Mrs Sen likes staying at home and taking care of the family. She is a housewife, a homemaker. She takes pleasure in making sure that everything is in order — the kids and their studies, food, laundry, house bills, and everything else which is required to keep a house in order. While she takes care of the entire household, her husband, Mr Sen, works hard to make sure that there is enough for the family. Mrs Sen lately has been wondering — can she get term insurance? Isn’t it important for a woman to buy life insurance?

Family such as the Sens, usually purchase a term insurance for the earning spouse based on the concern of what would happen if an earning member dies? How would the family recover from the emotional and financial loss? These are valid concerns and a reason that most families opt for a term plan for the earning member who is usually the husband. People rarely consider getting a term plan for the housewife. Mrs Sen picked another relevant, but often ignored concern-what would happen if Mrs Sen is no more? Apart from the emotional loss for the family,it would also be a big strain of time and resources for Mr Sen, as he would have to divide time between his work and home and find a way to shoulder the responsibilities of his growing children on his own.

This is a where term plan in Mrs Sen’s could provide some amount of solace to the bereaved family. If Mr Sen buys a term insurance for Mrs Sen, then upon her death, her family will get some money. That money could help in providing for some support for the family in the form of a maid or a nanny who can take care of the kids, and may be cook food and manage the day-to-day requirements of a home, and manage the day-to-day requirements of a home,giving Mr. Sen some relief as he manages the rest of the care on his own. It can also support education costs, health expenses or pay for some liabilities. In short, a term insurance for a housewife can provide some corpus to the family in case of the unfortunate demise of the homemaker.

Covering for the Irreplaceable

A housewife has a tough job- from managing family needs to household expenses and ensuring that everything from nutritious meals to play time for children and care of the elderly parents is achieved with minimal fuss. Despite the many challenges, it frequently appears to be simple and the efficiency and care of the housewife makes others see it as easy. However, it is a selfless duty that holds the diverse views and ideas of the family together. Term insurance for housewives. Adds to that selfless love as it gives the family financial security in the unfortunate event of the wife’s passing. When a housewife or a homemaker gets a term insurance plan , the financial coverage of the family increases. Obviously nothing can replace her, but if she has a term insurance, the money inflow could help fill some financial gaps that may arise after her departure. Sometimes people have the mistaken belief that as a non-earning member, a housewife is not eligible for a term plan. This is incorrect. The benefits from term plans are available to anyone who supports their family and includes housewives and other primary caregivers.

Before getting a term insurance for a housewife, you might want to check on several things.

It would be best if you looked at how much insurance cover would be sufficient for the family. Consider factors that come into play, such as the expenditure habits of the family, education plans for the children, loans, and liabilities, and anything else that may need you to shell out that extra bit of cash. Insurance cover to the tune of Rs 50 lakh is generally allowed if your spouse is covered for an equivalent amount. Since a housewife does not have an income, she may not receive as much coverage as someone who does. However, it’s still important to have a term insurance in her name, to ensure that your family would have enough financial support if she were to pass away unexpectedly. The funds can take care of their upbringing, education, wedding, and anything else that may come in between.

You should also consider the length of the term of the plan. A shorter term might seem more efficient but might not give the insurance cover you need.

Some term plans come with features such as disability benefits or accidental death benefit. Since the aim of insurance is to provide security in the face of unforeseen events, these benefits can cover a wider range of issues. For example, Generali Central Care Plus is a term plan that comes with two options Life Cover and Extra Life Cover (Life Cover with Accidental Death Benefit).

Benefits of term insurance

The Kind of Payout: Payout is the death benefit paid to the beneficiaries/nominees when the policy holder dies due to an unfortunate incident. Most term plans, like Generali Central Care Plus give you a choice of payout and you can choose between regular monthly payments instead of lump sum. InsuranceWith this arrangement you can ensure that your family does not have to worry about handling a large sum of money all at once. It will also help your family keep up with their lifestyle while you pay for the term plan. This option eases the financial strain if you have to pay for two term plans- one for yourself and one for your wife- and helps you check what is best based on your family requirements. For example, you can choose lump sum payout, fixed monthly payout or a combination of both payouts upon death of the life assured.

Reduced Premium Prices: Term insurance plans, usually have the affordable cheapest premiums. Plus Generali Central also offers unique premium discounts to female subscribers, making it even more affordable for them. Due to this accessibility, housewives can purchase great coverage for an affordable price. With the Generali Central Care Plus plan you can get a Rs 2 crore cover at Rs 65 a day.

Tax benefits: You can claim deductions for these premiums paid for your term insurance under Section 80C of The Income Tax Act, 1961, up to a maximum of ? 1.5 lakh per annum. The death benefit which is received is also liable for tax exemption under Section 10(10D).

Conclusion

A housewife or homemaker, plays a key role in the functioning of her home. While she might not be an active earning member of the family, her untimely death can have a huge impact on the family members. In such a scenario, a life insurance policy may not help with direct emotional support but it can surely offer direct financial support and is worth looking into.

Generali Central Care Plus: This is an Individual, Non-Linked, Non-Participating (without profits), Pure Risk Premium, Life Insurance Plan. UIN: 133N030V06