Term Insurance For Housewife

Best Term Insurance Plans for Housewives

Why Should Housewives Buy Term Insurance?

Term insurance plan is definitely the need of the hour for housewives. With a rise in health problems such as breast cancer, and PCOD., a term insurance plan for housewives can be a necessity. 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 costs, health expenses, loans, liabilities, etc. in case of any unfortunate event. Here are some of the reasons for buying term insurance for housewives:

• 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

Top Term Insurance Plan Benefits for Housewives

Here are some of the features and 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 among the family members. Buying term insurance for housewives 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 plans 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 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 plan for housewives 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 term insurance plan for housewives 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 life cover of 50 Lakhs. Then, the total sum of 1.5 crores will help in securing your children’s future

How to Buy a Term Insurance Plan for Housewives from Policybazaar?

Here is a step-to-step guide to buy a term plan from Policybazaar:

• Step 1: Visit the Term Insurance Plan for Housewife Form

• 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 plan that is best for you and then proceed to pay.

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

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

• 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, and liabilities, family expenses to decide the amount of a term plan

• 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.