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All you need to Know about Term Insurance Plans for Housewives

Buy Term Plan Now
  • 11th Mar 2021
  • 1,197
All you need to Know about Term Insurance Plans for Housewives

There is no greater myth than the fact that housewives add no financial value to the family. Imagine, what would happen to a home, if there was no one to take care of it. The earning member would need to employ caretakers, maids, nannies, etc., to ensure the kids and home are in order and cared for.

While it is difficult to estimate a housewife’s monetary contribution directly, it is possible to compensate her for her efforts by securing her life. Moreover, given the stagnancy in incomes and rising lifestyle expenses, it is wiser to double the financial security of the family by opting for a term plan for your wife. Term plan would assure the financial well-being of your loved ones, in case something happens to you or both of the parents.

Why should housewives buy term plans?

With family, come responsibilities. Married couples should be financially ready for the future with an additional layer of monetary security for their loved ones. This will help the dependents, especially kids, sustain their lifestyle without any shortage of funds. The term plan of the earning spouse can be used to provide for major expenses. The housewife’s term plan can support children education costs, health-related expenses, etc., in case of any unfortunate event.

What are the benefits of buying a term plan for your housewife?

  • Additional financial security for the family: Even though your wife might not be contributing to the household financially, she is shouldering several responsibilities, which would in her absence, create a monetary burden on you. But with a term plan, you can be sure that your wife’s life is secure and your children do not suffer, in case of any life event. Moreover, your wife’s term plan benefit can support the immediate and long-term needs of the family members, irrespective of your employment status.
  • Better coverage at lower premiums: Terms plans are one of the most economical life insurance plans. It is possible to take a term insurance plan for your wife with a large sum assured and pay highly affordable premiums. Moreover, some insurance providers allow you to increase the sum assured in different life events such as childbirth.
  • Save more on taxes: Your term plan would offer you tax benefits under Section 80C of the Income Tax Act, 1961. However, the income tax act also gives you additional tax exemption if you purchase a term plan for your spouse, kids or dependent parents. So, when you take a term plan for your housewife, you can save more on taxes while providing monetary security for your family. That said, the death benefits of your wife’s term plan will also be tax-free at the hands of the beneficiary under Section 10(10D).

What should you check before buying a term plan for a housewife?

Firstly, check if the sum assured is sufficient to protect your loved ones in case of an unfortunate event. Consider the family expenses, children education plans, loans, and liabilities, to decide the term plan amount.

Secondly, trust a reliable insurance provider like Kotak>Life, which has a high claim settlement ratio and guarantees a smooth claim settlement so that you or your kids do not suffer. Moreover, Kotak e-Term Planis specially designed to provide 100% assurance of your loved ones safety at premiums that easily fit your budget. Kotak e-Term plan offers long-term coverage with benefits like add-on riders, flexible payouts, multiple plan options, etc.

Term plans are a much-needed security in the present times. Make them a priority and double the safety net of your family.

- A Consumer Education Initiative series by Kotak Life


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