It would not be wrong to say that men have always been given priority regarding term insurance as they earn for the family and the entire financial responsibility of the family depends on their shoulders not only during their lives but even after their death. Is. Also, term insurance is forced on the earning members of the family, irrespective of their profession, age and salary.
Generally, housewives are never considered eligible for term insurance schemes as they do not earn or contribute financially to the family. Hence, people do not think of securing a housewife through term insurance.
If you are wondering whether housewives are eligible to buy a term insurance plan , then yes, they are definitely eligible for term insurance and also, buying a term insurance policy is a must for them, as In today’s era, it has become necessary to double the financial security of the rest of the family members in case anything happens to one partner or both. Term plan for housewife ensures that there is no financial problem while meeting the needs of their child in the absence of them. Also, with rising health care, cost of living and increasing incurable diseases, covering a housewife under an insurance policy like term insurance is as important as any earning member of the family.
Since term insurance is issued only to the earners, therefore, in case of housewives, their husbands are allowed to pay the premium under the spousal payment clause.
In fact, financial security is a major advantage of a term insurance plan, but with term insurance schemes, there are many more benefits offered to the housewife such as:
High coverage at low premium: A term insurance plan for housewife with a large cover and affordable premium amount.
Enhanced Protection: You have the option to increase the sum insured in case of multiple life events like marriage, birth of a child etc.
Save Tax: The premiums paid under these policies are eligible for tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1961.
Buying a suitable term insurance plan for everyone irrespective of their age, responsibilities and gender is an important step. Hence, the same importance should be given to the selection process while buying a term insurance plan for housewife also.
Most importantly, the sum insured should be sufficient for the family and should be sufficient for the treatment at the time of illness. Apart from this, there should be a satisfactory sum assured amount according to the liabilities and the needs of the family.
Claim Settlement Ratio is another special feature that should be considered while buying a plan which tells about the company’s claim settlement success rate so that your family does not have to worry about claim settlement.
Functional riders can enhance the benefits of a term insurance plan. So, while accident riders are mostly opted by male policyholders, women should opt for riders like critical illness and terminal illness as they are prone to diseases like breast cancer, cervical cancer.