If a homemaker does not earn money, try to replace her, and you will realise the financial value of her contribution to the family. The amount of money a homemaker saves adds to the family income. Therefore, the absence of a homemaker puts an additional financial burden on family income and investments to maintain the same lifestyle.

In the life insurance segment, homemakers had no independent cover available until recently. Most homemakers did not have any insurance or had an add-on insurance cover linked to their spouse’s life insurance cover. Since a homemaker does not contribute financially to a family, a life insurance cover for her was considered unnecessary.
Can A Homemaker Take Life Insurance Without Having A Regular Income?
Considering a homemaker's contribution and financial value, many insurers are now offering independent life insurance covers for homemakers in the age group of 18 to 50 years. Irrespective of whether the husband has life insurance coverage, a homemaker is eligible to have life insurance coverage from Rs. 20 to 50 lakhs if the family's annual income is Rs. 5 lakhs or above.
Why Does A Homemaker Need A Life Insurance Cover?
A homemaker manages household chores, takes care of children and parents, tutor children, nurse the sick, does all household shopping, and at times drive members from one place to another and whatnot. In case of her untimely demise, you will need a replacement to do these services. Now, calculate the cost of replacement services; this will be your additional monthly expenditure. It will impact not only your finances but also your future goals directly. All your savings and investments towards your children will be affected. However, if the homemaker has life insurance cover, it will take care of the additional expenses in her absence, and the coverage amount can be used to take care of the family's needs without any compromises.
Another reason for having a life insurance cover is that most such policies also offer critical illness cover for the policyholder. Often homemakers ignore their own health and medical needs for lack of funds, a life insurance also provides financial aid in case of critical illness. Therefore, with the high cost of living, it becomes even more important for homemakers to get life insurance coverage.
Benefits Of A Life Insurance Cover For A Homemaker
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Management -
A life insurance cover ensures proper management of the household in a homemaker’s absence. It keeps the house running without putting any additional financial burden.
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Future Planning -
It helps build a corpus over time, which can be used for domestic expenses, children's education, medical expenses, etc. It provides financial support for the family members.
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Cost-effective -
A life insurance cover gives higher coverage at a lower cost and helps a homemaker provide support to the family even when she is not around. As homemakers, non-earning premiums are affordable and offer a good return on investment.
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Tax Benefit -
Life insurance cover for homemakers also offers tax exemption under section 80 C, section 80 D and section 10 of the Income Tax Act.
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Additional Riders -
Additional riders like critical illness cover increase the coverage of the policy at a very nominal cost. A homemaker should opt for a critical illness add-on benefit for better coverage.
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Joint Coverage -
The life insurance cover for homemakers also provides joint coverage, which means that a homemaker can add her husband as a policyholder and the surviving spouse receives the insurance coverage.
Conclusion
A homemaker is a very important pillar of the family that takes care of the family members and secures financial stability. Thus, the importance of life coverage for the lady of the house should not be ignored. With changing times and the high cost of living, it is crucial to have an independent cover for the homemaker to maintain the household and lifestyle even in her absence. Also, if you get life insurance cover at a young age, you pay a lesser premium for the same amount of cover.
Also Read: Why Should You Have Multiple Nominees in Your Term Plan?