Spouse Term Insurance

A spouse term insurance policy provides individuals to insure themselves and their spouse under the same term insurance policy. Spouse term insurance policies provide comprehensive protection and multiple benefits to both husband and wife insured under the policy. A spouse term insurance policy that a person’s family is financially protected even if either of the policyholders is not there.

Such term insurance plans have been introduced with a motive to give respect to both spouses and to ensure that both the partner’s lives are equally important. Under a spouse term insurance plan provides a death benefit in case of an untimely demise of either of the two policyholders.

Why Should Homemakers Buy Term Insurance Plans?

Term insurance plan is a must-buying insurance product an individual can buy to protect themselves and their families against the financial impact of their untimely passing. The same goes for Homemakers.

In the event that the homemaker is deemed to have passed away unexpectedly, all of her family members will be affected mentally and emotionally. Term insurance coverage for housewives may help cover education costs for your children, health care expenses, loans, and liabilities in case of any mishappening.

Below mentioned are some of the top Term Insurance plans for housewives in India:

What Term Insurance Can Do For A Housewife?

Term insurance plans offer several benefits to housewives:

1. Providing Financial Security

A homemaker has an inestimable value among the family members. Financially, term insurance plans can be lifesavers if something unfortunate happens. Some term insurance plans for housewives may cover health expenses, education, etc.
For example, if a housewife died in an unfortunate accident, the payouts from a term policy would have been able to cover both immediate and long-term needs.

2. With Less Premium, You Get Better Coverage

Term Insurance is one of the most economically advantageous insurance plans, which are also known as the purest form of insurance. A great health insurance plan is available with a large sum assured and highly affordable premiums for your wife. Premiums are heavily influenced by factors such as age and tenure of the policy. When the right age and time are matched with term insurance plans, great coverage can be obtained at a small monthly premium.

3. Benefits of Taxation

Term insurance plans also tax benefits, under Section 80C of the Income-tax Act, 1961 offer tax benefits for the premiums paid towards the insurance policy. A critical illness policy is also tax-deductible.
* Tax benefits are subject to changes in tax laws

4. Premium Waiver

In the unfortunate event of the death of the policyholder, Term Insurance offers the option of waiving the premium. This attribute is particularly useful for housewives, who are always financially dependent on their working partner.

5. Rider Benefits

Policyholders can enhance their coverage by adding rider benefits or additional insurance plans. So, along with term insurance, one may opt for rider benefits as well.

In terms of insurance for housewives, some riders benefits are included:

1. Rider for Accelerated Death
2. Rider for Accidental Death
3. Rider for Accidental Disability
4. Rider for Critical Illness
5. Rider for waiver of premium
6. Rider for income benefits