Term Insurance for
Homemakers
  • 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.

What Is Term Insurance?

Term insurance provides financial protection by offering a large amount of life cover (sum assured) at a comparatively low premium rate. In case of the death of the insured during the term of the policy, the amount is paid out to the nominee.

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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.

Summary

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.

What Our Customers Have to Say

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Ayush Sharma

Nagpur

November 30, 2022

I bought policy for my family from policy x.com, The advisor is very knowledgable,he suggest me better comparisons of plan and helps me to purchase suitable one. The process was very smooth.

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Sanjay naraware

Pune

November 8, 2022

Sanjay nanaware here, first of all I appreciate Star Health for your punctuality, service, conversation and I really thanks to Mr.Sanchin pathavnkar who has suggest star health policy.

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Vishal Singh

Delhi

September 27, 2022

I want to thanks Atul Bhardwaj he suggested me good policy and provide me good comparison which help me to choose best plan...........

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Delhi

September 14, 2022

Very Good Organization, Very Decent Staff. Sales team is very good, they are following clients in proper manner

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Delhi

September 14, 2022

Thanks Manoj for suggesting Best plan and even for your patience level with good knowledge and exp l..really happy to see policy x help and Good exp in industry.. Keep going Good always in fut...

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Mohan Bhargava

Chandigarh

September 14, 2022

Best company I ve ever seen. Good service. Politely way of talk. An employee of policy x is Azhar (13272) a best advisor. Good knowledge about the product and companies.

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Paewn kumar

Delhi

September 14, 2022

I got good services from rinku kumar in health insurance team he suggest good plan for my parents and family thank you so much policyx.com

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Santokh Singh Sethi

Delhi

September 14, 2022

I was great experience with policyx, the way the compare the plan is very good and web site is also easy to understand... I will suggest go with Policyx only

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.