Housewives play a vital role in every household, providing essential support, care and nurturing for their families. Their dedication and hard work are the foundation of a strong and thriving society. Recognising and appreciating their contributions is essential to create a happy and harmonious home. With a term insurance, housewives can leave a legacy and secure their family's financial future.

What is Term Insurance for Housewives?

Term insurance for a housewife offers financial protection to the family of married, non-working women. This type of insurance provides payout to the family in the unfortunate incidence of death of the housewife.

A term plan for a housewife is similar to other kinds of term plans. You are required to pay a regular premium to the insurance company. In return, the insurance company provides financial protection in case of an untoward incident during the policy term.

Why is it Important for Housewives to Buy Term Insurance?

A term insurance plan for housewives can serve as a critical financial tool for women. It can offer a sense of assurance that their family will be safeguarded financially in their absence. The payout from a term insurance acts as a financial legacy, ensuring that your children, spouse and parents have the necessary resources to maintain their lifestyle, education and daily needs.

In addition to the basic insurance coverage`, a term policy for housewives can also offer add-on riders that can provide additional financial protection against life threatening illnesses like cancer, heart ailments, kidney issues and more. This can provide financial assistance to cover medical expenses related to such illnesses, ensuring you have access to quality healthcare.

Lastly, buying a term insurance not only secures the family's future but also offers tax* benefits under various sections of The Income Tax Act, 1961.

How to Choose Best Term Insurance for Housewife

Below are the factors to consider and steps to follow during the selection process of term insurance for housewives:

Assess your family's needs

Evaluate the financial needs of your children, spouse and other family members. It is important to choose a term insurance plan that provides adequate coverage to support their lifestyle, education and future goals.

Check claim settlement ratio

Research the insurance company's claim settlement ratio to ensure your family receives the payout without hassles. A higher ratio indicates a steady company with a good track record of claim settlement.

Evaluate policy features

Consider the type of term plan that suits your needs. Explore add-on riders options to enhance your coverage. Additionally, select a suitable policy term depending on your family’s requirements.

Look for affordability

Compare premium rates across different insurers to find an affordable plan with adequate coverage.

Features of a Term Insurance Plan for Housewives

Below are some key features that distinguish term insurance plans tailored for housewives:

Affordable premiums

Term insurance plans for housewives come with affordable premiums to ensure they fit within a household budget.

Fixed sum assured

A term policy for housewives recognises the contribution of women and compensates for it with an insurance payout. While housewives may not contribute to their families financially, their role is still invaluable. Term insurance acknowledges this by providing financial security to their family through a sum assured.

Increasing cover with family growth

Term insurance plans for housewives offer the flexibility to increase coverage when your family expands. You can modify the plan's insurance coverage when you have children to ensure adequate financial protection for everyone.

Protection against critical illnesses

Term insurance plans for housewives offer the option to add additional riders. These riders can provide financial protection against women specific illnesses, such as breast and cervical cancer, among several others.

Benefits of Term Insurance Plan for Housewife

Below are some advantages that housewives and their families can derive from a term insurance plan:

Helps leave behind a legacy

Term insurance plans empower housewives to leave a lasting legacy for their families. The insurance payout enables women to secure their family's financial future, even in their absence.

Financial security for children

Housewives can safeguard the financial interests of their children through term insurance. In the event of an unfortunate incident, the insurance payout can be used for children's education and overall well-being.

Healthcare protection with riders

Term insurance plans offer riders that provide additional healthcare coverage to women. These riders can cover critical illnesses or medical emergencies to ensure housewives have access to quality healthcare when needed.

Can you get term insurance for a housewife without income?

Term insurance policies can be bought by individuals who have a steady flow of income. However, for housewives, who do not have personal income, the policy can be purchased by her spouse.

Can a husband take insurance for his wife?

Yes, husbands can purchase insurance policies for their wives. For instance, housewives do not have a source of income and may not be able to buy insurance themselves. In such a case, the husband can buy a term plan on the wife's behalf.

Is the term insurance premium rate less if purchased for a couple?

The premium for a term insurance plan is decided on the basis of a number of factors, such as the age of the policyholder, policy term, type of policy, coverage and more. However, the premium for couples is generally more affordable than purchasing individual policies as many insurance companies offer discounts to couples. However, it is recommended to reach out to the insurer to get a precise quote on a plan you wish to buy.

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` Life cover is the benefit payable on the death of the Life Assured during the policy term.

* Tax benefits are subject to conditions prescribed under Sections 80C, 80D, 10(10D), 115BAC and other provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details.


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