What is term insurance for housewife?

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 term insurance important for housewife?

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.

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

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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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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