Term Insurance for Super Woman

Term insurance for house wife in India is a life insurance product specifically designed to offer financial security to families in the event of the housewife’s untimely demise. Even though housewives may not contribute direct income, their role is vital for the household’s functioning and well-being. Life Insurance for House Wife ensures that, in their absence, the family can manage essential expenses such as children's care, children’s education, children's marriage, and any outstanding debts.

Key Features of House Wife Term Insurance

• Affordable Premiums: Term insurance for house wives is typically available at very low premium rates, often starting from just Rs. 412 per month for a Rs. 1 crore cover, depending on age and health status. 
• Flexible Coverage: Policies can be tailored to the family’s needs, with options to increase coverage as the family grows or needs change.
• Riders and Add-ons: Additional benefits such as critical illness cover (including women-specific illnesses like breast and cervical cancer), waiver of premium in case of disability, and return of premium options are available.
• Tax Benefits: Premiums paid are eligible for tax deductions under Section 80C of the Income Tax Act, up to Rs. 1.5 lakh per year. The death benefit paid to the nominee is tax-free under Section 10(10D).
• Joint and Individual Plans: Either individual term plans for the housewife or joint term plans covering both spouses are available, providing flexibility and comprehensive protection.

How to choose a Plan?

• Assess Financial needs: Calculate the required sum assured based on current and future financial obligations, including loans, children’s education, and marriage expenses.
• Compare Plans: Evaluate different policies based on premium, sum assured, policy tenure, brand reputation, brand longevity and additional benefits.
• Check Eligibility: Most insurers allow housewives to be covered between the ages of 18 and 65. Some plans may require proof of income, but many insurers now offer options without needing the husband’s income proof.
• Consider Riders: Add riders for critical illness or premium waiver if needed, based on health and family medical history.

Read more in Term Insurance Blog

Benefits of House Wife Term Insurance

• Financial Security: Ensures the family can maintain their lifestyle and meet future goals even in the absence of the housewife.
• Legacy and Child’s Future: The death benefit can be used for children’s education, healthcare, and marriage, helping to secure their future.
• Healthcare Protection: Critical illness riders provide additional security against medical emergencies.
• Tax Efficiency: Both premiums and payouts offer tax benefits, making term insurance a smart financial tool.

Popular Insurance companies offering House Wife Term Plans :

All major Life Insurance companies in India are offering upto Rs. 1 Cr cover for House Wife Term Plan.

Please find below premium comparison of major life insurers for a 25 year old House Wife seeking Rs. 1 Cr cover till age 60 (with no smoking or drinking habits). Assuming husband earns more than Rs. 5 Lakhs per Annum. Please note premiums mentioned are from 2nd year onwards, Since first discounted premiums doesn't give a comparison.

Term Plan for Housewife	Premium per month	Husband’s Proof Required
HDFC Life Click 2 Protect Super	Rs. 927	Salary Slip or ITR or Term Plan copy
Tata AIA Sampoorna Raksha	Rs. 828	Salary Slips or ITRs or Term Plan copy
Axis Max Smart Term Plan Plus	Rs. 823	Salary Slip or ITR or Term Plan copy
ICICI iPru iProtect Smart	Rs. 788	Term Plan copy (min 2Cr cover)
Bajaj Allianz Superwoman Term	Rs. 662 (50L cover)	Salary Slip or ITR or Term Plan copy

Conclusion

Term life insurance for housewives in India is a cost-effective, flexible, and essential financial tool that recognizes the invaluable role of housewives. It offers peace of mind by securing the family’s future against unforeseen events.

Regards,

Honvest Team.