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A housewife is the backbone of a family, tirelessly managing the household to ensure peace, happiness, and smooth functioning. While she may not earn an income, her contributions are invaluable, and her absence can bring emotional and financial challenges. From managing childcare and education expenses to overseeing daily household needs, her role is irreplaceable. This is why term insurance for housewives is essential—it provides financial security to cover education, marriage costs, loans, and other expenses, ensuring the family’s financial stability in her absence.
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Term insurance for housewife is a type of life insurance plan that offers a sum assured (life cover) to the nominee/beneficiary in case of the housewife's unforeseen demise during the policy term. Term plans provide high life cover at affordable premiums.
Moreover, term insurance plan provide several flexible features to customize them for individual financial requirements. For instance, the benefits from the term insurance plan can be paid as a regular income, lump sum, or as a mix of both. Therefore, in case of the unexpected demise of a housewife, the family will get a regular income for a set income time to help manage the finances of your family.
Note: Now that you know that what is term insurance for housewife you can easily buy a term plan for your loved ones.
The following are the best term insurance plans for housewives available in India in 2024. You can compare the available plans based on their premiums, sum assured, maturity age, or benefits offered to find the best term insurance for a housewife.
| Name of the Insurer | Term Insurance Plan | 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 Plan | 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 |
* The above table represents the plans available for a 25 year old, non-smoker housewife looking for a 50 lakh life cover, with the husband’s annual income between 10-15 Lakhs, covering her till 60 years of age.
Term Plans
Term insurance plan is definitely the need of the hour for housewives. Considering the increasing prevalence of diseases among women, such as PCOD (polycystic ovarian syndrome) and breast cancer, housewives may need term insurance to ensure their families are financially secure in case of an unforeseen death.
The best term insurance plan for housewife can provide a guaranteed cover amount to help the nominees with expenses such as education and existing loans.
It supports your financial planning by offering the beneficiary/nominee a guaranteed amount to deal with important expenses
It is ideal in terms of providing a corpus for family members
Not only that, but several life insurance companies offer special benefits for female customers, like Max Life introduced its Term plan for Housewife and Bajaj Allianz provides health management systems up to 36.5K via health checkups, including cancer screenings, diabetic, thyroid, and lipid profile tests, OPD consultations, nutrition, diet, and psychologist consultations, and medicine network discounts.
You can choose the right term insurance in the following ways:
Choose the Adequate Cover: Since the life cover is the amount that will be paid to your family in your absence, you should choose a cover large enough to cover their needs financially. It is highly recommended that you should check your financial plans.
Check Claim Settlement Ratio: The Claim Settlement Ratio (CSR) is an important consideration when buying a term insurance plan. The CSR is calculated easily by dividing the total number of death claims received by the insurance company by the number of death claims that were settled.
Select the Right Type of Plan: Select the right type of term insurance plan as this will ensure your family receives the benefit amount and offer the premiums back at the maturity of the policy.
Some of the key features of housewife term insurance are as follows:
Financial Safety for family: A housewife may not have a large financial contribution to the family, but her contributions in different areas are invaluable. Purchasing term insurance for housewife guarantees financial stability by offering a death benefit that could save your loved ones. This payment can help the family in managing financial constraints and covering important future expenses.
Affordable premiums: The premiums for a housewife term insurance are really affordable starting from just Rs. 473 for a 1 Crore term insurance cover.
Flexibility: One important component of term insurance for women is flexibility. It helps in customization of products as per budget needs. For example, you can easily choose to pay the premiums in a convenient mode like single, limited, or regular pay term with monthly, annual, semi-annual, or quarterly premium pay mode. You can also select the payout option as a lump sum, monthly, monthly + lump sum, or increasing monthly income.
Tax Benefits: Claim term insurance tax benefits as per prevailing tax laws u/s 80C and 10(10D) of the Income Tax Act, 1961.
Peace of Mind: The family can lead a stress-free life, and the children can use the payout to pay for their long-term goals, like pursuing higher education or getting married.
Benefits for Children: The financial benefit from the term insurance plan for housewife can be helpful in planning for the future of her child that includes marriage, higher education, and other expenses. This will guarantee a stress free life from financial constraints for her children.
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Here are some of the features and benefits of the term plan for housewife:
Term insurance plans are affordable and lighter on the pocket. Term plans for housewife offer a high life cover at low premium rates. And, the earlier you buy a term insurance policy, the lower would be the premium rate as premiums tend to increase with age.
You can purchase a high sum assured amount at very low premium rates. This is mainly because a term plan for housewife is a pure protection policy with no component of investment. The whole premium amount is invested towards the life cover that is paid to the nominee upon demise during the policy tenure.
Another benefit that most of the life insurers provide is waiver of premium. This feature waives off the premium payment if the policyholder becomes critically ill, injured, or physically impaired. These are the situations in which the policyholder will not be required to pay the premium amount.
The term insurance for housewife has increased additional term cover benefits. This feature gives policyholders the option to increase the policy coverage during the policy term, considering the husband has also opted for a term plan. The housewife term insurance offers benefits for the well-being of their children, enabling them to guarantee their child’s bright future without any financial stress. For example, If a husband has a term cover of 1 crore and then the wife buys a term plan for housewife for a life cover of 50 Lakhs. Then, the total sum of 1.5 crores will help in securing your children’s future.
Buying term plan can provide the following tax benefits:
Section 80C: The premium amount paid for term plan will be eligible for a tax benefit u/s 80C of the Income Tax Act, 1961, upto Rs. 1.5 Lakhs.
Section 10(10D): The benefits received from the term plan such as death and maurity benefit will be eligible for the benefits of tax exemptions u/s 10(10D) of the Income Tax Act, 1961.
A term plan also offers the return of premium option wherein the premium amount paid will be returned by the insurer subject to the plan terms and conditions as a maturity payout to the policyholder.
The term plan for housewife can easily be bought for a longer plan term ensuring family’s financial protection at any time.
An individual can now easily access various term plans, assess their features and choose the best term plan online right for a housewife. In addition to this, buying a term plan, paying a premium amount, submitting a claim, and other processes are quite easy and cost-effective.
Terminal Illness: Terminal illness payout, or accelerated death payout, is offered by insurance companies when the life assured is diagnosed with a condition likely to lead to death within 6 months from the date of diagnosis during the policy term. However, if the diagnosis occurs within the last 12-18 months of the policy, early payout may be excluded since death could happen after the policy ends. In such cases, death benefits are still provided to the family, but an early payout isn't an option.
Waiver of Premium: Another benefit offered by numerous life insurance companies in India is the waiver of premium riders. This feature, as the name suggests, waives all the remaining premiums in case of a critical illness or permanent disability. In other words, there are circumstances where the policyholder is not obligated to make premium payments. This becomes relevant when an accident or disability prevents the policyholder from meeting premium obligations.
Critical Illness Rider: If the policyholder is diagnosed with a critical illness, such as heart stroke, cancer, the critical illness rider offers an additional or accelerated payout that helps the policyholder pay for the treatment costs or medical expenses. This is an optional benefit that can be added to the base plan at nominal premiums.
Accidental Death Benefit: By opting for additional riders, a housewife's term life insurance policy can include coverage against death caused by accidents. The policyholder can add the accidental death benefit rider to enhance the coverage of the base term plan. If an accident leads to the untimely demise of the policyholder, the term insurance rider will provide an additional payout.
| Types of Term Plan for Housewife | Benefits |
| Regular Term Plans | Level or regular term plans only offer death benefits, and no benefit is payable on the maturity of the policy |
| Term Return of Premiums | This plan returns all the premiums paid during the policy term back on survival, and on death, the death benefit is paid |
| No Cost Term Insurance | This plan allows you to exit the plan early and receive all the premiums back on survival, and on death, the death benefit is payable |
Term insurance for housewifes is crucial for ensuring financial stability and security for the family in the event of unforeseen circumstances. Even though housewives may not contribute financially, their role is irreplaceable, and term insurance recognizes their value. Here are three reasons why term insurance for housewives is essential:
Financial Security for the Family
In the absence of a housewife, managing household expenses, childcare, and other responsibilities can become challenging. Term insurance ensures the family has the financial resources to cope with these challenges without compromising their quality of life.
Covers Non-Monetary Contributions
Housewives play a key role in managing the home, raising children, and supporting the family. While these contributions are not financially measured, term insurance compensates for their value, ensuring the family can afford professional help if needed.
Affordable Premiums for High Coverage
Housewives can secure significant life cover at affordable premiums, making it easier for families to include term insurance in their financial planning. This ensures long-term protection without burdening the household budget.
Here is a step-to-step guide on how to buy a term plan for housewife from Policybazaar:
Step 1: Visit Policybazaar and select Term Insurance for 'Housewife'
Step 2: Fill in all the required details like name, contact number, and date of birth. Then, click on ‘View Plans’.
Step 3: Answer the basic questions about occupation type, annual income, educational qualification, and smoking habits.
Step 4: After submitting all this information, a list of all available term insurance plans for housewives will be displayed
Step 5: Select the best term insurance plan for housewife and then proceed to pay.
*Note: You can always use the term insurance calculator in order to calculate your insurance premium amount for your chosen term plan.
Here are some of the things you should look into before buying a housewife term insurance:
Make sure the life cover chosen is adequate: Always check if the sum assured amount is sufficient to secure your family members in case of an unfortunate incident. As per the general thumb rule, you can consider the cover amount to be 3-5 times the annual salary of the husband.
Consider your expenses: Consider the child's education plans, loans, liabilities, and family expenses before deciding the life cover for housewife term insurance.
Check Claim Settlement Ratio (CSR): Choose a reliable insurer that has a high claim settlement ratio (CSR) and guarantees a quick claim settlement process, so that your dependents do not suffer.
Wife can use Husband’s Income Proof: A working wife can easily buy term insurance for women using her income proof and other documents requested by the insurer.
Current medical condition: The family can decide if adding a health rider is important by taking into account the health of a housewife and the medical history of her family.
Keep the Type of Term Plan in Mind: There are different types of term insurance plan for housewives that are offered when purchasing term insurance. You should choose the term plan that best suits your requirements and financial objectives among these options due to their difference in features.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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