Term Insurance for Housewives

Features of Term Insurance for Housewives 

Term insurance for homemakers offers many beneficial features that can support a family in their hour of need. Unlike many other life insurance plans, it is possible to apply for term insurance for housewives without an income certificate. This feature makes it easily accessible to housewives across the country. 

Term insurance for homemakers has lower premiums and substantial coverage, making it budget friendly. It also provides a guaranteed cover amount to help with expenses such as the education of the policy-holder's children and to pay off other existing loans. Accidental death cover riders and critical illness riders are also a significant help to manage sudden expenses that come with such unexpected events. 

Benefits of Term Insurance for Housewives 

The term insurance for homemakers provides many benefits to the policyholder and their family. Here are the major reasons why every family should get term insurance for homemakers: 

1. Financial Security: The primary benefit of having term insurance for homemakers is the financial security it provides. It assists you in financial planning and provides a safety net for the family in times of crisis, including the untimely death of the housewife. Term insurance ensures that all necessary expenses are covered during times of crisis. 

1. Loan Repayment: As mentioned earlier, term insurance is beneficial to have if the policyholder already has debts or loans to repay. The insurance money from the term insurance can be used to pay off loans or mortgages, easing the burden on the family. 

1. Illness Coverage and Health Checkups: Term insurance for homemakers offers add-on riders such as accidental death or critical illness. You can get a lump sum payment if you are diagnosed with a life-threatening disease like cancer, heart disease, etc. Considering the prevalence of life-threatening diseases among women, there are special benefits and discounts for female customers for health checkups. Screening for cancer, diabetes, thyroid, lipid profile tests, and psychological consultations are included in this. 

1. Affordable Premiums: Term insurance for homemakers comes with affordable premiums. It can start from just Rs.412 for a Rs.1 crore term insurance cover. This makes term insurance easily affordable for most housewives without a steady income. 

1. Life Stage Cover Enhancements: There is a provision to increase coverage as one's family grows. The term insurance money can be used to cover increasing financial needs. With term insurance, one will not have to take out other loans for education and eventually fall into more debt. It can also help fund education, extracurricular activities, and other expenses that you might encounter. 

1. Cover for Spouse: A term insurance can be a crucial aid for housewives if the family’s breadwinner, often the husband, unexpectedly dies. It helps to meet sudden financial needs and provide financial security. 

1. Flexible Payment Options: Term insurance for homemakers offers flexible payment options. Premiums can be paid in single, limited, or regular pay terms with monthly, quarterly, semi-annual, or annual premium pay modes. You can choose one according to your convenience and financial situation. 

1. Tax Benefits: With term insurance for homemakers, you can avail of tax benefits under sections 80C and 10D of the Income Tax Act, 1961. 

How to Pick the Best Term Insurance for Housewives? 

Along with learning more about the features of term insurance for homemakers, it is equally important to pick term insurance that is tailored to meet your needs. Here are the things you need to pay attention to, to decide which term insurance would serve you and your family best: 

1. Select Sufficient Coverage: It is essential to select coverage that would be sufficient to meet all your financial needs. As the life cover is the sum that will be paid to your family in your absence, this aspect needs to be selected carefully. Consider future expenses such as education, illness, and marriage when choosing a plan. 

1. Pick the Right Plan: Since there are many types of term insurance plans, always make sure that you opt for a plan that best suits your long-term financial goals. You can compare plans online and make a well-informed decision. 

1. Examine Claim Settlement Ratio: Checking the Claim Settlement Ratio (CSR) is crucial in picking a term insurance plan. The CSR refers to the number that you get by dividing the total number of death claims received by the insurance company by the number of death claims that were settled. 

Documents Needed to Apply for Term Insurance for Housewives 

To apply for term insurance, the following supporting documents are required: 

1. Proof of identity 

1. Proof of address 

1. Marriage certificate 

1. Alternate income proof (rent receipts, bank statements, SIP investment statements, consolidated account statements) 

How to Get a Term Insurance for Housewives 

The process of applying for term insurance is not complicated. Follow the steps given below to apply for term insurance easily: 

1. Step 1: Evaluate your financial needs and goals to estimate the coverage amount. 

1. Step 2: Compare various term insurance plans online and do adequate research. 

1. Step 3: Select a well-reputed insurance provider. Check their claim settlement ratio and go through customer ratings and reviews. 

1. Step 4: Add riders based on your needs. 

1. Step 5: Fill out the application form with accurate details. 

1. Step 6: Complete the medical examination if required. 
2. Step 7: Review the policy, terms and conditions, and the information you furnished thoroughly to ensure there aren't any misunderstandings or errors. 

1. Step 8: Add beneficiaries. 

1. Step 9: Select a suitable payment frequency and make the first payment.