Every family has its powerhouse, the one who keeps everything running smoothly. Whether she's a devoted mother or a caring wife, she's the heartbeat of the home. From managing daily chores to balancing the budget, she holds everything together. Without her, a family feels incomplete. While life without her can seem unimaginable and emotionally exhausting, death comes with no warning. This is where the Term Insurance for housewife concept comes into the picture. Read ahead to learn more about it.
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Term Insurance for Housewife is a type of policy that enables a housewife (or homemaker) to provide financial security for her family in the event of her untimely death. While the housewife may not earn a direct income, her role holds significant value in maintaining the household, and a Term Plan for housewife ensures this economic contribution is recognised. This policy offers a death benefit or sum assured, which can be disbursed in a lump sum or at regular intervals.
Mrs. Mehta, a 35-year-old Indian homemaker, lives in Mumbai. Her husband is the family's leading provider, earning a living from his corporate job. Their two kids are seven and ten years old. Mrs. Mehta is in charge of the children's education and welfare and handling home duties.
Mrs. Mehta evaluates the family's financial needs, considering the costs of raising children, maintaining the home, and any outstanding debt. Based on her assessment, she chose a coverage amount of ₹1 crore for a 20-year policy period. The Term Insurance plan provides a range of options for paying premiums. Mrs Mehta decided to pay a premium of ₹10,000 per year, which is reasonably priced for the family.
In the terrible event that Mrs Mehta passes away during the policy term, the family will receive a lump sum payment of ₹1 crore from the Term Insurance plan. This sum serves as a safety net, guaranteeing her husband and kids to continue living the way they do, settle any debts they may have, and cover other costs like the kids' future schooling.
A housewife plays many roles in day-to-day scenarios. In simpler terms, she takes care of the children, cooks, cleans, and much more. Without her, a family would need a household, a cook, a nanny, and more!
To put it in purely economic terms, without you, your family would need to hire one or more people to keep the home running. All this matters to determine the policy's sum assured and the payable premium in a Term Insurance for housewife..
The Human Life Value (HLV) assigned to you as a housewife is impossible to calculate precisely, but for insurance purposes, it may differ depending on your lifestyle, circumstances, and family needs.
As a superwoman who literally does it all, identifying what roles you manage and the salary you would be making from each is needed to determine the Human Life Value(HLV full form in insurance). For instance, if you're your family's chef, nanny, housekeeper, and chauffeur, the salaries that would be paid to the person/people who would perform these roles amount to your HLV.
This value helps set an appropriate Term Insurance for housewife, giving your family financial coverage equivalent to your contributions. Whether considering a pure term plan or exploring a joint Term Insurance plan for husband and wife, the HLV assessment is key to ensuring adequate financial security tailored to your family's unique needs.
A Housewife Term Insurance (HTI) policy offers several benefits to ensure financial security for your family in your absence. Here are some of the key benefits of a Term Insurance for housewife:
A Term Plan for housewife guarantees your family's financial security and a way for them to keep the house running after you're gone. The death benefit from your policy can cover your family's cost of living, pay for expenses, and help them with education fees and any outstanding amounts you may have left behind.
This pure term plan is more affordable due to its focused life coverage, without any additional savings or investment elements, resulting in lower-cost premium payments.
One of the advantages of a Housewife Term Insurance policy is its flexibility. You can choose the policy term and add-ons as needed, with payouts available as a lump sum or in regular instalments to suit your family’s needs.
You can be sure your family can keep your precious household running in case of your demise.
Premium payments made toward Term Insurance for housewife are tax-deductible under Section 80C of the Income Tax Act, allowing you and your family to enjoy tax benefits. Deductions of up to ₹1.5 lakh rupees per year may be claimed, subject to terms and conditions.
Whether you choose an individual HTI policy or consider a joint Term Insurance plan for husband and wife, this coverage provides essential financial protection and tax advantages, ensuring security for your loved ones.
ACKO Life Flexi Term Plan delivers a modern, flexible, and customer-centric solution for long-term financial protection. It provides a unique level of policy flexibility unmatched by most traditional insurers. The convenience of managing the entire policy lifecycle digitally adds to its appeal, particularly for individuals who prioritise ease of use and adaptability.
Some of the key benefits of the ACKO Life Flexi Term Plan:
| Flexible Policy Terms | Affordable Premiums | Digital Approach | Essential Riders |
| Will Creation Services | Convenient | Adaptable Payout Options | Flexibility in Sum Assured |
Enhance your ACKO Life Flexi Term Plan coverage with three valuable riders that provide additional financial protection tailored to your needs. These riders are particularly beneficial when considering a term plan, as they can safeguard the family's future against unforeseen events.
This disability benefit rider offers crucial financial protection in case of permanent disability due to an accident. It provides a lump-sum payment, helping alleviate the financial strain associated with major medical costs, home modifications, or ongoing care. From covering medical bills to easing mortgage payments, this rider ensures comprehensive support during challenging times, offering peace of mind.
The Critical Illness Rider shields you from financial burdens in the event of a critical illness. Available as an add-on to your pure term plan, it covers 21 critical illnesses, including diseases commonly affecting women, such as breast cancer, cervical cancer, fallopian tube cancer, and ovarian cancer. This rider ensures you receive financial support during difficult health crises, allowing your family to focus on recovery rather than finances.
The Accidental Death Benefit Rider, or ADB Rider, strengthens your ACKO Life Flexi Term Plan by providing additional financial support to your family if you pass away due to an accident. One of the most affordable riders, the ADB Rider offers substantial coverage to ensure your loved ones are financially protected. This is especially advantageous for those considering a joint Term Insurance plan for husband and wife, offering extended life coverage at an affordable price.
Adding these riders to your ACKO Life Flexi Term Plan provides layered protection, supporting your family’s financial security across different circumstances. Whether you're a housewife or a primary earner, these riders offer peace of mind by addressing specific risks associated with health and unexpected events.
A few essential factors must be considered before choosing a term plan for a housewife. These are:
Assessing the family's financial needs and determining the assured amount is crucial. The family may consider debt, liabilities, and future financial objectives like retirement and a child's schooling. If the housewife suddenly passes away, the payout should be enough to handle the financial problem.
The family can determine the Term Insurance premium and its affordability by taking into account the present and future expenses of the family, as well as the required policy term and the sum assured
Determining the financial benefits appropriately requires considering the insurance provider's reputation. Compare the insurance companies' claim settlement ratios to assess their level of customer service and claim resolution effectiveness.
In summary, Term Insurance for housewife is an essential financial tool that acknowledges the critical contributions of a housewife (or homemaker) to her family’s well-being. This term plan for housewife offers financial security in her absence, covering vital expenses, education costs, and any outstanding debts, ensuring her family can maintain their lifestyle. This pure term plan is an affordable option focused solely on life coverage, making it both accessible and practical.
For added flexibility, a joint Term Insurance plan for husband and wife provides comprehensive protection for both partners, extending security across the household. The HLV (Human Life Value) approach calculates the economic worth of a housewife’s role, helping families choose the appropriate coverage. By protecting the family’s future, this Term Insurance plan offers peace of mind, addressing the financial needs that arise if the primary homemaker is no longer there.
Here's a list of common questions and answers about Housewife Term Insurance.
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Reviewed by Vaibhav Kumar Kaushik 
Acko Technology & Services Private Limited
#36/5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102
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