Though she doesn’t contribute to the income of her family, the services that a housewife renders are priceless, without a doubt. She takes care of her husband and her children with love and dedication every day. She emotionally and mentally supports her life partner while acting as a loving mentor and friend to her kids.
You can’t measure her love, dedication, patience, and hard work with money. However, financial support in times of her irreplaceable loss may act as some sort of comfort for the family. Apart from this, there are a number of reasons why term insurance for housewife is as important as it is for an earning male or female member of the family.
Indian women, especially housewives, always had less or no insurance protection, whether it’s traditional life insurance or term insurance. Owing to lack of protection, families have not been able to get term insurance benefits in the case of their unfortunate demise.
False concepts and myths
It is true that a non-earning member of the family, whether your children or elderly parents, cannot get term insurance benefits because they have to show income proof. However, the husband can buy term insurance for the housewife as per Indian insurance regulations.
The fact that non-earning individuals can’t buy term life insurance has discouraged many spouses from not buying term insurance for a housewife. With Future Generali Flexi Online Term Plan, you can enjoy higher term insurance benefits, get longer protection, and increased sum assured amount at special low premium rates for women.
Get enhanced financial coverage
Today the cost of living, education, and healthcare are rapidly increasing, and getting additional financial coverage for the family by paying a nominal amount makes a lot of sense. Buying a term life insurance for a housewife can have multiple benefits as insurance companies have designed term plans, especially to meet their needs.
Benefits of term insurance for housewife
- You get more coverage at a lesser premium. If your housewife is 30 years of age or less, you can buy 1 crore cover for a 20-year term at Rs. 16 per day excluding taxes with a Future Generali Flexi Online Term Plan.
- You are eligible for double tax benefits with your wife’s term insurance plan under section 80C on the premium paid and under section 10(10D) on death or maturity benefits.
- The unfortunate demise of the housewife means increased responsibilities for the earning spouse, and it will negatively impact his income. The death benefit received can ease the financial burden for the earning member of the family.
Coverage for housewife term insurance
The sum assured amount on term insurance for a housewife is either stipulated by the IRDAI or based on the coverage of her husband. Insurance companies decide the sum assured as multiples (10, 15, 20, 30 times) of the annual income, however since a housewife has no income to show, her coverage is based on her husband’s income.
Other insurance products for housewives
Apart from term life insurance, one can also buy endowment plans, whole life insurance plans, ULIPs, and health insurance plans for a homemaker. This not only provides protection to the family, but it also gives her an opportunity to contribute to wealth creation through whole life insurance and unit-linked insurance plans.
Traditionally, insurance companies have overlooked homemakers and are reluctant to provide large sum coverage as they don’t have an income to protect. Insuring housewives for a large sum of money is also seen as a moral dilemma because some spouses or in-laws may misuse this protection for their selfish financial gain. We cannot ignore the crucial role of a homemaker in a family. Her loss can have far-reaching implications to her children and her husband and to have adequate financial coverage in such times can be crucial.
If you feel that your dependents lack adequate protection in case you or your wife is not there, you should think of increasing your coverage with a Future Generali Flexi Online Term Plan. A 35-year-old, non-smoking male can get a basic life cover of Rs. 1 Crore for a 30-year term at just Rs. 772 per month. With this term insurance plan, you can also opt for fixed income protection or increasing income protection based on needs for various life stages.