Many families buy insurance only for the earning member. Usually, the husband. The wife? Often ignored.
This is a big mistake. Let me explain why.
Why Women Need Insurance Too
A common question comes up – why does someone who doesn’t earn need insurance?
Fair question. Wrong thinking, though.
Think about what a homemaker does. Cooks three meals daily. Cleans the house. Takes care of kids. Helps with homework. Manages household budgets. Takes elderly parents to doctors.
Now imagine she’s suddenly not there. Who does all this?
You’ll need to hire help. A cook costs 8,000 monthly. Someone for cleaning costs 5,000. A caregiver for kids costs 10,000. Tuition teachers cost 5,000 more.
That’s 28,000 rupees every month. Over 3 lakhs yearly. For 10 years? That’s 30 lakhs minimum.
This is why a “women term insurance” makes sense, even for non-earning women.
Coverage Amount for Housewives
How much coverage should a homemaker have?
Here’s a simple way to calculate:
Monthly help needed: 30,000 rupees. For how many years: 15 years (till kids grow up). Total needed: 54 lakhs
Add children’s education support: 20 lakh.s Add household disruption costs: 10 lakhs Total: Around 75 lakhs to 1 crore.
This seems reasonable for most middle-class families. A term insurance for housewife in India is practical planning.
What It Costs
Good news – women’s term insurance is cheaper than men’s insurance.
Why? Women statistically live longer. Lower risk for insurance companies.
A 30-year-old woman, non-smoker: 50 lakh coverage: Around 6,000-7,000 yearly 1 crore coverage: Around 10,000-12,000 yearly
A 35-year-old woman: 50 lakh coverage: Around 8,000-9,000 yearly 1 crore coverage: Around 14,000-16,000 yearly
Compare this with men. Women pay 20-30% less for the same coverage.
Working Women Need It More
For women who earn, insurance becomes even more important.
If both husband and wife earn, both need protection. It’s that simple.
Many dual-income families make this error. They insure the husband heavily. Wife gets small coverage or none.
What if she earns 8 lakhs yearly? Family depends on that income too. Loans are based on combined income. Lifestyle is based on two salaries.
Her income disappearing would hurt badly. So her life needs adequate protection too.
Common Objections and Reality
“We can’t afford two policies.” If you can’t afford both, at least get smaller coverage for the wife. Twenty-five lakhs is better than zero.
“Husband’s policy is enough.” His policy covers his income. Not her contribution to the home.
“She’s healthy, nothing will happen.” Health doesn’t guarantee anything. Accidents happen. Illnesses come unexpectedly.
“We’ll buy later when we have money.” Later means older age. Older age means a higher premium. And health might change.
Medical Tests for Women
Most companies ask for basic tests. Blood test, urine test, maybe ECG.
For women, sometimes additional tests come up, especially if coverage is high.
Nothing invasive usually. Standard health checkups, mostly.
Being pregnant doesn’t stop you from getting insurance. Companies just wait till delivery for the policy to start.
Pre-existing conditions like PCOD or thyroid need to be mentioned. Hiding them causes claim rejection.
Single Women and Insurance
Unmarried women often skip insurance, thinking they don’t need it. Wrong again.
If you have parents depending on you financially, you need coverage. If you have a home loan, you need coverage. If you want to leave something for siblings, you need coverage.
Joint Income Families
When both partners earn, both need equal or proportionate coverage.
If the husband earns 10 lakhs and the wife earns 6 lakhs, coverage should reflect this ratio too.
Husband gets 1.5 crore? Wife should get at least 1 crore.
This balanced approach protects the family properly from either loss.
Tax Benefits for Women
Same tax rules apply. Premium paid qualifies for deduction under Section 80C.
Up to 1.5 lakhs can be claimed. Includes all 80C investments, not just insurance.
Some families smartly split this. Husband claims his policy premium. Wife claims hers. Both save tax.
Riders That Make Sense
Basic term insurance pays on death. Adding riders gives more coverage.
- Critical illness rider: Useful for women. Breast cancer and cervical cancer coverage become important.
- Accidental death rider: Extra amount if death is from an accident. Roads are dangerous everywhere.
- Waiver of premium: If you become critically ill and can’t pay the premium, this rider continues the policy.
Not all riders are necessary. Pick what fits your situation.
The Simple Truth
Every family member who contributes needs protection. Whether that contribution comes with a salary or not. Women’s term insurance isn’t optional. It’s essential. For working women. For homemakers. For everyone.
Calculate what your family actually needs. Get adequate coverage. Choose a reliable company. Pay on time. That’s all there is to it. Stop overthinking. Start protecting. Your family deserves complete security. Not half protection. Give them that assurance today.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
Women’s Term Insurance and the Importance of Term Insurance for Housewives in India
