The work done by women in their households is often ignored and undervalued owing to the fact that there is no specific monetary value attached to it. However, the efforts of housewives are instrumental to the efficient operation of a household and the adequate upbringing and educational development of children. Therefore, it is necessary to value the role played by housewives.
One of the ways to achieve the aforementioned objective is purchasing a term policy for the female members of a household.
Why is Term Insurance Necessary for Housewives?
There are several reasons why purchasing a term plan for a housewife is necessary, some of which have been discussed below.
- Financial security for a housewife
It is important to have a term plan for a housewife because it helps a family assign a monetary value to her efforts. A term insurance policy also enables the housewife to ensure a secure future income in the form of either a lump sum payout or periodical instalments for her children in case of any eventualities. Furthermore, for the male members of a family, a term policy is a convenient way to protect their spouses and empower them financially.
- Financial equality
Buying a term insurance policy is usually considered necessary for only the working members of a family which typically includes only men. However, in the past few decades, the educational and professional opportunities available for women have increased, leading to a rise in the number of female insurance policyholders in the country but this pattern does not hold true for housewives.
In order to have financial equality in a household in particular and in society in general, it is important to have term insurance for housewives.
- Financial safety for the family
Although the efforts of a housewife are not countable in monetary terms, the same efforts would cost the family substantial money if an outside help were to complete them. Therefore, having a term policy for a housewife enables a family to have financial support to outsource some of the household tasks.
You can select from several term plans available online, use the term insurance calculator to compute the premium, and buy a term policy for the homemaker in your household. For instance, you can purchase or renew a Tata AIA term policy by following a few simple steps on their official website.
- Term Plans for Housewives
There is a limited number of term insurance policies available for non-working spouses in India. However, a spouse insurance cover enables a policyholder to include their spouse in a term plan. While choosing a term plan, you must consider important factors such as your financial goals, financial obligations, adequate life cover, and the premium amount you are willing to pay. Therefore, you must ascertain your financial requirement from a term policy before purchasing one.
How much Term Insurance do Housewives Need
A term plan is the convenient method to provide life cover to a policyholder and safeguard the financial interests of their family members. It is quite important for housewives because they are often ignored in the financial planning strategy of the family. Housewives are often prone to illnesses that can be easily detected through preventive health check-ups, but their avoidance of such tests can cost a huge sum of money in treatment or even cause their death. A term plan is thus a must-have element for the safety of housewives.
The basic coverage required should be determined based on the age, health status, risk of illnesses etc for the woman. The critical illness riders can be added to the basic plan to enhance the coverage. Women policyholders usually enjoy a lower premium rate and this feature can be conveniently used to buy term insurance for housewives at a lower cost.
You can buy a term plan for any female member of your household, including your spouse, your mother, and your daughter. The aforementioned choice provides housewives, in particular, financial freedom and protection.