Term Insurance for Housewife in India

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
Get ₹1 Cr. Life Cover at just ₹449/month*
No medical checkup required
Save more with upto 10% discount
Covers COVID-19
Tax Benefit
Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
Happy Customers
*Tax benefit is subject to changes in tax laws. *Standard T&C Apply
** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines
Get ₹1 Cr. Life Cover at just ₹449/month*
No medical checkup required
Save more with upto 10% discount
Covers COVID-19
+91
View plans
Please wait. We Are Processing..
Get Updates on WhatsApp
By clicking on "View plans" you agree to our Privacy Policy and Terms of use

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:

Why Do Housewives Should Buy Term Insurance Plans? 

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. 

What are the Benefits of a Term Insurance for Housewife in India? 

A term insurance plan for housewife comes with a number of following benefits: 

  1. Affordable premium rates 

    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. 

  2. High life cover amounts

    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. 

  3. Secure your child’s future

    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.

  4. Benefit of Joint Cover

    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. 

  5. Add-ons for extra protection

    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. 

  6. Tax Benefit

    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). 

Wrapping It Up!

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.

Types of Term Plans


Term insurance articles

Recent Articles
Popular Articles
Term Insurance - A Gift of Lifelong Protection for Your Sister this Rakhi

05 Aug 2022

Raksha Bandhan (Rakhi) is around the corner and if you are...
Read more
Difference Between Child Insurance and Term Insurance

04 Aug 2022

Every parent's priority is to financially protect their child's...
Read more
Gift “Term Insurance” to Your Wife This Karwachauth

04 Aug 2022

Every year, the fast of Karwa Chauth by your wife creates an...
Read more
Critical Illnesses Covered Under ICICI Term Insurance

26 Jul 2022

ICICI Term Insurance plans help secure the financial future of...
Read more
1.5 Crore Term Insurance Plan

26 Jul 2022

Raghav is a 30 years old healthy IT employee who has two...
Read more
Term Insurance Calculator - Calculate your Term Insurance Premium Online
Term Insurance Calculator Term insurance calculator helps to calculate the premium amount that you will have to...
Read more
Term Plan with Return of Premium - TROP 2022 | Policybazaar
Term Insurance is a simple life insurance plan that provides financial coverage in the form of a life cover for a...
Read more
2 Crore Term Insurance Plan
The pandemic has surely generated a global panic and emphasised the importance of financial planning that would...
Read more
LIC Term Insurance 1 Crore
If you have a LIC term insurance 1 Crore handy, you can cherish all your happy moments as you have made a fine...
Read more
Types of Deaths Covered and Not Covered by Term Insurance
Types of Deaths Covered and Not Covered by Term Insurance When it comes to securing the future of your loved ones or...
Read more

top
View Plans
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL