How term insurance for housewife can be helpful?

What is term insurance for housewife? 

A term insurance policy is a type of life insurance. Term insurance for housewife is specifically curated for housewives where the insurance company offers a guaranteed amount to the nominee  of the policyholder, in case of her unfortunate death.  The amount is paid against the premium paid by the policyholder during the policy tenure. 

It needs to be mentioned here that you can customise the payment of the amount as you find convenient. It can be done either in fixed monthly instalments or in lump sum or a mix of both. 

Why should housewives buy a term Insurance policy?

As a housewife, even if your family has a stable source of income, you can secure your family with an additional risk cover by availing term insurance for housewife. 

Here are some ways in which a term insurance policy can be helpful for housewives: 

• It can help your dependents meet expenses, in your absence.

• You can get higher coverage in terms of sum insured by paying comparatively smaller premiums as average life expectancy of women is usually higher than men.

• You can avail add-on covers as riders which enables you to cover for financial expenses that may be incurred to certain risks not covered in the original policy.

• Enjoy tax saving benefits under sections 80C of the Income Tax Act

Types of Term insurance for housewife

When it comes to term insurance for housewife, there are different types available in the market. Let’s take a look at them:

1. Return of premium plan - This type of plan ensures that the premium paid by the policyholder is returned by the insurer, if the insured survives the policy term.
   
   
2. Increasing term life insurance for housewife - This type of term insurance plan enables you to increase the sum insured during the policy period, if you wish to do so.
   
   
3. Decreasing term life insurance for housewife - Just like increasing the sum insured, you have the option of decreasing it, if you wish to do so.