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Term Insurance For Housewife

Housewife is one of the most important and underrated members of the family. She works tirelessly around the clock to ensure her family’s peace and happiness. Term insurance for housewife is a financial product that offers protection in case of an eventuality. This plan pays the life cover in case of the housewife’s death, providing them with financial stability in her absence.

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What are the Best Term Insurance Plan for Housewife in India?

Following are the best term insurance plan for housewife available in India 2024. You can look at the available plans and compare them based on their premiums, sum assured, maturity age, or benefits offered to find the best term insurance for housewife.

Term Insurance for Housewife Entry Age Maturity Age Sum Assured
HDFC Click 2 Protect Super 18 to 65 years 85 years 50 Lakhs - 1 Crore
Max Life Smart Secure Plus 18 to 50 years 25 Lakhs - 1 Crore 50 Lakhs - 1 Crore
Tata AIA Sampoorna Raksha Supreme 18 to 55 years 65 years 50 Lakhs
Bajaj Allianz eTouch 18 to 45 years 85 years 50 Lakhs
ICICI iProtect Smart 18 to 65 years 85 years 50 Lakhs
PNB Saral Jeevan Bima 18 to 65 years 70 years 10 Lakhs - 25 Lakhs
IndiaFirst Life Plan 18 to 45 years 70 years 25 Lakhs

* 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.

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

What is the Need for Housewife Term Insurance?

Term insurance plan is definitely the need of the hour for housewives. At the time of the unfortunate demise of your homemaker, the family suffers all kinds of trauma, be it mental, physical, or financial. Term plan for housewife can support your children’s education costs, health expenses, loans, liabilities, etc., in case of any unfortunate event. Here are some of the reasons for buying term insurance for housewife:

  • 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

one crore term plan

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Term Plan Starting @ ₹449/month+

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What are the Benefits of Buying Term Insurance for Housewife?

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

  1. Financial Security

    Even though a housewife does not contribute financially to the household, still, her value is still indispensable among the family members. Buying a term insurance for housewife can ensure financial security by offering a payout that can help your family members in an emergency. So, in case of an unfortunate demise of the housewife, this benefit amount can help your loved ones in facing financial problems and paying for basic future expenses.

  2. Affordable Premiums

    Term insurance plans are affordable and lighter on the pocket. Term plan for housewife offer a high life cover at low premium rates. And, the earlier you buy a term insurance policy, the lower would be is premium rate as premiums tend to increase with age.

  3. High Life Cover

    You can purchase a high sum assured amounts 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 whole premium amount is invested towards the life cover that is paid to the nominee upon demise during the policy tenure.

  4. Increasing Additional Term Cover for the Family

    The term insurance for housewife has increasing 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, enabling 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.

  5. Tax Saving Benefits

    Term insurance for housewife offers tax-saving benefits under sections 80C, 80D, and 10(10D) of the IT Act 1961.

How to Buy a Term Insurance for Housewife from Policybazaar?

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

  • Step 1: Visit Policybazaar and select Term Insurance for 'Housewife'

  • 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 housewives will be displayed

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

*Note: You can always use the term insurance calculator in order to calculate your insurance premium amount of your chosen term plan.

What Should You Check Before Buying a Term Plan for Housewife?

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

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

  • Choose a reliable insurer that has a high claim settlement ratio (CSR) and guarantees a quick claim settlement process, so that your dependents do not suffer.

  • A working wife can easily buy term insurance for women using her income proof and other documents requested by the insurer.

FAQ's

  • Can Housewives buy term insurance?

    Ans: Yes, a housewife can buy term insurance plan to secure her family’s future in her absence. But, it is important to understand in detail what is term insurance before buying it.
  • How does term insurance benefit housewives?

    Ans: Term insurance ensures that housewives' families receive a lump sum amount in case of the housewife's demise, providing financial stability for future expenses.
  • Are premiums for term insurance affordable for housewives?

    Ans: Term insurance premiums can vary based on factors such as age, coverage amount, and policy duration. However, many insurance providers offer affordable options suitable for housewives.
  • How can housewives buy term insurance?

    Ans: Housewives can explore various insurance providers and consult with Policybazaar to compare options, understand the terms, and buy housewife term insurance that suits their requirements. In case they do not have a source of income, they can use the income proof of their spouse.
  • What is the maximum sum assured allowed in case of a Housewife?

    Ans: The maximum sum assured allowed in case of a housewife term insurance is Rs. 1 Crore. However, it is better to go through the different plan’s policy details to see the maximum limit of sum assured offered under each plan.
  • Can I take term insurance without job?

    Ans: Yes, you can buy term insurance without income proof. Some insurers allow you to buy plans in case of no job. You can check out more on Policybazaar.

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