housewife is financially dependent on her partner, this feature is very beneficial.
  5. Term benefits for child: The best insurance plan must offer inclusive benefits for the dependent child as well. This not only allows you to secure the finances for your child but also takes some burden off your partner's finances, thereby making you an equal contributor towards your child's finances.

HDFC Life offers HDFC Life Smart Woman plan - a life insurance policy for women that enables you to secure your finances at all times. For details, click on the mentioned link: https://www.hdfclife.com/women-insurance-plans/smart-woman-ulip-plan




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