Best Term Insurance Plan for Housewife

Homemakers or housewives play an important role in any home. They work as a support system for the family, and when something happens to the sole breadwinner, they take charge of everything. However, have you ever thought that what would happen to your family , if something happens to the homemaker? Well, human life cannot be valued against money, but with money, you can compensate or manage a lot of things. This is where the term insurance for housewives comes into the picture. 

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What is Term Insurance for housewives?

Here are a few explanations of a term insurance policy for a housewife:

  • A term insurance policy for a housewife or spouse term insurance policy provides you an opportunity to get insurance for your spouse along with you under the same term insurance plan.

  • Under a spouse term insurance plan, comprehensive protection along with multiple other benefits are provided.

  • A spouse term insurance plan ensures that your family is protected financially even if either of the policyholders dies.

  • The main motive of such type of term insurance plans is to ensure that the lives of both partners are important.

  • The death benefit is given in case of the demise of any of the two of you, who are insured under the plan.

Why Should a Housewife Buy a Term Plan?

A term insurance policy provides a death benefit in case of the untimely demise of the policyholder during the policy term. Hence, the definition of the term plan itself explains its importance for all including housewives.

In case the housewife passes away unexpectedly, all the members of the family are affected emotionally and mentally. However, if you have taken a term insurance plan for a housewife, then it can cover the cost of education of your children, expenses of healthcare, and other financial liabilities in the situation of any unfortunate event.

Five things to know before buying Term Plan Five things to know before buying Term Plan

Best Term Insurance Plans for Housewife

Here are some of the best term insurance policies for housewives:

Plan Name Entry Age (Min & Max) Maximum Maturity Age Term of Policy (in Years) Minimum Sum Assured (Rs.) Premium Paying Term
Aegon Religare iSpouse 21 to 60 65 5 to 65 2500000 Monthly and Yearly
Baja Allianz iSecure 18 to 65 85 10 to 85 (subtracting the entry age) 2500000 Monthly, Quarterly, Half-yearly, and Yearly
PNB Metlife Mera Term Plan 18 to 65 99 10 to 99 (subtracting the entry age) 1000000 Monthly, Quarterly, Half-yearly, and Yearly
SBI Life Smart Humsafar 21 to 60 65 10 to 30 100000 Monthly, Quarterly, Half-yearly, and Yearly

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

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What Benefits Does a Term Insurance Provide to a Housewife?

Here are a few benefits that a housewife gets with a term insurance plan:

  • Provides Financial Security: The value of a homemaker cannot be defined in words. From food to clean clothes to suggestions on various topics, the family is dependent on her. If something happens to any of the two policyholders of a term insurance plan, it provides financial security to the family. Some term insurance plans for housewives also fulfill the long-term as well as short-term needs of the policyholders.

  • Tax Benefits: The premiums that you pay towards your term insurance plan are eligible for tax benefits under section 80C of the IT Act, 1961. However, tax benefits are subject to change as per the tax laws.

  • High Coverage at Low Premiums: The premium of a term insurance plan is quite affordable. Since a term plan is also known as the purest form of an insurance policy, thus it offers high coverage. A best term insurance plan for housewives with a large sum assured is available at affordable premiums. However, the premiums are affected by many external factors like tenure of the policy, age of the policy aspirant, etc. When a term plan is purchased at the right time and age, it provides great coverage at economical rates.

  • Premium Waiver Option: Term insurance plans for housewives also provide a premium waiver option. Under this option, the premiums of a term insurance plan are waived off in case of the unfortunate demise of the policyholder during the policy term. This feature is useful for all the policyholders but of utmost use for housewives as they are financially dependent on their partners (working).

  • Rider/ Add-On Benefits: As a policyholder, you can easily enhance the coverage of your term insurance policy for housewives by adding appropriate rider(s). There are some very useful riders available, which 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

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Summing It Up!

A term insurance plan for a housewife offers life cover for the policyholder and his/her spouse both under the same plan. The surviving partner gets the death benefit in case of the untimely demise of a policyholder or their spouse during the policy tenure. Apart from death benefits, it offers several other benefits. We have mentioned some of the best term insurance plans for housewives, you can select one as per your suitability.

Types of Term Plans

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