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Ref. No. KLI/22-23/E-BB/492
In the event of an unfortunate event, the housewife's term plan can help pay for the children's educational costs, medical expenses, etc. Here are more details on the housewife's term plan.
There is no greater myth than that housewife adds no financial value to the family. Yet, 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 family’s financial security by opting for a term plan for your wife. In addition, it would assure the financial well-being of your loved ones in case something happens to you or both of the parents.
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 earning spouse can be used to provide for significant expenses. The housewife’s term plan can support children’s education costs, health-related expenses, etc., in case of any unfortunate event.
Buying a term insurance plan for a housewife has many benefits you cannot measure directly. But, if you think about it, a homemaker does much more to be just grateful for what she contributes and sacrifices for their beloved home. So here is a way to show her how much she means to the family and see the different benefits:
A term insurance plan for a housewife will provide additional financial security and safeguard your loved ones for the unforeseeable future.
Even though your wife might not be contributing to the household financially, she shoulders several responsibilities, which would create a monetary burden for you in her absence. 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:
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.
Term plans for homemakers offer tax benefits under
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).
Here are a few things you must look into before purchasing term insurance for housewife:
Check if the sum assured is sufficient to protect your loved ones in case of an unfortunate event.
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).
Here are a few things you must look into before purchasing term insurance for housewife:
Here are a few reasons why investing in term insurance for housewife is a good idea:
Here are the major key points to keep in mind while choosing a term insurance plan for a housewife.
The most important point is to select a policy that is insufficient to suit your financial needs. As a result, it’s critical to choose term insurance for housewives that provide the financial protection you require.
It is strongly advised to look over your financial strategies to ensure this. Determine how much you have saved and how much more you require. Simultaneously, keep track of your current spending and plan for future ones.
Determine an appropriate level of coverage. Generally, the cover amount should be 3 to 5 times the husband’s annual wage.
When acquiring term insurance, the claim settlement ratio is an essential factor to consider. The claim settlement ratio is derived by dividing the number of insurance claims settled by the number of insurance claims received by the insurer. Ideally, you should choose an insurer with a high claim settlement percentage.
There are three types of term plans: increasing term insurance, decreasing term insurance, and return of premium plans. Because these plans have different characteristics, you must select the one that best meets your needs and financial goals.
Term plans are a much-needed security backup 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. This is a relatively new trend, and the number of stay-at-home mothers continues to be astonishing with the work. Including them within the term insurance umbrella would improve the family’s financial security!
Ref. No. KLI/22-23/E-BB/2435
