Term Insurance Plans for Housewives in India 2022-23 : Features and Benefits

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Term Insurance Plans for Homemakers and Housewife

If you’re a homemaker and feel that you don’t really need to buy insurance for yourself, well, it’s time to think again. In today’s uncertain times, everybody has a dire need and also the right to secure their future through insurance. And when we talk of a housewife, she surely has the need to secure the future of her family as well – those for whom she tirelessly works and cares about. In the event of an unfortunate mishap, who would support her family the way she can? While the absence of a homemaker is nearly impossible to substitute, term insurance for housewife can at least attempt to provide some financial assistance to her bereaved family.

In this post we talk about why term plan for housewives would make sense and also some of the best term insurance plans for housewives in India so that their loved ones have someone to look up to for support.

Why Term Insurance for Housewife: Reasons and Benefits

If you’re still not convinced, here are some concrete reasons why a term insurance plan for housewife is such a good idea:

• Secures you and your loved ones financially – Since your spouse takes care of all the financial expenses in the household, it makes sense for him to buy insurance, right? Wrong! Agreed that your financial contribution to the household is negligible at the moment; however, your family still needs you – now and also later (in your absence). Your kids’ educational expenses would need to continue the same way, as all the other expenditures in the household. Buying a term insurance plan for yourself can provide huge financial support to your spouse in your absence. And of course, in case of an unpredictable unforeseen event such as an accident, insurance can help cover your health-related costs incurred at the time.
• Higher cost coverage at low premium rates – It can’t get better than this. Term insurance for housewife in India promises greater coverage areas and a huge sum assured, all at very affordable premium charges. Since premium rates increase with age, it is highly recommended to purchase your plan as early as possible to derive maximum benefits.
• Riders can be added too – Not only does your term insurance plan provider greater coverage at an affordable price, you also have the additional benefit of including some riders or add-on features to your base plan. For instance, term life insurance for housewife can be upgraded to include Rider for Accidental Disability, Rider for Death by Accident, or Rider for Critical Illness.
• Provides tax benefits too – Another reason to consider buying term insurance for housewives. According to the Income Tax Act, 1961, Section 80-C, the premium amount paid on your plan is eligible for tax deductions, including the critical illness cover rider.

Also Read: Reasons to Add Riders to Your Term Insurance Policy

Best Term Insurance Plans for Housewives in India

Hope the above section helps to answer the question – “Can we take term insurance for housewife?” Now that you’ve assessed all the advantages of the decision and made up your mind, let’s look at some of the top plans of life insurance for housewife offered by some insurance companies in India.

Best Term Life Insurance Companies

How to Go About Buying Term Life Insurance for Housewife?

If you decide to go ahead with buying any of the term insurance plans detailed in the table above, it’s a good idea to first get a rough estimate of total premium payable on the policy. This would help you make an informed choice.

You can easily make this calculation within minutes by using the term insurance premium calculator online. It is a simple auto-generated response system that takes in some of your vital details such as Gender, Date of Birth (to calculate your age), Lifestyle Habits (such as tobacco/alcohol) and your coverage preference (in Rupees) for your chosen plan. Once you feed in this data, the calculator will give you an estimate on the premium amount payable for term insurance.

PayBima offers the facility of a term life insurance premium calculator. Visit its website for more details and also to know the specific term insurance plans for Indian housewives.

Also Read: Max Life Independent Term Insurance Plan for Homemakers

Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit PayBima to Buy Insurance Online.

 

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