Whether non working or unemployed can take Term insurance Policy?

Q & A Forum › Category: Insurance › Whether non working or unemployed can take Term insurance Policy?

kkrao1987 asked 8 years ago

My wife is a home maker (not working), does she can opt for term insurance. please let me know.

2 Answers

Sreekanth Staff answered 8 years ago

Hi, Most insurance companies are not forthcoming in selling insurance to housewives. Also the option of term insurance plans is limited in India. The logic given is that since term plans are meant for income replacement, housewives technically do not qualify to these products as they have no income. However, some companies like Aegon Life offer term plans to housewives, but the quantum of cover is linked to the insurance cover of the husband. Most companies would be happy to sell insurance-cum-investment products like endowment plans, ULIP, etc to housewives. However, housewives should stay away from these products, as they offer very little insurance cover and they mostly offer modest returns. Ideally, a non-earning individual (male/female) may not actually require a life cover through Term insurance plan.

kkrao1987 replied 8 years ago

Hi Thank you for your reply,

As i said my wife is home maker and i would like to invest some amount on her name in PPF and MF- Elss, whether i can claim / submit the same amount in my income tax returns.? since that investment amount is also going from my taxed salary.

0 Vote Up Vote Down

Sreekanth Staff answered 8 years ago

Hi, You may kindly go through below articles, can be useful to you ;