What is Term Insurance for Housewives?

Housewives play a vital role in every household, providing essential support, care and nurturing for their families. Their dedication and hard work are the foundation of a strong and thriving family. Recognising and appreciating their contributions is essential to create a happy and harmonious home. With a term insurance, housewives can leave a legacy and secure their family's financial future.

Why is it Important for Housewives to Buy Term Insurance?

Below are some reasons why term insurance for housewives is essential:

Financial security

A term insurance plan for housewives can help them provide for their loved ones in their absence. The insurance payout can financially help the family to carry on with their lives.

Medical security

Term insurance for housewives in India also offers health related riders that can provide additional financial support against medical expenses when diagnosed with a medical illness covered under the plan.

How to choose best term insurance for housewife

Below are the factors to consider and steps to follow during the selection process of term insurance for housewife:

Assess your family's needs

Evaluate the financial needs of your children, spouse and other family members. It is important to choose a term insurance plan that provides adequate coverage to support their lifestyle, education and future goals.

Check claim settlement ratio

Research the insurance company's claim settlement ratio to ensure your family receives the payout without hassles. A higher ratio indicates a steady company with a good track record of claim settlement.

Evaluate policy features

Consider the type of term plan that suits your needs. Explore add-on rider options to enhance your coverage. Additionally, select a suitable policy term depending on your family’s requirements.

Look for affordability

Compare premium rates across different insurers to find an affordable plan with adequate coverage.

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Features of a term insurance plan for housewife

Below are some key features that distinguish term insurance plans tailored for housewives:

Affordable premiums

Term insurance plans for housewives come with affordable premiums to ensure they fit within a household budget.

Fixed sum assured

A term policy for housewives recognises the contribution of women and compensates for it with a fixed amount of insurance payout. While housewives may not contribute to their families financially, their role is still invaluable. Term insurance acknowledges this by providing financial security to their family through a sum assured.

Increasing cover^`with family growth

Term insurance plans for housewives offer the flexibility to increase coverage when your family expands. You can modify the plan's insurance coverage when you have children to ensure adequate financial protection for everyone.

Protection against critical illnesses

Term insurance plans for housewives offer the option to add additional riders. These riders can provide financial protection against women specific illnesses, such as breast and cervical cancer, among several others.

Flexibility

Term life insurance for housewives offer features like flexible premium payment terms, options to add riders, enhance financial coverage and more

Tax advantages

Term insurance for housewives offers tax advantages as per the provisions of the Income Tax Act, 1961. The premiums paid towards term insurance qualify for a deduction of up to ₹ 1.5 lakh subject to the conditions prescribed under Section 80C^*, and the death benefit paid to the nominee in case of an unfortunate event is exempt subject to the conditions prescribed under Section 10(10D)^*.

Benefits for children

The proceeds from a term insurance plan for housewives can be used to provide for the children. The money can be used to cover their education, healthcare, marriage and other similar financial needs.

Term insurance riders

Term life insurance for housewives offers some optional riders that can enhance the coverage of the plan. These riders can be added at a nominal cost in addition to the base premium. Term insurance riders can be beneficial in situation like an accidental death or in case the insured is diagnosed with life threatening illnesses such as cancer, heart ailments, kidney disorders and others.

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Benefits of term insurance plan for housewife

Below are some advantages that housewives and their families can derive from a term insurance plan:

Facilitate Future Goals

Term insurance can help your family achieve their future goals, such as higher education, retirement, house ownership and more.

Helps leave behind a legacy

Term insurance plans empower housewives to leave a lasting legacy for their families. The insurance payout enables women to secure their family's financial future, even in their absence.

Financial security for children

Housewives can safeguard the financial interests of their children through term insurance. In the event of an unfortunate incident, the insurance payout can be used for children's education and overall well-being.

Healthcare protection with riders

Term insurance plans offer riders that provide additional healthcare coverage to women. These riders can cover critical illnesses or medical emergencies to ensure housewives have access to quality healthcare when needed.

Tax* Benefits

The premiums paid for a term life insurance can be claimed as a deduction up to ₹ 1.5 lakh subject to conditions prescribed under Section 80C* of The Income Tax Act, 1961. Furthermore, the sum assured received by the nominee is exempt subject to conditions prescribed under Section 10(10D)* of The Income Tax Act, 1961.

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