When term insurance comes to your mind, one of the main reasons to purchase a term plan is if you are the only breadwinner of your family. In such cases, your loved ones depend on you for their survival and would need backup funds if you were no longer around to cover their requirements.Read more
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However, the reality is quite different. The benefits of the term plan are not limited to the individuals earning for their loved ones but also to those who are the homemakers of the family-like housewives. A term insurance plan can be one of the most important insurance products as it can offer you various benefits as discussed in the article:
With the increasing health care and living costs and the increase in cases of terminal illnesses, the need to insure the non-earning members of the family increases multiple times. Unfortunately, the IRDAI doesn’t allow non-earning persons to buy term plans. However, a term plan with spouse benefit cover is beneficial in such cases. With a term plan for housewives, you can help your family financially and emotionally in your absence. The payout from the plan coverage can be used to maintain the household and provides help in children’s education and take care of their health.
A term insurance plan for housewife comes with a number of following benefits:
You can buy an online term plan at affordable premium rates without any hassles. Term insurance plans are very cost-effective and provide you a good money value. The sooner you buy a term plan; the lower premium amount you have to pay as the premium increases with the increase in age. So, it is advisable to opt for a term plan at younger ages.
You can buy a high life cover at low rates of premium as a term insurance plan comes with no investment element. The full premium is then invested for the SA that is paid to the beneficiary/nominee upon death during the plan tenure.
The best-term insurance plan for housewives offers benefits to the children’s well-being, helping them to guarantee their future without having a considerable amount of financial stress. Buying a term plan for a housewife secures your children’s future.
A joint term plan provides you the benefit of increasing coverage to your husband as an active life assured. The surviving partner is eligible for the insurance benefit if one of you dies, thus it offers a strong financial backup for your loved ones.
Term insurance provides various additional benefits. You can attach or add a term rider such as permanent disability, critical illness, or accidental death rider. Riders such as critical illness rider can offer health insurance to housewives and protects them against the healthcare rising costs. Other term riders can benefit the loved ones with higher death benefits.
The term insurance tax benefits reduce a lot of financial liabilities, thus helping in further savings. You can also claim tax exemption under section 80D, section 80C, and section 10(10D) of ITA, 1961. In Section 80C, the tax on premium amount paid for a term plan is deducted up to a limit of 1.5 lpa. And, u/s 80C, the tax is deducted on premium paid for a cover of critical illness up to a limit of Rs. 25,000 pa u/s 80D. Moreover, the death benefit amount is tax-free, subject to conditions, u/s 10(10D).
We have already answered ‘Can a Housewife buy term insurance plan in India?’ So, you now are aware that housewives play an important role in making the lives of their families secure and stable. With the help of term insurance plans, they can help their dependents financially even after they are not with them. So, buy the best term insurance plan for a housewife to secure her family in the long run.
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