Can housewives buy term plans? Suggest some term plans for housewives.
- Thabira Kumar Meher
Most insurance companies do no offer term plans to housewives. 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.
This article was originally published on March 30, 2016.
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