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Term Insurance for Housewife

Housewives, often called homemakers, are the backbone of every family. They handle everything—from running the household to caring for loved ones, so life stays peaceful and balanced. But have you thought about what would happen if they passed away unexpectedly? The financial burden could be equally severe as the emotional loss of losing an important member of the family. Read More


A term insurance for a housewife can come in handy to ease the financial troubles that can kick in after losing the homemaker. The sum assured from the term insurance plan can provide  financial stability to the family in the homemaker's absence, covering expenses like childcare, household help, and daily needs. Read Less

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Written ByPalak Bagadia
AboutPalak Bagadia
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Palak Bagadia, Associate – Digital Marketing at Bajaj Allianz Life, with experience spanning content and performance marketing, recruitment, employee engagement in the BFSI industry, with a strong understanding of the insurance sector.
Reviewed ByRituraj Singh
AboutRituraj Singh
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Rituraj Singh,With over 6.5 years of experience in the insurance industry, Rituraj Singh, Manager- Product & Brand Marketing at Bajaj Allianz Life Insurance overlooks new product launches, compliance, and brand projects, leveraging artificial intelligence and technology to enhance outcomes.
Written on: 26th August 2025
Modified on: 28th August 2025
Reading Time: 15 Mins
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What is term insurance for housewife?

Term insurance for housewives is a life insurance policy that provides financial protection to the nominee in the event of the untimely demise of the homemaker (life assured) during the policy period. After the passing of the life assured during the policy term and subject to payment of all due premiums on time, the nominee receives a payout in lump sum, as regular income, or a combination of both, as decided at the time of policy purchase.

The sum assured can help the family cover daily expenses, pay for the children's education, medical costs and other important needs. Since housewives play an important role in every home, this term insurance plan helps secure their family’s financial future and peace of mind.


How to identify the best term insurance plan for a housewife?

The following aspects can help you identify the right term insurance:


  1. Coverage Amount

    The coverage amount of a term insurance policy should reflect the economic value a housewife creates through unpaid work in the home, which includes childcare, household management, cooking, care of elder family members, and other tasks.


  2. Check the Claim Settlement Ratio of the Insurer

    Always check the claim settlement ratio (CSR) before selecting a term insurance plan. A higher ratio shows the insurer’s reliability and strong record of settling claims, helping ensure your family gets timely financial support at the time of claim settlement.


  3. Choose the Right Term Plan

    When buying a term insurance plan for a housewife, compare the types of term insurance plans available, such as term plan with return of premium, decreasing term plan, or increasing term plan. The term plan should match your family’s needs, future responsibilities, and financial goals.


  4. Premium Affordability

    Look for a plan with affordable premiums and suitable coverage. You can use a term insurance calculator to compare plans, check premium amounts, and choose coverage that fits your family’s financial needs today and in the future.


  5. Rider Benefits to Enhance Protection

    Check for the available riders under the chosen term plan. Adding riders to your term insurance gives broader financial protection at a nominal additional premium. The add-ons strengthen your cover, enhancing coverage under the plan.


Key Features of Term Plans for a Housewife

A typical term insurance policy has the following features that can be considered when buying the plan for a housewife:


  • Assured* Payouts

    A housewife’s role, though unpaid, is invaluable. Term insurance ensures her family gets financial payout if she dies unexpectedly during the policy term.


  • Policy Term

    This is the length of time the term insurance will be in force. Choose a policy term that provides coverage during the critical years when the family is most dependent on her for support.


  • Premium Payment Term

    This indicates the periods when the premiums are to be paid, i.e., will the premiums be paid throughout the term of the policy, lumpsum or for a limited period of time. Flexible options are available to suit the financial needs of the family.


  • Add-on Riders (Optional)

    Some term plans offer riders such as critical illness benefit rider, accidental death benefit rider, waiver of premium rider, etc as add on on the base for enhanced financial protection. These riders are available at an additional nominal premium.


Benefits of Term Insurance for Housewives

  • Financial security

    A housewife’s contribution to the family is vital. A term insurance for housewives can help the family take care of the unforeseen expenses in her absence.


  • Achieving Financial Goals

    In the event of the life assured’s demise, the death benefit from the term insurance will provide the financial resources required for the family to meet their planned life goals..


  • Support for the Spouse's Retirement

    Term insurance can assist a housewife's spouse to get through their routine living costs, along with planning a safe and secure retirement.


FAQs

  1. Why do housewives need term insurance?

    Even without earnings, a housewife’s domestic contributions are invaluable. The death benefit from the term insurance can act as a financial backup for expenses like children’s education, other financial liabilities .


  2. Can spouses buy joint term insurance policies?

    A joint term plan can cover both spouses under one policy. If one passes away, the surviving partner receives the payout under the plan.


  3. What happens if a housewife outlives the term insurance policy?

    If she survives the term and holds a regular term plan, no benefit is paid. Some term plans offer a Return of Premium feature that refunds premiums if the life assured survives the term.


  4. Is it good to take term insurance for my wife?

    A housewife caregiving role creates dependencies. Term insurance provides financial security for the family in case of her demise.


  5. Are premiums for term insurance affordable for housewives?

    Term insurance premiums for housewives tend to be lower, given women’s longer life expectancy.

Term Insurance Guide

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Disclaimer

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

 

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Disclaimer

%%Above illustration is for Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V03) considering Male aged 25 years | Non-Smoker | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 6,238. 2nd Year onwards premium is Rs. 6,659. Total Premium Paid is Rs. 1,99,349 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly installments (Lumpsum Payout Percentage : 45, Income Payout Percentage : 55) | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. This is inclusive of all the discounts mentioned above.

##Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

@Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^^The Return of Premium amount is total of all the premiums received, exclusive of extra premium, rider premium and GST & /any other applicable tax levied, subject to changes in tax laws
Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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Disclaimer

Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04)

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116


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The views stated in this article are not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions, please read the sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale. Bajaj Allianz Life Insurance Company Ltd., Regd. office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune - 411006, Reg. No.: 116, CIN: U66010PN2001PLC015959, Call us on toll free No.: 1800 209 7272, Mail us: customercare@bajajallianz.co.in

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