Life Insurance For Housewife

Life insurance plans are purchased mainly to ensure that the family of the life assured is financially stable in case an unforeseen event takes place. In case the sole breadwinner of the family passes away during the policy term a death benefit is provided to the family of the life assured. 

In India we still believe that men are considered to be the earning member of the family but with time passing and women taking over nowadays women are equal as men. Women are working and making a living for themselves and their families. Some women stick to household responsibilities and even they are as equal to the earning member of the family.

A housewife may not be earning the bread but she manages the household all by herself which is as important as earning the bread. Life insurance for housewife is very necessary, it’s a very crude way to explain this but in absence of a housewives managing the household will require additional finances. In her absence you may require her substitute that could be a full time maid, cook or a nanny. 

What are the Duties of a Housewife?

Following is the list of duties that a housewife performs on a regular basis:

• Household management
• Childcare
• Cooking
• Cleaning
• Maintaining Budget
• Maintaining the Condition of the House

A housewife takes care of everythingand ensures that a family who is earning cannot do while he is working to make a living. She cooks, cleans, looks after children, looks after elders, maintains the house, maintains the daily budget, takes care of groceries etc. Being a housewife is not an easy task. 

What are the Benefits of Purchasing Life Insurance For Housewife ? 

Imagine how difficult it will become to earn a living and manage the entire household by yourself at the same time. Housewives are homemakers that help the earning member of the family have peace of mind. Following are the benefits of buy term insurance for housewives:

1. Additional Financial Security

Life insurance provides protection from the uncertainties of life and also provides financial security to the family of the life assured in case anything unforeseen takes place. Even though a housewife might not be financially contributing to the household, she sure does have many responsibilities, which in her absence can be a burden. In case of an unfortunate demise of your wife during the policy term, the life insurance company will provide a death benefit which can be utilised to overcome the immediate financial needs of the family.

2. Tax Benefits

When you purchase a life insurance plan for your wife, you get to save more tax and provide financial support to your family. Premiums paid for the life insurance plans are eligible for tax exemptions under Section 80C and 10(10D) of the Income Tax Act,1961. The death benefit amount receivable in case of your wife’s unforeseen death during the policy term also qualifies for tax exemptions under the Section 10(10D) of the Income Tax Act,1961.

3. Coverage at Minimal Cost

You can purchase a life insurance plan which provides high coverage at low premiums rates. You can purchase a term plan for your wife which will provide comprehensive coverage at nominal cost. Some life insurance plans let you increase the sum assured at different situations such as child birth.

Conclusion

With changing times being a housewife is not mandatory but a choice that one can make. As the time changes it is necessary to consider that housewives are no less than their spouse, they should be as important and valued as the earning member of their family. 

Also read - What is the right amount of life insurance cover for me?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.