Why Term Insurance for a Housewife Matters (Even Without Income)?

A term insurance plan is a very useful type of life insurance where you get high coverage at a low cost. This is especially handy for young professionals who have many responsibilities and financial liabilities. A term plan usually works as an income replacer if the policyholder, who is generally the breadwinner of the family, dies unexpectedly.

Hence, it is a common practice for only salaried individuals to buy term insurance. However, of late, there has been a trend among housewives to get term insurance as well. Why is it so, and how is term insurance for housewife significant? Let’s find out in the article below.

Term insurance for housewife

As stated above, many housewives are now getting covered under significant plans such as INR 75 lakhs term insurance. This is a positive trend and something that more Indians should embrace.

A housewife is a married woman who refrains from employment and focuses on caring for the family. A housewife’s work is very complicated and tough, simply because she has a lot to do. From cooking for the family to driving the kids to school, she wears many hats and does several jobs, all of which are unpaid. Her presence is crucial for the family, and so is her absence. Therefore, an INR 75 lakhs term insurance is quite needed.

How term Insurance for housewife helps

Though a growing trend, term insurance for housewife is still not a very popular concept in India. This is because a lot of people see term insurance solely as an income replacer that allows families to pay their bills and continue with their lifestyles after the breadwinner dies.

And since a housewife doesn’t technically have an income, she is not perceived as someone who needs term coverage. Thus, getting INR 75 lakhs term insurance for a stay-at-home mother is still quite infrequent. However, getting term insurance for housewife helps in the following ways:

1. Financial aid

As mentioned above, a housewife has several roles to play in the family. In most Indian households, the stay-at-home spouse cooks all the meals for the family. By doing this, she puts out the need to hire a cook. Cooks are expensive resources, and by not having one, the family saves a good amount of money each month.

Similarly, she also takes care of the children, eliminating the need to hire a nanny, another expensive resource. Next, she tutors the children and often doubles up as the family driver, dropping the kids off at school. Here, too, the family is spared the extra cost of hiring private tutors and drivers.

If she were to die prematurely, the financial burden of hiring all the extra people to fill her roles would fall on the family. A term insurance for housewife would prove to be immensely beneficial at such a time, so every family must consider an INR 75 lakhs term insurance policy for the lady who contributes so much to the family.

2. Joint Coverage

These days, many insurance providers offer a joint INR  75 lakhs term insurance for spouses. Both the husband and the wife can be jointly covered under the same policy. Both parties enjoy the coverage and benefits. The earning spouse can also get additional tax benefits and claim a tax rebate of up to INR 1.5 lakhs for the premium paid towards the plan that covers him and his wife.

3. Exciting offers

To encourage more people to invest in term insurance for housewife, the modern-day life insurance providers have exciting offers and deals on such plans. Young and healthy women often get attractive discounts on the premium amount, and this allows them to get an INR 75 lakhs term insurance plan for a very good price.

Important points to note

When buying term insurance for housewife, please remember:

1. It is not just a formality

Getting term insurance for housewife is not a mere formality. It has actual financial benefits, so choose the plan carefully. 

2. To evaluate the options

Compare the available options. Look for term insurance for housewife that is affordable, feature-rich and reliable. The insurer’s claim settlement ratio should also be evaluated.

3. Consider the coverage amount

If, unfortunately, the homemaker dies, you will have to recruit several people for the jobs she used to do. This will be a large financial burden, so choose a suitable coverage amount. Explore the INR 75 lakhs term insurance plans for comprehensive coverage.

Conclusion

Keeping all the points mentioned above in mind, it can be seen just how important term insurance for housewife is. A housewife is a person who takes care of the family and puts everyone else above herself. Hence, she requires all the care and attention as her life is precious and valuable. Get a good INR 75 lakhs term insurance plan for this special lady and make a financially and emotionally sound decision.