A housewife is the support system of a family. She may not be contributing financially, but she is the family's primary caretaker who manages the household. A home can not function without a housewife. Her absence will cause a massive strain on the household budget because of outsourcing all the services. Hence, a term plan for a housewife will help provide for the additional expenses incurred in her absence.
Another reason why a term plan for a housewife is an important investment is the additional riders, such as critical illness or accidental benefit. These add-ons cover medical expenses in case of a critical illness or accident. Often housewives ignore their health; with a term plan, they will not have to think before getting proper medical treatment. Let us find out what are the best term plans for housewives.
Top Term Insurance Plans For Housewives
| Term plan | Sum assured (Rs) | Entry age | Maximum maturity age | Policy tenure (In Years) | PPT |
|---|---|---|---|---|---|
| Bajaj Allianz Secure | 25,00,000 | 18 to 65 | 85 | 10 to 85 (subtracting the entry age) | Monthly, quarterly, half-yearly and annually |
| Aegon Religare Spouse | 25,00,000 | 21 to 60 | 65 | 5 to 65 | Monthly, and annually |
| PNB Metlife Mera Term Plan | 10,00,000 | 18 to 65 | 99 | 10 to 99 (subtracting the entry age) | Monthly, quarterly, half-yearly and annually |
| Sbi Life Smart Humsafar | 1,00,000 | 21 to 60 | 65 | 10 to 30 | Monthly, quarterly, half-yearly and annually |
Things To Consider Before Buying a Term Plan For a Housewife
Ensure that sum assured is enough to provide financial protection for the family in case of an unfortunate event. Before deciding the term plan coverage, consider all the expenses, liabilities and investments for the future. Before choosing an insurance company, compare various plans, their claim settlement ratio, claim settlement process, and additional benefits.
Benefits Of a Life Insurance Cover For Housewives:
Financial Protection -
A life insurance cover provides financial protection to ensure proper management of the household in a housewife’s absence. It enables the smooth running of household activities without putting any additional financial burden.
Corpus For Future Goals -
It helps build a corpus over time, which can be used for domestic expenses, children's education, future investments, etc. It provides financial support for the family members.
Low Premium -
A life insurance cover gives higher coverage at a lower cost and helps a housewife provide support to the family even when she is not around. As housewives are non-earning members, premiums are affordable and offer a good return on investment.
Tax benefit -
Life insurance cover for housewives also offers tax exemption under section 80 C, section 80 D and section 10 of the Income Tax Act.
Additional Riders -
Additional riders like critical illness cover increase the coverage of the policy at a very nominal cost and provide reasonable medical aid during a medical emergency. A housewife should opt for a critical illness add-on benefit for better coverage.
Point Coverage -
The life insurance cover for a housewife also provide the option of joint coverage, which means that a homemaker can add her husband as a policyholder, and the surviving spouse receives the insurance coverage amount.
Benefits For Children -
Term insurance for housewife also offer benefits for dependent children and is an excellent way of contributing towards children's education, marriage etc. This way, a housewife is able to contribute to her children’s future even in her absence.
Term Plan for a housewife is a must. There are joint term plans and the independent term also plans available. You can select the most suitable one from the list mentioned above. In today’s time, when diseases like breast cancer, PCOD, cervical cancer etc, have become very common, it becomes important to invest in life insurance for a housewife who often ignores herself in taking care of the family. Such plans not only offer death benefits but also offer additional coverage for critical illnesses.
Also Read: How To Increase Cover Option In Term Life Insurance Policy?
