The Long Read

Everything you *need to know* is right above this. Scroll down, only if you'd still like to read more (honestly, why?)

Good news! Yes, as a homemaker, you are eligible for term insurance. It’s great that you are considering getting a term plan because it clearly shows you care about your family’s well-being and financial security even in your absence.

But remember, to get a term insurance plan, you need to meet all necessary eligibility criteria, as defined by your life insurance company such as -

·         Age: You need to be 18-65* years old.

·         Nationality: You need to be an Indian citizen - resident, PIO or NRI

*varies from insurer to insurer

Your term plan application approval will also depend on other factors such as your finances, health condition, lifestyle habits, hobbies and other factors.

Your term insurance life cover depends on your income. Therefore, as a homemaker, your term insurance life cover will be lower than that of a working spouse. So, it may not be entirely sufficient for your family’s financial future.

But don’t get discouraged by that. Even if your life cover is less, it will still come in handy for taking care of your family by providing them some extra money to hire professional help to take care of the kids and elderly. It may also give your spouse some relief as they may have to step back at work, and take a hit on their pay.

As a homemaker, your life cover will always be less than the life cover of a working spouse. Result? Your term insurance premium will also be lesser than their premiums.

But, remember, if you have any serious underlying health condition such as diabetes, or heart diseases, or you follow an unhealthy lifestyle or if you’re buying a term policy at an older age, you may end up paying more premium than even your working spouse!

Our advice: Buy term insurance as early in life as possible!

Find out the factors that can cause your term insurance premium to increase or decrease.

As a homemaker you can get one of the following term insurance plans-


Individual term insurance - This is a term insurance policy that will cover only you




Co-insurance with your spouse - This is a term insurance policy that covers the two of you together.


 You can talk to an insurance advisor to figure out which of the types of term life insurance policies you should opt for.

Yes, absolutely! Think about it - when you’re no more, your family will need to put more effort into taking care of each other. Example: Your kids will need more time from the surviving parent which may require the parent to take a step back at work with less pay. They may even need professional help for taking care of the household, the elderly and other aspects of home.


Your love and warmth can of course never be replaced. But term insurance can help replace the cost of your caregiving to a certain extent. Plus, this gift of financial security will be the last gift you can leave behind for your family from beyond the grave, besides your loving memories. Isn’t that a wonderful reason for getting term insurance? Buy the best term insurance plan by knowing how to choose a term life insurance company.