The role of housewives in running the family is undeniable as they work as the support system in the family. They can even take the place of the family’s sole earner in case of any mishappening to the family’s breadwinner.
However, what will happen if the housewife dies suddenly? The family shatters, and although the loss of a person cannot be compensated with money, it can somehow make it easier to manage things. Here, the term insurance for housewives becomes essential.
In this article, we will talk about the term insurance plan for housewives, their benefits, and their needs.
What is Term Insurance for Housewife?
Term insurance for a housewife is a type of insurance that offers a guaranteed payout to the family in case of the death of your housewife. The money is paid against the premium amount. The term plan for housewife can be understood as:
- Term Insurance Plan For Housewife allows you to get insurance for your wife and you under the same plan.
- Under the Term Plan For Housewife, the company offers comprehensive protection and many other benefits.
- The Term Insurance For Housewife ensures that the family stays financially stable in case of the policyholder’s demise.
- The main objective of the term plan for housewife is to ensure that the lives of both partners are equally important.
- The death benefit will be provided in case any of the two policyholders die.
Also read: 10 Best Term Insurance Plans in India
List of 10 Best Term Insurance Plans for Housewife
Here, we have listed the 10 best-term insurance plans for housewives with their essential details:
|Term Insurance Plan for Housewife||Entry age||Maturity age||Sum Assured|
|HDFC Click 2 Protect Super||18-65 years||85 years||50 lacs to 1 crore|
|Max Life Smart Secure Plus||18-50 years||65 years||50 lacs to 1 crore|
|Tata AIA Sampoorna Raksha Supreme||18-55 years||65 years||50 lacs|
|Bajaj Allianz eTouch||18-45 years||85 years||50 lacs|
|ICICI iProtect Smart||18-65 years||85 years||50 lacs|
|PNB Saral Jeevan Bima||18-65 years||70 years||10 lacs to 25 lacs|
|IndiaFirst Life Plan||18-45 years||70 years||25 lacs|
|HDFC Sampoorna Nivesh||18-50 years||85 years||10 lacs to 25 lacs|
|Aegon Religare iSpouse||21-60 years||65 years||Above 25 lacs|
|SBI Life Smart Humsafar||21-60 years||65 years||1 lac to 5 crore|
Also read: Why should Married Couple Buy Term Insurance
Why Should You Buy Term Insurance for Housewife?
The Term Insurance Plan For Housewife provides death benefits to the nominee if the policyholder dies untimely. If the housewife passes away, the family members get an emotional and mental shock; in such a state, the husband and children find it hard to focus on their work, affecting their earnings.
However, it covers the children’s education expenses, healthcare expenditures, and many other financial needs. Let’s talk about the reasons to buy Term Insurance for Housewife:
- It offers a decent amount to the nominee to meet the essential expenses after the housewife’s death.
- It is the best option for providing a corpus for the family.
Benefits of Buying Term Insurance for Housewife?
Term Insurance Plan For Housewives is essential for the family, especially when the wife earns equal to or more than the husband. Let’s have a look at the benefits of the term plan for housewives:
1. Financial Security
In many households, housewives don’t contribute to the earning of the family, but their role and the value in the family is indispensable. Purchasing Term Insurance for Housewife can safeguard your family in an emergency with the payout it offers. So, if the housewife dies, the money the insurance company will provide can help the family face financial problems and don’t worry about the basic expenses anymore.
2. Affordable Premiums
Term Insurance for Housewife is usually affordable as they offer high coverage at a low premium amount. Also, buying the term plan earlier will give you more affordable premium options.
3. High-life Cover
As the term plan for housewife is a pure protection plan that does not include any investment component, it offers the high Sum assured at low premium rates. The complete amount is invested for the life cover provided to the nominee after the housewife’s death.
4. Additional Term Cover for the Family
Term plan for housewife offers additional term cover advantages, which gives the option to the policyholder to increase the coverage during the policy term, considering the husband has also brought a term plan. This plan benefits children’s well-being and gives them a bright future without worrying about finances.
5. Tax benefits
Best term insurance plan for housewife offers tax benefits under sections 80C, 80D, and 10 (10D) of the Income Tax Act 1961.
6. Rider Benefits
With the riders, you can easily increase the coverage of the best term insurance plan for housewife. The riders available are:
- Accidental death benefit rider,
- Accelerated death benefit rider,
- Accidental death and disability benefit rider,
- Critical illness benefit rider,
- Waiver of premium benefit rider,
- Income benefit rider.
7. Premium Waiver Option
You can also get the premium waiver option with the best term insurance plan for housewife, where the premiums are waived off after the policyholder’s demise during the policy term. This feature is best for housewives because they primarily depend on their husbands for finances.
Things to Know Before Buying Term Plan for Housewife
As we read above, term plans for housewives are very beneficial, but buying the most suitable one is essential to get the most benefits. Here, we have discussed some of the points that you must keep in mind while choosing the best term insurance plan for a housewife:
- Always look at the Sum assured amount if it is enough to secure your family against financial emergencies in case of the housewife’s death. According to the general rule, you must consider the coverage amount that is 3-5 times the annual salary of the primary bread-earner of the family.
- Decide the amount of the term plan according to the child’s education, loans, liabilities, and other financial expenses.
- Always check the claim settlement ratio of the insurance company before buying the best term insurance plan for a housewife. It guarantees you quick and successful claim settlements.
- If the housewife is also working, she can use her salary proof and other documents to buy the term plan.
Jumping to the conclusion, according to the above discussion, the Term Insurance Plan For Housewife can help you safeguard your family, especially your children, against any financial challenges. Whether your housewife earns or not, the Term Insurance Plan For Housewife is essential.
Best Term Insurance Plan for Housewife – FAQs
Can a housewife buy a Term Insurance Plan?
Ans. Yes, many Term Insurance plans for housewives are available at various insurance providers to safeguard your family against financial issues after your demise. You can easily buy them by fulfilling some formalities.
What benefits does the Term Insurance Plan For Housewife provide?
Ans. It ensures that the family gets the lump sum in case the housewife dies, which offers them financial stability.
What is the maximum Sum assured allowed under the Term Insurance Plan For Housewife?
Ans. The Maximum Sum Assured allowed under the Plan For Housewife is Rs. 1 crore. However, various insurance providers offer different Sums assured; you can check with the respective company.
Can I buy Term Insurance For a Housewife without a job?
Ans. Yes, it is possible to buy Term Insurance For Housewife without a job, as it does not require income proof. You must check the insurance company’s policy, as many of them do not ask for income proof.
Is there any rider available with the best term plan for housewives?
Ans. Yes, there are various riders available such as accidental death benefit rider, accelerated death benefit rider, accidental death and disability benefit rider, critical illness benefit rider, waiver of premium benefit rider, and income benefit rider.