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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A Housewife Term Insurance policy is a concept where the homemaker or the housewife purchases a Term Insurance policy to ensure financial support to the family in case of her untimely death. A term policy for housewife provides your family with a death benefit or sum assured. This amount can be paid in a lump sum or at frequent intervals.
Most importantly, the death benefit allows your family to continue paying expenses, including groceries, school or college fees and any outstanding amounts such as debts or mortgages.
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.
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. 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.
A Housewife term plan offers you and your family several benefits to keep the house running after you pass away. The following are some benefits of a Housewife Term Life Insurance policy.
A Housewife Term Insurance policy 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.
You get lower-cost premium payments in this policy because your coverage terms are limited; this is a pure life cover devoid of any savings or investment components.
A benefit of the HTI policy is that it allows you to choose the policy term and add-ons. In addition, your policy's payouts can be paid out in regular frequencies or a lump sum, as your family requires.
You can be sure your family can keep your precious household running in case of your demise.
Any premium payments you make for your Housewife's Term Life Insurance policy are tax-deductible under section 80C of the Income Tax Act. You and your family can utilise these tax benefits with your Term Life Insurance policy. A tax deduction of one and a half lakh rupees is permissible every year as per the applicable terms and conditions.
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You can easily boost your ACKO Life Flexi Term Plan coverage with three valuable riders.
This useful disability benefit rider offers financial protection against disability due to an accident. It provides a lump sum to help you from the financial strain associated with significant medical expenses. From covering medical bills to easing mortgage burdens, it offers comprehensive support during challenging times.
In the event of a critical illness, this critical illness rider protects you from financial burdens. This can be added to your ACKO Life Flexi Term. It covers 21 critical illnesses, including life-threatening common diseases among women, such as breast cancer, cervical cancer, fallopian cancer and ovarian cancer.
Accidental Death Benefit Rider, also referred to as the ADB Rider, fortifies your ACKO Life Flexi Term Plan by offering financial protection to your loved ones in the event of your demise due to an accident. It is one of the most affordable riders, offering large life coverage.
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.
Housewife Term Insurance offers homemakers crucial financial security and peace of mind by guaranteeing their families' safety in the event of unanticipated circumstances. It is a beneficial alternative for people prioritising financial stability without complex investment features, even if it usually does not offer conversion choices or accumulate cash value. Housewife term insurance emphasises the value of safeguarding loved ones' futures and is essential in helping families create a safety net.
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
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