How Term Insurance for Housewives Can Be Helpful

Loss of life is an unfortunate event that is seldom talked about. However, being financially secure during such circumstances can help your dependents go through difficult times more efficiently. If you are a married woman, availing a policy of term insurance for housewives can be beneficial in many ways.

What is Term Insurance for Housewives?

A term insurance policy is a type of life insurance specifically curated for housewives. In this policy, the insurance company offers a guaranteed amount to the nominee of the policyholder in case of her unfortunate death. The amount is paid against the premium paid by the policyholder during the policy tenure.

It needs to be mentioned here that you can customize the payment of the amount as you find convenient. It can be done either in fixed monthly installments, as a lump sum, or a mix of both.

Why Should Housewives Buy a Term Insurance Policy?

As a housewife, even if your family has a stable source of income, you can secure your family with an additional risk cover by availing a term insurance for housewives. Here are some ways in which a term insurance policy can be helpful for housewives:

• It can help your dependents meet expenses in your absence.
• You can get higher coverage in terms of sum insured by paying comparatively smaller premiums, as the average life expectancy of women is usually higher than that of men.
• You can avail add-on covers as riders, enabling you to cover financial expenses that may be incurred due to certain risks not covered in the original policy.
• Enjoy tax-saving benefits under Section 80C of the Income Tax Act.

Types of Term Insurance for Housewives

When it comes to term insurance for housewives, there are different types available in the market. Let’s take a look at them:

• Return of Premium Plan: This type of plan ensures that the premium paid by the policyholder is returned by the insurer if the insured survives the policy term.
• Increasing Term Life Insurance for Housewives: This type of term insurance plan enables you to increase the sum insured during the policy period if you wish to do so.
• Decreasing Term Life Insurance for Housewives: Just like increasing the sum insured, you have the option of decreasing it if you wish to do so.

Before you sign the papers, make sure to compare term insurance policies and choose the one that is best for you. Buying a reliable term insurance for housewives can provide support to your loved ones in your absence.