Term Insurance for
  • Understanding Term Insurance For Housewives
  • Key Features of Term Insurance
  • How To Select the Best Plan
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Term Insurance for Housewife in India

A housewife or a homemaker is an integral part of the family that manages everything be it the household chores, managing finances or taking care of the family members. The absence of this person can create a void in our hearts and impact our lives. Insurance for homemakers was launched keeping in mind the life of the homemakers and the increasing number of illnesses among women.

How Does Term Insurance for Housewives work?

Term Insurance for housewives is a comparatively new concept in the Indian insurance market. It was introduced considering the emotional and physical labor a housewife does for the family. A housewife manages the daily chores of the house, cooks, and manages the household, which in turn smoothens the lives of all the family members. Her absence leads to disruptions in the daily lives of the members of the family and they might have to hire house helps, cooks, and nannies for assistance which, in turn, can lead to financial burdens on the family. Keeping this in mind, insurance providers came up with term insurance plans for housewives. Since term insurance cannot be bought by someone who does not generate income, term insurance for housewives comes with a few eligibility conditions. Let us look into them.

  1. Qualification of the housewife

    A term plan for a housewife asks her to have completed at least graduation to benefit from the plan.

  2. Income of the husband

    Since a housewife doesn’t play the role of a breadwinner, the income of her husband is taken into consideration to provide a housewife term insurance. The annual income of the husband should be equal to 5 lacks or more to purchase a housewife term plan.

  3. Payment of premiums

    The premiums of the term insurance for housewives are paid by the husband on behalf of the homemaker.

  4. Choosing the nominee

    Although, the husband is eligible to pay the premiums of the term insurance policy for housewife, he is under no compulsion to be chosen as a nominee. The housewife can choose anyone from the family to be a nominee for her term insurance policy.

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Why Term Insurance For Housewives?

Home-makers or housewives even though they do not contribute financially, play a vital role in the running of a family and household. Housewives need to opt for term insurance as it has the following benefits:

  1. Financial Security For Your Family

    Term insurance for homemakers ensures financial security to the family of the insured in case of an unfortunate demise of the homemaker. The sum assured paid out to the family will help them to at least survive financially. It doesn’t matter if you earn or not, insurance is a must-have in such cases.

  2. High Sum Assured at Affordable Premiums

    Term insurance offers the insured value for money and is quite affordable and is best when bought in the early years of life as the premiums tend to increase with age. Since there is no component called ‘investment’, the entire premium amount paid by the insured goes towards the sum assured.

  3. Option to Add Riders

    The insurance policy or plan that is bought by the insured might not have everything that they are looking for, thus an option to add a rider or add-on covers are generally available to the insured. The basic plan would remain the same but an additional feature that is not already covered by the insurance policy can be covered. Some of the riders that can be added are critical illness riders, term riders, childcare benefits etc. With the increasing no. of diseases among women such as PCOS, PCOD, breast cancer and more, a critical illness will help the insured financially in dealing with the illness and they can fully focus on recovering.

  4. Tax Exemption

    Having term insurance can give the insured tax benefits and help with further savings. The policyholder can claim tax exemption under section 80C up to a limit of 1.5 lakhs and section 80D for critical illness riders up to 25,000.

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How To Opt For The Best Plan?

Term insurance acts as a financial tool to safeguard the family and loved ones of the policyholder. As we have already discussed why term insurance is essential for homemakers, let us look at how to select the best plan:

  1. Choosing a Sufficient Cover

    One of the main things to keep in mind while choosing an insurance plan is to choose a cover that is sufficient to cover your financial requirements and protect your loved ones in case of your unfortunate demise. It is necessary to plan accordingly by estimating your current expenditures and foreseeing future expenses. Select a plan that is not too heavy on the pockets but at the same time meets your financial needs.

  2. Claim Settlement Ratio

    Claim Settlement Ratio is a factor that needs to be considered before buying term insurance. It is calculated by dividing the number of insurance claims settled by the number of insurance claims received by the insurer. It is best to choose a reliable insurance provider that offers a high claim settlement ratio and provides a smooth claim settlement process.

  3. Choosing a Type Of Plan

    Though there are a limited no. of insurance policies and plans for housewives, choosing the best insurance policy is crucial. There are various plans available in the market such as an individual term plan, spouse term cover, return on premium, Increasing term insurance, decreasing term insurance and more.


A homemaker works day in and day out. The amount of hard work and effort put in by this single person amounts to multiple people working. While no one can replace her, having term insurance can financially help the family members and people dependent on her. There are only a few insurance policies available for housewives. Thus, opting for insurance that is suitable and budget-friendly is important. It is necessary to read through the terms of the policy before buying it.

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Term Insurance for Homemakers: FAQs

1. I am a housewife. Can I buy term insurance?

Yes, as a housewife, you are eligible to buy a term insurance policy meant for a housewife.

2. How much qualification do I need for term insurance for housewife?

You are eligible for a term plan for housewife if you have completed your graduation.

3. I do not earn. How can I get a term plan?

A term plan for housewife takes the income of the husband into consideration in case the housewife is not earning.

4. What is the income eligibility to buy housewife term insurance?

The spouse or husband of the housewife should have an income of 5 lakhs per annum to purchase term insurance for housewife.

5. Who will pay the premiums for term insurance for housewife?

The spouse/husband pays the premiums for a homemaker’s term plan.

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Naval Goel

Reviewed By : Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.