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Can a Housewife Buy a Term Insurance Plan?

When it comes to term insurance, the obvious reason to buy a term plan is if you are the only breadwinner of your family. In such cases, your loved ones are dependent on you for their survival and would need backup funds in case of your absence to fulfill their requirements.

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Though, the reality is quite different. The benefits of a term plan are not limited to people who are earning but also to those who are the main caretaker of the family-like housewives. Yes! You heard it right! Housewives are also eligible to buy a term insurance plan as it can provide them with various benefits as discussed in this article:

Note: Know more about what is term insurance first before reading this article.

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Can a Housewife Buy a Term Insurance Plan?

Yes, as a housewife, you can buy term insurance plan to safeguard your family’s financial future in your absence. A housewife can either purchase a term policy separately or can buy a joint term cover with her husband.

In the case of a joint cover plan, both the spouses are equal owners of the plan. If anything happens to any one of the partners, the surviving spouse gets the insurance payouts. With this, both can protect them and their family against the eventualities that may arise anytime in the future.

Why do Housewives need to Buy a Term Plan?

When a housewife buys a term plan, the financial coverage of the entire family increases. Though income stagnates sometimes, it becomes important to have a good financial backup for your family so that the money can be utilized for you and your family’s requirements. Having term insurance for a housewife ensures that there is no financial difficulty when it comes to fulfilling your children’s needs. It takes care of their higher education, wedding, and other life goals.

Following are 4 reasons why buying term insurance for housewives is a smart decision:

  • It provides support in long tenure and good financial planning

  • It is consistent in terms of providing a corpus for the family’s dependent members

  • It helps you build a fund for retirement years

  • It offers significant tax benefits

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What are the Benefits of Buying a Term Insurance Plan for Housewife?

Term insurance is a financial product that secures the future of the family in the policyholder’s absence. Not many individuals realize this, but a housewife is a homemaker and her presence in the house is irreplaceable. Here are 6 important benefits of buying a term insurance plan for housewife:

  • Financial Protection: Having a term insurance plan provides coverage for your housewife as it not only provides financial security but also secures your family members for unforeseen event.

  • Prepare you for emergencies: Even though a housewife might not contribute to the house chores financially, she helps in various responsibilities that can create a financial burden in her absence. However, with a term insurance plan, your wife is secured and your children don’t suffer, in case of any unfortunate event. Also, your term plan for your wife can support the long-term requirements of your loved ones, irrespective of your employment profile. These term insurance plans provide high coverage at low premium rates.

  • Cost-effective option: A term insurance plan is one of the most cost-effective life insurance plans. You can take a term plan for your wife with a high life cover and pay affordable premium rates. Additionally, some insurers help in increasing the sum assured in different milestones of life like childbirth.

  • High life Cover : You can purchase a high-life cover at low premium rates. This is because a term plan is a pure protection life insurance plan with no investment aspect. The whole premium amount is invested towards the SA that is paid to the nominee on the death during the policy term.

  • Save Taxes : Term insurance plan for housewives provides tax savings benefit u/s 80C, 80D, and 10(10D) of the ITA, 1961. However, the ITA also offers you additional exemptions on tax if you buy a term plan for your wife, kids, or parents.

    • Section 80C: The premium amount paid towards a term plan is tax exempted up to a limit of Rs. 15 Lakhs pa.

    • Section 80D: The premium amount for a critical ailment is also tax-exempted up to Rs. 25000 pa and Rs. 50000 for senior citizens.

    • Section 10(10D): The death payout is free of taxes, subject to the policy’s T&Cs

  • Get Added protection: Apart from life protection, term insurance offers various add-on benefits. You can attach term riders like critical illness riders, accidental death riders, and permanent disability riders to enhance the coverage of the term plan.

What points to Consider Before Buying a Term insurance plan for a Housewife?

Here are a few points that one must consider before purchasing a term insurance plan for housewives:

  • Always check if the sum assured amount is sufficient to secure your family members in case of an unforeseen event.

  • Consider the children's education plans, family expenses, and other liabilities to decide the amount of a term plan

  • Choose a trustworthy insurance company, that has a high claim settlement ratio (CSR) and guarantees a smooth claim settlement procedure so that you or your children do not suffer in the future.

Should Housewives Invest in a Term plan: Is It a Good Idea?

Yes, housewives must invest in a term plan. With an increase in health issues like PCOS, breast cancer, etc. a term policy can be a necessity nowadays. As discussed, the term plan comes with added riders that can help housewives cover their medical bills. Moreover, there are various types of term plans such as traditional, TROP (Term plan with Return of Premium), etc., So, there is a wide range of plans to select from. The term plans offer a high SA at low premium rates. The method of paying a premium is flexible and can be utilized as per the preference of a nominee.

Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.

Wrapping It Up!

Term insurance benefits for housewives are a long going list. So, select and compare the best term plan if your family members are majorly dependent on you. Though no one can compensate the individual’s loss, financial support surely does make things better with time. A high SA can also help children fulfill their goals and live comfortably, helping housewives leave sufficient funds behind for their children.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

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