The Best Life Insurance Policy for a Non-Earning Housewife in India

Introduction

Life insurance has traditionally been marketed as a necessity for individuals who earn a significant income. However, for a non-earning housewife in India, the question arises: Is a life insurance policy needed, and if so, which one offers the best coverage for a limited budget?

This article discusses the various options available for non-earning housewives, focusing on affordable, low-entry requirement policies that can protect their immediate family in case of an untimely event.

Paynearby’s Group Life Insurance for Housewives

Paynearby has introduced an innovative group life insurance policy aimed at non-earning housewives. This policy is particularly advantageous due to its income-verification-free feature and flexible premium options.

Key Features:

No income proof required: Exact premium rates are Rs 1,123 for a one-lakh sum assured and Rs 1,875 for a five-lakh sum assured. Age range: The policy is available for individuals between 18 to 45 years of age. No medical check-up: Female housewives can secure coverage without undergoing a medical examination. No income requirements: No proof of income is necessary. Immediate coverage: A digital policy is issued to the policyholder via email immediately after the premium is paid. Short waiting period: Except for accidental death, the waiting period is only 30 days. Contact information: For more information, you can call 9540901919.

This combination of features makes Paynearby’s policy particularly attractive for housewives who wish to secure a simple and quick insurance cover.

Aegon Life’s Insurance Coverage

While Aegon Life has policies for housewives, a husband must already have a policy with the company. This linkage poses a challenge for non-earning housewives seeking independent coverage.

Life Insurance Options for Non-Earning Housewives

Most insurance companies are not inclined to provide a policy to a housewife due to the absence of income for premium payments. However, some policies may be considered, particularly if taken as part of a joint policy with the spouse.

Understanding the Concept of Life Insurance and Beneficiaries

Life insurance is a financial contract where an insurance company agrees to pay an agreed sum of money to a designated beneficiary upon the policyholder’s death. The beneficiary is someone who will receive the payout.

Why a Non-Earning Housewife Might Need Life Insurance

Even though a non-earning housewife may not directly derive financial benefits from the policy, she plays a crucial role in household management. While she herself may not need immediate financial compensation due to no dependent on her income, the policy can provide significant support to her family in the event of her unfortunate demise.

Examples of Beneficiaries and Need for Life Insurance

For example:

Monks and monks often do not require life insurance as their lifestyle is isolated, and they do not have dependents who rely on their income. All earning members who are socially isolated do not need life insurance; such individuals are independent and do not have anyone dependent on them. The definition of beneficiary as per life insurance is typically someone who will benefit financially from the death of the insured party. However, for a non-earning housewife, this does not strictly apply since the economic impact is indirect.

In the case of a non-earning housewife, life insurance serves as a safety net for her family. It ensures that her personal and household responsibilities can continue to be managed by her family after her passing.

Insurance Options for Non-Earning Housewives

For non-earning housewives who wish to secure a life insurance policy, one reliable option is:

Jeevan Rakshak (Policy Code: 827)

Launched by Life Insurance Corporation of India (LIC), Jeevan Rakshak is designed to offer affordable coverage to all individuals, including housewives. Here are its key features:

Reasonable Sum Assured: The minimum sum assured is 75,000, and it can go up to 2 lakhs. No medical check-up: No medical examination is required for this policy. Maximum age limit: The policy can be taken up until the age of 55 years. Lowest premium policies: Jeevan Rakshak is one of the lowest-cost policies offered by LIC. No income proof required: Applicants do not need to provide income proof. Health condition: The subscriber must be in good health and must not have any physical disabilities.

Jeevan Rakshak is an excellent choice for non-earning housewives due to its affordability and the fact that it does not require any medical examination or income proof.

For further details on eligibility and the application process, interested individuals can call the helpline number provided by each insurance company.

Overall, while life insurance for non-earning housewives may not be a strict necessity, securing coverage can offer peace of mind and financial security for those who are part of a larger family unit.