Best Term Insurance Plan for Housewife

What is Term Insurance for Housewives?

Term insurance for housewife is a term insurance plan that offers pure risk protection to the homemaker of the family. These plans were designed to secure suitable coverage for housewives and ensure the financial protection of their loved ones in their absence. 

What is the Best Term Insurance Plan for Housewife?

Here is a list of the best term insurance plan for housewives available in India 2023: 

* The ICICI Pru iProtect Smart for Housewife is exclusively available on Policybazaar.

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

Why is the Best Term Insurance for Housewife Needed?

Before we try to understand the need for the best term insurance for housewife, we need to understand what is term insurance. Term insurance is a pure risk cover that provides a financial benefit to the family of the policyholder in case of his/her untimely death.

The unexpected death of the housewife can affect all the members of the family emotionally and mentally. However, if you have purchased the best term insurance plan for housewife, then it can help cover the cost of education of your children, expenses of healthcare, and other financial liabilities in the absence of the homemaker. 

What are the Benefits of the Best Term Insurance Plan for Housewife?

Here are all the benefits of buying the best term plan for housewife in India 2023:

• 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. The best term insurance plan for housewife can ensure the financial security of the family in case of the housewife’s untimely demise.

• High Coverage at Low Premiums: Various insurers offer some of the best term plan for housewives with a large sum assured at affordable premiums. You can get a 50 Lacs life cover at just Rs 388 per month.

• Premium Waiver Option: The best 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 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

  • Terminal Illness Benefit Rider

  • Waiver of Premium Benefit Rider

• 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.

Summing It Up!

The best term insurance plan for a housewife offers life cover at affordable premiums. The family receives the death benefit in case of the untimely demise of a policyholder, which can help them take care of their financial obligations. Apart from death benefits, it offers several other benefits, like rider benefits. Out of the best term insurance plans for housewives mentioned above, you can select the most suitable plan as per your suitability.

FAQs