Term Insurance For Housewife

Being a housewife seems an easy and thankless job to people. On the contrary, being a housewife should be the most valued of all because a housewife is a homemaker who works all day round the clock and in return is not compensated with any monthly remunerations in terms of money.

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Being a housewife comes with a bag full of responsibilities and selflessly taking care of the family and keeping no expectations in return. The sacrifices and hard work a housewife puts in the family are mostly undervalued in our society.

However, the impact of losing her at any point in life will disturb every person in the family physically, mentally, and emotionally. Hence, a term insurance plan is as important for a housewife as for the earning member of the family.

In this article, we will understand in detail why term insurance is necessary for a housewife and how can it benefit her in the long run. But first, let us briefly understand what term insurance is.

What Is Term Insurance?

Term insurance is the purest form of insurance that you can buy for yourself and secure the future of your family after your untimely demise. It is a life insurance policy that provides financial coverage to the nominee in the policy if the life insured dies untimely.

Among all the life insurance policies, Term insurance offers the highest coverage with minimal premiums. Some companies also cover the partial or permanent disability of the insured. Term insurance is the only plan that comes under pure risk.

Why Should Housewives Buy Term Insurance?

As we know, term insurance is the purest form of insurance one can buy for themselves and secure the future of their family in case of their untimely demise. Similar is the case for a housewife.

At the time of the unfortunate demise of your homemaker, the family suffers all kinds of trauma, be it mental, physical, or financial. A term insurance plan for a housewife can support your children’s education cost, health expenses, loans, liabilities, etc. in case of any unfortunate event.

Benefits Of Term Insurance For Housewife

 Here are some of the benefits of the term insurance plan for housewives:

  1. Financial Security

    Even though a housewife does not contribute financially to the household, still her value is indispensable amongst the family members. In case of an unfortunate event, a term insurance plan comes to rescue financially. The housewife’s term insurance plan can help you support your children’s education, health-related expenses, etc.

    So, in case of the unfortunate demise of the housewife, the payouts from the term plan can help for both immediate as well as long-term needs.

  2. Better Coverage With Lesser Premium

    Term insurance plan, also known as the purest form of insurance, is one of the most economical insurance plans. A great plan for your wife can be bought with a large sum assured and highly affordable premiums. Age and policy tenure are some of the major factors on which premiums depend.

    Term insurance plans bought at the right age and time can provide great coverage with a minimal monthly premium amount.

  3. Tax Benefits

    Term Insurance plan offers tax benefits under Section 80C of the Income Tax Act, 1961. With critical illness cover, you can also avail additional tax benefits*.

    * Tax benefit is subject to changes in tax laws

  4. Waiver Of Premium

    Waiver of premium option is available under Term Insurance plan in the event of unfortunate demise of the policyholder. Since a housewife is always financially dependent on the working partner, this feature is very beneficial.

  5. Rider Benefits

    Insurance providers offer rider benefits or add-on cover benefits for the policyholders to enhance their coverage. Thus, along with a term insurance plan, one can opt for rider benefits as well.

    Some of the riders covered under term insurance for housewives are:

    • Accelerated Death Benefit Rider
    • Accidental Death Benefit Rider
    • Accidental Disability Benefit Rider
    • Critical Illness Benefit Rider
    • Waiver of Premium Rider
    • Income Benefit Rider
  6. Wealth Creation Along With Savings

    Term insurance is the purest form of insurance. These days’ people want all in one, that is a plan should provide insurance as well as help in investments.

    There are some options apart from a term insurance plan that can be taken into consideration to ensure the safety of your spouse and your family.

    1. Endowment Policy

      Unlike term insurance, an endowment policy is an insurance plus investment instrument. It offers both, protection in the time of crisis and growth of money invested in the policy. If survived during the entire policy tenure, you get the sum assured amount at the time of maturity.

      An endowment policy is widely popular, mainly because of the dual benefits it offers.

    2. Unit linked child plans (ULIPS)

      These come with great returns some advantages are as follows:

      • Flexibility of withdrawal alternatives
      • High returns
      • Appreciation of value with time
    3. Money-back plans

      They cater to individual’s needs for future expenses. They come with efficient planning alternatives and can be used as a child’s plan.

The Bottom Line

There are numerous options around for term insurance for your housewife. It is up to you to compare wisely and choose the plan best suited considering all the situations and factors. A housewife is the backbone of the family and her loss is understood once she is no more to look around for you and your family. It is hence important to look out for her health and keep her protected in every way possible.

Written By: PolicyBazaar

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