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All you need to Know about Term Insurance Plans for Housewives

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  • 11th Mar 2021
  • 2,169

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 that 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. It 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, comes a myriad of requirements and 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 the kids, sustain their lifestyle without any shortage of funds. The of the earning spouse can be used to provide for major expenses. The housewife’s term plan can support children’s education costs, health-related expenses, etc., in case of any unfortunate event.

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

There are many benefits of buying a term plan for your housewife that you cannot measure directly. If you think about it, a housewife does much more to be just grateful to what she contributes and sacrifices for your beloved home. Here is a way to show her how much she means to the family and see the different benefits:

Financial safety

Having a term plan cover for your housewife will not only provide additional financial security but also safeguard your loved ones for the unforeseeable future.

Emergency preparedness

Even though your wife might not be contributing to the household financially, she shoulders several responsibilities, which in her absence, would create a monetary burden for you. However, 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 unfortunate event. Moreover, your wife’s term plan benefits can support the immediate and long-term needs of the family members, irrespective of your employment status. These term plans also provide better coverage at lower premiums:

Economical option

Term plan is 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

Term plan for housewives offer 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.

Therefore, when you take a term plan for your wife, 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 as per Section 10 (10D).

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

Here are a few things you must look into before purchasing a term plan for housewives:

● 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.

● Trust a reliable insurance provider like Kotak Life, which has a high claim settlement ratio and guarantees a smooth claim settlement process so that you or your kids do not suffer. Moreover, Kotak e-Term Plan is specially designed to provide 100% assurance to your loved one’s safety at premiums that easily fit your budget. Furthermore, the plan offers long-term coverage with benefits like add-on riders, flexible payouts, multiple plan options, etc.

Reasons why housewives should have term insurance

Here are a few reasons why investing in term insurance for housewives is a good idea:

  • It provides great assistance in long term and smart financial planning.
  • It is reliable in terms of providing a corpus for dependent members of the family.
  • It provides you with ample opportunities for investment diversification.
  • It enables you to build a retirement corpus.
  • It provides substantial tax benefits.

Term plans are a much-needed security back-up in the present times. The term “housewife” has been renamed “homemaker” to be more gender-inclusive since more and more men and women choose to stay at home to manage domestic chores and run errands for the family, when necessary. Of all, this is a relatively new trend, and the number of stay-at-home mothers continues to be astonishing with the kind of work they do. Including them within the term insurance umbrella would undoubtedly improve the family’s financial security!

- A Consumer Education Initiative series by Kotak Life

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