Term Insurance For Housewife

What is Term Insurance for Housewife?

Term insurance for housewife is a type of life insurance plan which provides for payments to the family of the housewife in the event of the housewife's unfortunate death. The payment terms in the plan are guaranteed to the nominee/claimant in return for the premium payments paid on time by the policyholder. The plan provides a very high coverage value for a low premium, ensuring the financial requirements of the family members are satisfied without any hassle of managing money. Various payment schemes can be opted for, which include a lump sum payment, monthly payments, among others in a joint payment plan. The housewife term insurance plan will keep the house running as usual, in the absence of the housewife.

What are the Best Term Insurance for Housewife in India {{CURRENTYEAR}}?

The following are the best term insurance plans for housewives available in India in {{CURRENTYEAR}}. You can compare the term insurance plan for housewife based on their premiums, sum assured, benefits offered, or the requirement of your husband’s income proof to find the right term insurance plan without income proof for yourself.

*The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

* The above table represents the plans available for a 25 year old, non-smoker housewife looking for a 50 lakh life cover, with the husband’s annual income between 10-15 Lakhs, covering her till 60 years of age.

Why Should Housewives Buy Term Insurance?

Term insurance plan is definitely the need of the hour for housewives. Considering the increasing prevalence of diseases among women, such as PCOD (polycystic ovarian syndrome) and breast cancer, housewives may need term insurance to ensure their families are financially secure in case of an unforeseen death. 

The best term insurance plan for housewife can help the beneficiaries/nominee through the guaranteed coverage amount that can aid in expenses like existing loans, education, etc.

• It supports your financial planning by offering the beneficiary/nominee a guaranteed amount to deal with important expenses.

• It is ideal in terms of providing a corpus for family members.

Not only that, but several life insurance companies offer special benefits for female customers, like Max Life introduced its Term plan for Housewife and Bajaj Allianz provides health management services up to 36.5K via health checkups, including cancer screenings, diabetic, thyroid, and lipid profile tests, OPD consultations, nutrition, diet, and psychologist consultations, and medicine network discounts.

How to Choose the Best Term Insurance for Housewife?

You can choose the best term insurance for housewife in the following ways:

• Choose the Adequate Cover: Since the life cover is the amount that will be paid to your family in your absence, you should choose a cover large enough to cover their needs financially. It is highly recommended that you should check your financial plans.

• Compare Premiums: When selecting a term insurance for housewife, always compare premium rates from multiple insurers. This helps make sure you get maximum cover at a premium that fits within your family’s budget without compromising on policy features.

• Add Available Riders: Many plans offer important term insurance riders like critical illness, accidental death benefit, or waiver of premium. These riders enhance the basic term insurance for housewife by offering extra protection in specific situations. You should add riders that match your health profile and family history.

• Choose a Policy with Long-Term Benefits: Since a housewife often handles long-term responsibilities like childcare and elder care, opt for a term insurance for housewife with a long policy term, this provides continued protection while your dependents are still financially reliant on you.

• Return of Premium (ROP) Plan: you’re looking for value at maturity, choose a Return of Premium variant. This type of term insurance for housewife refunds the total premiums paid if the policyholder survives the policy term. This plan is usually selected by families who want some return at the end of the policy.

• Check Claim Settlement Ratio: The Claim Settlement Ratio (CSR) is an important consideration when buying a term insurance plan. The CSR is calculated easily by dividing the total number of death claims received by the insurance company by the number of death claims that were settled.

• Select the Right Type of Plan: Select the right type of term insurance plan, as this will make sure your family receives the benefit amount and the insurer returns the premiums back at the maturity of the policy.

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

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

• Fixed Sum Assured: A housewife's contribution to the family is priceless, even if it can't be measured in money. People often forget about the cost of hiring help to do household chores, but it can put a strain on the family budget. This unplanned cost could put a strain on your finances. A term plan for a housewife gives her family a steady income while she's gone, which helps them handle their money well and reach their future goals without any extra stress.

• Financial Safety for family: A housewife may not have a large financial contribution to the family, but her contributions in different areas are invaluable. Purchasing term insurance for housewife guarantees financial stability by offering a death benefit that could save your loved ones. This payment can help the family in managing financial constraints and covering important future expenses.

• Affordable premiums: The premiums for term insurance for housewives are highly affordable, starting from just ₹481 for a 1 Crore term insurance cover. You can always use the term insurance calculator in order to calculate your insurance premium amount for your chosen term plan.

• Life Stage Cover Enhancements: With a term insurance for housewives, you can increase coverage as your family grows. As new members join the family, financial needs also rise, especially for goals like children's education and marriage. To keep up with these changes, it's important to adjust the sum assured so that your coverage is enough for the family’s growing needs. This option makes sure that your plan adapts to inflation and the family’s changing financial demands.

• Cover for Spouse: The spouse is usually the primary earner in the family. If the spouse passes away unexpectedly, it can cause financial stress. A term plan for housewife can make sure that the non-earning member is also financially secure in case of the husband's untimely death.

• Critical Illness Coverage: Serious illnesses like heart disease, cancer, or kidney failure can lead to large medical expenses. By adding a critical illness rider to the term plan, you get a lump-sum payout if diagnosed with a covered illness. For housewives, the plan can offer coverage for women-specific illnesses, such as cervical or breast cancer, providing added protection.

• Flexibility: Term insurance for housewife helps housewives customize products to fit their budget. For instance, you can easily choose to pay the premiums in a way that works for you, such as single, limited, or regular pay term with monthly, annual, semi-annual, or quarterly premium pay mode. You can also choose to get your money all at once, every month, every month plus a lump sum, or every month plus a growing amount.

• Tax Benefits: You can get tax benefits for term insurance under sections 80C and 10(10D) of the Income Tax Act, 1961. Always talk to your financial advisor to find out what tax breaks you can get with your term insurance.

  Tax Benefits: You can claim term insurance tax benefits as per the prevailing tax laws under sections 80C and 10(10D) of the Income Tax Act, 1961. You should always consult with your financial advisor to see the tax benefits you can avail with your term insurance.

• Peace of Mind: Term insurance for housewife allows the family to lead a stress-free life. The children can use the payout to pay for their long-term goals, like pursuing higher education or getting married.

• Benefits for Children: The financial benefit from the term insurance plan for housewife can be helpful in planning for the future of their child, including their marriage, higher education, and other expenses. This will guarantee a stress free life from financial constraints for her children.

How Does the Term Insurance for Housewife Benefit You?

Term insurance for housewife offers several advantages that help secure your family's financial future. Here's how it can support your loved ones:

Financial Protection
The main advantage of term insurance is the financial security it may bring to your family in case something unfortunate happens to the policyholder. It allows your family to pay for household expenses, medical bills, and other financial emergencies that may arise.

Income Replacement
Term insurance can replace the income of the main earner by offering the payout as monthly installments. This helps the family manage living costs and maintain financial stability in the absence of the primary income source.

Debt Repayment
A term insurance payout can help your family if you have any debts that are still unpaid. It can be used to pay off loans or mortgages, which can help you avoid financial stress when times are tough.

Achieving Financial Goals
Term insurance can also help fulfill long-term financial goals, such as funding your child's education or their future wedding. It makes sure that the family's dreams are not compromised, even in your absence.

Spouse’s Retirement
A term life insurance payout can help the dependent spouse become financially independent in the long run. It gives them money to make sure they can live comfortably in retirement, even if the main breadwinner is no longer around.

Commonly Asked Queries

What are the Key Features of a Term Insurance for Housewife?

Here are some of the features of the term plan for housewife:

1. High Life Cover

   You can purchase a high sum assured amount at very low premium rates. This is mainly because a term plan for housewife is a pure protection policy with no component of investment. The entire premium amount is used to provide the life cover that is paid to the nominee upon demise during the policy tenure.

2. Increasing Additional Term Cover for the Family

   The term insurance for housewife has increased additional term cover benefits. This feature gives policyholders the option to increase the policy coverage during the policy term, considering the husband has also opted for a term plan. The housewife term insurance offers benefits for the well-being of their children, allowing them to guarantee their child’s bright future without any financial stress. For example, if a husband has a term cover of 1 crore and then the wife buys a term plan for housewife for a life cover of 50 Lakhs. Then, the total sum of 1.5 crores will help in securing your children’s future.

3. Waiver of Premium

   Another benefit that most of the life insurers provide is waiver of premium. This feature waives off the premium payment if the policyholder becomes critically ill, injured, or physically impaired. These are the situations in which the policyholder will not be required to pay the premium amount.

4. Return of Premium Feature

   A term plan also offers the return of premium option, wherein the premium amount paid will be returned by the insurer subject to the plan terms and conditions as a maturity payout to the policyholder.

5. Long Term financial protection

   The term plan for housewife can easily be bought for a longer policy term, ensuring family’s financial protection at any time.

6. Online Accessibility

   An individual can now easily access various term plans, assess their features and choose the best term insurance for housewife. In addition to this, buying a term plan, paying a premium amount, submitting a claim, and other processes are quite easy and cost-effective.

Why Sum Assured is an Important Factor When Buying Term Insurance?

Choosing the right life cover (sum assured) in your term plan is important for your family's financial protection. This amount provides important protection in case of unforeseen circumstances, providing you peace of mind. A high amount makes sure your family are supported very well, covering debts/loans, income replacement, and education costs. Choosing the right amount is important to make sure their family’s future is secure. To check the best term life insurance plans, you can find the right sum assured for your financial needs by clicking on the below options.

What are the Term Insurance Riders Available in Term Insurance for Housewife?

Terminal Illness: Terminal illness payout, or accelerated death payout, is offered by insurance companies when the life assured is diagnosed with a condition likely to lead to death within 6 months from the date of diagnosis during the policy term. However, if the diagnosis occurs within the last 12-18 months of the policy, early payout may be excluded since death could happen after the policy ends. In such cases, death benefits are still provided to the family, but an early payout isn't an option.

Waiver of Premium: Another benefit offered by numerous life insurance companies in India is the waiver of premium riders. This feature, as the name suggests, waives all the remaining premiums in case of a critical illness or permanent disability. In other words, there are circumstances where the policyholder is not obligated to make premium payments. This becomes relevant when an accident or disability prevents the policyholder from meeting premium obligations.

Critical Illness Rider: If the policyholder is diagnosed with a critical illness, such as heart stroke, cancer, the critical illness rider offers an additional or accelerated payout that helps the policyholder pay for the treatment costs or medical expenses. This is an optional benefit that can be added to the base plan at nominal premiums.

Accidental Death Benefit: A housewife can add extra riders to her term life insurance policy to protect against death caused by accidents. The policyholder can add the accidental death benefit rider to the base term plan to get more coverage. If the policyholder dies in an accident, the term insurance rider will pay out more money.

Why Should I Compare Term Insurance for Housewife?

When you compare term insurance for a housewife, you can find the plan that fits your family's needs and stays within your budget. Different plans have different benefits, like how much coverage they offer, how much the premiums are, and how you can get your money, like in a lump sum or on a regular basis. You can find the best plan with the most value by comparing them. Some plans even come with extra benefits like critical illness riders or premium waivers. This guarantees that your family's financial protection is complete and meets your needs.

Why Is Term Insurance for Housewife Important?

The term insurance plan for a housewife is necessary to bring financial security to the family in the event of her untimely death. A housewife’s contribution to the family may not be financial, but it is irreplaceable. The term insurance plan also recognizes the contribution made by a housewife. Here are the reasons why term insurance plan for a housewife is important:

• Financial Security for the Family
  In the absence of a housewife, handling household expenses, children, etc., becomes a challenging task. Term insurance for housewives is very essential in ensuring that the family is in a position to cope with the challenges.

• Covers Non Monetary Contributions
  Housewives play an important role in managing the home, raising children, and supporting the family. While these contributions cannot be financially measured, term insurance compensates for their value, making sure that the family can afford professional help if needed.

• Affordable Premiums for High Cover
  Housewives can benefit by obtaining large sum assured at low premium costs, with easier planning of adding term insurance to the budget, ensuring that the women enjoy long-term cover without putting a burden on the budget of the family.

How to Buy a Term Insurance for Housewife from Policybazaar?

Here is a step-by-step guide on how to buy a term plan for housewife from Policybazaar:

• Step 1: Visit Policybazaar and go to their term insurance for housewife page.

• Step 2: Fill in all the required details like name, contact number, and date of birth. Then, click on ‘View Plans’.

• Step 3: Answer the basic questions about occupation type, annual income, educational qualification, and smoking habits.

• Step 4: After submitting all this information, a list of all available term insurance plans for housewife will be displayed

• Step 5: Select the term insurance plan for housewife and then proceed to pay.

Should Housewives Get Term Insurance Plan?

Nowadays, women are facing a number of health concerns like breast cancer, PCOD, and sometimes an unforeseen demise during childbirth. This is the time that women should think about long-term financial planning, which is why term insurance for housewife is need of the hour.

A term insurance plan offers various benefits, such as adding riders, tax savings, affordable premiums, critical illness coverage, and guaranteed financial support for appointed beneficiaries to cover essential expenses. A term insurance comparison can help you select the ideal plan by checking premiums and features.

What Things Should You Consider Before Buying a Term Plan for Housewife?

Here are some of the things you should look into before buying a housewife term insurance:

• Make sure the life cover chosen is adequate: Always check if the sum assured amount is sufficient to secure your family members in case of an unfortunate incident. As per the general thumb rule, you can consider the cover amount to be 3-5 times the annual salary of the husband.

• Consider your expenses: Consider the child's education plans, loans, liabilities, and family expenses before deciding the life cover for term insurance for housewives.

• Wife can use Husband’s Income Proof: A working wife can easily buy term insurance for women using her income proof and other documents requested by the insurer.

• Current medical condition: The family can decide if adding a health rider is important by taking into account the health of a housewife and the medical history of her family.

• Keep the Type of Term Plan in Mind: There are different types of term insurance plan for housewives that are offered when purchasing term insurance. You should choose the term plan that suits your requirements and financial objectives among these options due to their difference in features.

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