Term Insurance for
Housewife
  • Secure your Housewife's
  • What is Housewife Term Insurance?
  • Explore the Benefits
term insurance for housewife
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Term Insurance Plan for Housewife

In Indian households, it is traditionally accepted that household work is a woman's job. Husbands often overlook the fact that homemakers also play an essential role in the household and don't buy Term Insurance For Housewifes. The difference between working husbands and housewifes isn't much.

However, the working husband always gets appreciation due to being the sole breadwinner, and homemakers work in the shadows and hardly get an appreciation for fulfilling responsibilities.Housewifes play an equally important role in the family by performing daily household chores such as cooking, cleaning, caring for family members, budgeting, buying groceries, etc.

Undoubtedly, their absence can give rise to both emotional and financial struggles. Hence, term insurance for housewifes is a must-buy product for the female counterparts of the household.

What is Term Insurance for Housewife?

Term Insurance for housewife is a life insurance product specifically designed for Indian homemakers. It provides a guaranteed payout to the nominee in the unfortunate event of the housewife’s death. However, a guaranteed payout is provided against the premium paid towards the insurer by the policyholder. This plan is widely known for its comprehensive coverage at low premiums. In addition, policyholders also get the flexibility to customize the plan with add-on riders based on their financial needs.

Benefits of Purchasing Term Insurance for Housewifes

Here we've listed some of the benefits of the term insurance plan for housewifes:

  1. Income Tax Benefits

    If you hold term insurance for a housewife, you'll get the following tax benefits.

    • Section 80C - The premium paid towards the insurance plan will be eligible for tax perks based on Section 80C of the Income Tax Act, 1961, up to ₹1,50,000.
    • Section 10(10D) - The coverage obtained from the term plan, including death, surviving, or maturity benefits will be eligible for the tax exemption benefit under Section 10(10D) of the Income Tax Act, 1961.
  2. Help accomplish future goals

    The family member or beneficiary can use the payouts from the term insurance for the housewife to fulfil future goals, such as starting a business, buying assets and clearing off debts and other liabilities. However, the coverage amount can also be used in different sorts of financial investment options to create wealth in the long term.

  3. Secure child's future

    The most beneficial factor of buying the term plan for a housewife is the payout can help pay for her child's higher education, plan for their marriage, Etc. It'll ensure a secure life without experiencing a financial crisis in the long-term.

  4. Long-term financial protection

    Term insurance is a long-term investment; policyholders can select the right term for their needs. However, the term plan for a housewife can be bought for a longer tenure to ensure financial protection for the family at any time.

Types of Term Insurance for Housewives

There are four types of term insurance plans for housewifes. They can select the term insurance plan that best fits an individual family's budget and requirements.

Level Term Life Insurance It is a type of term life insurance where the premium remains constant throughout the policy tenure. However, it is not subject to age with the increase in age or other related factors.
Increasing Term Insurance It is a type of term life insurance that guarantees that the sum assured will increase at different milestones in the life. It considers the inflation and the policyholder's financial needs that may arise in the future, and the sum assured is decided.
Decreasing Term Insurance Decreasing term insurance is the opposite of Increasing Term Insurance. Every year, the coverage amount goes down and as the coverage amount changes, so do the monthly premiums.
Term Insurance with The Return Of Premium In Term Insurance with The Return Of Premium, the policyholder can receive a return of the premium amounts at the end of the term. It's clear that TROP can bring a sense of overall protection with dual benefits under a single-term plan.

How Does Term Insurance for Housewife work?

Although housewifes are not earning members, even so, she is responsible for various household chores. Without the assistance of homemakers, life at home becomes complicated for every family member. Keeping this in mind, insurance providers came up with term insurance plans for housewifes. Since term insurance cannot be bought by someone who does not generate income, term insurance for housewifes comes with a few eligibility conditions. Let us look into them.

Factors Benefits
Qualification of the housewife A term plan for a housewife asks her to have completed at least graduation to benefit from the plan.
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.
Payment of premiums The premiums of the term insurance for housewifes are paid by the husband on behalf of the homemaker.
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.
Cover your Family by term insurance Cover your Family by term insurance

Best Term Insurance Plan For Housewife

Offers financial security and a support system to the policyholder in an emergency. Provides a 5% increment in SA after every anniversary of the policy.

Unique Features

  • Life Stage Option
  • Multiple Coverage Options
  • Increasing Death Benefit

Smart Secure Plus Plan (Pros)

  • Terminal Illness Benefit
  • Smart Exit Benefit
  • Acceleration Death Benefit

Smart Secure Plus Plan (Cons)

  • 1 Year WP for Suicide
  • No Policy Loans
  • No Pre-existing Conditions

Smart Secure Plus Plan (Other Benefits)

  • Death Benefit in Instalments
  • RP, WOP & 3 Riders
  • Additional Cover for Spouse

Smart Secure Plus Plan (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 84 years
  • Minimum Sum Assured - Adaptable
  • Maximum Maturity Age - 85 years
  • Premium Payment Term - RP/SP/LP

The comprehensive plan offers death coverage, accidental death coverage, Cancer cover benefits, and Waiver of Premium on Critical Illness Benefits.

Unique Features

  • (ROP) as Maturity Benefit
  • Whole Life cover
  • Waiver of Premium Benefit

Smart Protection Goal (Pros)

  • Critical Illness Benefit
  • Accidental Death Benefit (ADB)
  • Accidental Total Permanent Disability Benefit

Smart Protection Goal (Cons)

  • No Loans Allowed
  • 180 Days WP For Critical Illness
  • No Rebate for SA above 3 cr

Smart Protection Goal (Other Benefits)

  • Suicide Cover After 12 Months
  • Female Life Rebate
  • High Sum Assured Rebate (HSAR)

Smart Protection Goal (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Min Sum Assured - 5 L
  • Max Maturity Age - 75 Yrs(ROP)
  • Premium Payment Term - RP/SP/LP

This plan offers an optional accidental death benefit of up to 2 crores, extended coverage until age 99, and includes coverage for Covid-19 claims.

Unique Features

  • Unlimited Maximum Sum Assured
  • Smart Exit Benefit
  • Waiver of Premium Benefit

iProtect Smart Term Plan (Pros)

  • Major Organ Benefit
  • Accelerated Critical Illness Benefit
  • Choose your Policy Term

iProtect Smart Term Plan (Cons)

  • No Loans Allowed
  • Modal Loadings
  • No Maturity Benefit

iProtect Smart Term Plan (Other Benefits)

  • Brain and Nervous System Benefit
  • Heart and Artery Benefit
  • Terminal Illness and Disability Enhanced Protection

iProtect Smart Term Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - NA
  • Maximum Maturity Age - 75 Years
  • Premium Payment Term - RP/SP/LP

Why Should buy Term Insurance For Housewifes?

Although housewifes are not earning members, even so, she is responsible for various household chores. However, the uncertain demise of a housewife can trigger the whole household mentally, physically, or financially. Therefore, her importance is valued as equal to an earning family member, and buying a term insurance plan for a housewife is mandatory to ensure extra financial security. Here are the following key features of buying term insurance for housewife.

  1. Financial Security For Your Family

    Term insurance for homemakers ensures financial security for the insured's family in case of the homemaker's unfortunate demise. The sum assured paid out to the family will help them 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, is quite affordable and is best when bought in the early years of life as the premiums tend to increase with age. Since no component is called 'investment', the entire premium amount the insured pays goes towards the sum assured.

  3. Option to Add Riders

    The insurance policy or plan bought by the insured might not have everything they are looking for. Thus, an option to add a rider or add-on covers is generally available to the insured. Some 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 disease, and they can entirely focus on recovering.

  4. Tax Exemption

    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.

Things to Consider Before Buying a Term Insurance for Housewife

Here, we've listed some factors that you must look into before choosing a term insurance plan for housewifes:

  • Always estimate the family's financial needs and choose a sufficient sum assured to ensure financial protection for the family at any time.
  • According to the general thumb rule, you can calculate the sum assured amount online or consider the cover amount to be 8 to 10 times one's annual income.
  • Before opting for a term insurance plan for a housewife, consider her health condition and her family medical history. It helps you to determine if a health rider is essential.
  • To obtain the financial benefits when the time comes, compare the insurer's claim settlement ratio so that your dependents do not suffer.

Conclusion

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.

Term Insurance for Housewife: 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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Priya Singh

Written By: Priya Singh

Priya has been in the content writing industry for over 8 years. She has been religiously following the insurance sector since the start of her career which makes her an avid insurance expert. Her forte lies in health, term, and life insurance writing, along with her knowledge of the latest developments in the insurance sector.