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Term Insurance Plan for Housewife

Homemakers or housewives play an important role in any home. They work as a support system for the family, and when something happens to the sole breadwinner, they take charge of everything. However, have you ever thought about what would happen to your family if something happened to the homemaker? Well, human life cannot be valued against money, but with money, you can compensate for a lot of things. This is where the term insurance for housewives comes into the picture.

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What is Term Insurance for Housewives?

Term insurance for housewife is a term insurance plan that offers pure risk protection to the homemaker of the family. These plans were designed to secure suitable coverage for housewives and ensure the financial protection of their loved ones in their absence.

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

What is the Term Insurance Plan for Housewife?

Here is a list of the term insurance plan for housewives available in India 2024:

Name of the Insurer	Term Insurance for Housewife	Claim Settled Amount (cr)	Entry Age	Maximum Maturity Age
Aditya Birla Sun Life Insurance Company Limited	ABSLI Income Suraksha Plan	458	21-55 years	70 years
Aviva Life Insurance Company India Limited	Aviva Signature 3D Term Plan	98	18-65 years	80 years
Bajaj Allianz Life Insurance Company Limited	Bajaj Allianz eTouch	603	18-55 years	99 years
Bandhan Life Insurance Limited	Bandhan Life iTerm Prime	86	18-65 years	70 years
Bharti Axa Life Insurance Company Limited	Flexi Term Pro	148	18-65 years	99 years
Canara HSBC Life Insurance Company Limited	Canara Young Term Plan	186	18-45 years	99 years
Edelweiss Life Insurance Company Limited	Edelweiss Life Zindagi Plus	59	18-65 years	80 years
Future Generali India Life Insurance Company Limited	Future Generali India Term Insurance for Housewife	33	18-60 years	65 years
HDFC Life Insurance Company Limited	HDFC Click 2 Protect Super	1,389	18-65 years	85 years
ICICI Prudential Life Insurance Company Limited	ICICI iProtect Smart	1,950	18-65 years	99 years
IndiaFirst Life Insurance Company Limited	IndiaFirst Life Elite Term Plan	160	18-60 years	99 years
Kotak Mahindra Life Insurance Company Limited	Kotak e Term	321	18-65 years	85 years
Life Insurance Corporation of India	LIC New Tech Term Plan	18,398	18-65 years	80 years
Axis Max Life Insurance Company Limited	Max Life Smart Secure Plus	1,242	18-65 years	85 years
PNB MetLife India Insurance Company Limited	PNB Saral Jeevan Bima	407	18-50 years	80 years
Pramerica Life Insurance Company Limited	Pramerica Life Rock Solid Plan	30	18-65 years	85 years
SBI Life Insurance Company Limited	SBI eShield Next Plan	1,676	18-65 years	100 years
Shriram Life Insurance Company Limited	Shriram Life Smart Protection Plan	109	18-65 years	75 years
Star Union DAI-ICHI Life Insurance Company Limited	SUD Life Protect Shield Plus	113	18-60 years	80 years
Tata AIA Life Insurance Company Limited	Tata AIA Sampoorna Raksha Promise	776	18-65 years	100 years

*Disclaimer: The insurers mentioned are arranged by the highest to lowest claim settlement ratio of individual death claims of Life insurers who are partners of Policybazaar which is derived from the IRDAI Handbook on Indian Insurance Statistics 2022-2023. Claims settlement is rounded off the nearest first decimal. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

* The ICICI Pru iProtect Smart for Housewife is exclusively available on Policybazaar.

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

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Why is the Term Insurance for Housewife Needed?

Before we try to understand the need for the term insurance for housewife, we need to understand what is term insurance. Term insurance is a pure risk cover that provides a financial benefit to the family of the policyholder in case of his/her untimely death.

The unexpected death of the housewife can affect all the members of the family emotionally and mentally. However, if you have purchased the term insurance plan for housewife, then it can help cover the cost of education of your children, expenses of healthcare, and other financial liabilities in the absence of the homemaker.

What are the Benefits of the Term Insurance Plan for Housewife?

Here are all the benefits of buying the term plan for housewife in India 2024:

Provides Financial Security: The value of a homemaker cannot be defined in words. From food to clean clothes to suggestions on various topics, the family is dependent on her. The term insurance plan for housewife can ensure the financial security of the family in case of the housewife’s untimely demise.
High Coverage at Low Premiums: Various insurers offer some of the term plan for housewives with a large sum assured at affordable premiums. You can get a 50 Lacs life cover at just Rs 388 per month.
Premium Waiver Option: The term insurance plans for housewives also provide a premium waiver option. Under this option, the premiums of a term insurance plan are waived off in case of the unfortunate demise of the policyholder during the policy term. This feature is useful for all policyholders but of utmost use for housewives as they are financially dependent on their partners (working).
Rider/Add-On Benefits: As a policyholder, you can easily enhance the coverage of your term insurance policy for housewives by adding appropriate rider(s). There are some very useful riders available, which are:
- Accidental Death Benefit Rider
- Terminal Illness Benefit Rider
- Waiver of Premium Benefit Rider
Tax Benefits: The premiums that you pay towards your term insurance plan are eligible for tax benefits under section 80C of the IT Act, 1961. However, tax benefits are subject to change as per the tax laws.

Summing It Up!

The term insurance plan for a housewife offers life cover at affordable premiums. The family receives the death benefit in case of the untimely demise of a policyholder, which can help them take care of their financial obligations. Apart from death benefits, it offers several other benefits, like rider benefits. Out of the term insurance plans for housewives mentioned above, you can select the most suitable plan as per your suitability.

Note: Check out the term insurance plan in India and choose one that suits your requirements.

FAQs

Q: Can housewife take term insurance?

Ans: Yes, housewives can not buy term plan as per their suitability to ensure the financial stability of their family in the event of their untimely death during the policy term. They can easily select the term plan for their needs at affordable premiums.
Q: Which insurance is for housewife?

Ans: The term plan for housewife depends on a person’s individual needs. You can take a look at the various plans available online and select the most suitable plan as per your needs.
Q: What is the term plan for housewife premium rates?

Ans: The term insurance plan for housewife premium rates depends on a variety of factors, like age, health conditions, husband’s income and policy sum assured, and other such factors. You can use the term insurance calculator to check the estimate of the required premiums for the desired life cover.
Q: Should I buy term insurance for my wife?

Ans: Yes, term insurance for housewife can enhance the overall cover amount for your kids in the event of the absence of the parents. It is the most affordable way to secure her life and create a financial backup for your family in her absence.
Q: Can I get term insurance without income?

Ans: No, you cannot get term insurance without income. Even while buying the term insurance plan for housewife, you need to present the income proof of your husband or any other surrogate proof of income.