When it comes to life insurance, earning members of the family are usually the first to be covered. But what about homemakers? They may not bring in a salary, but their contribution to the household is immense — and often overlooked. So, should homemakers buy term insurance?

Let’s explore this important question and understand why term insurance for homemakers can be a smart move.

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🏡 Why Homemakers Are Financially Valuable

Homemakers manage the home, care for children and elders, cook, clean, and more. If their role had to be outsourced, it would cost lakhs per year.

According to various surveys, the value of unpaid domestic work by homemakers in India is estimated to be ₹3 to ₹5 lakh annually — or even more depending on the household.

If something were to happen to the homemaker, the surviving family might face not just emotional distress, but also financial strain.

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💡 What is Term Insurance for Homemakers?

Term insurance provides a lump sum payout to the nominee in case of the policyholder’s death during the policy term. While traditionally bought for income protection, term insurance can also be bought for homemakers to cover the cost of their responsibilities.

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✅ Reasons Homemakers Should Have Term Insurance

1. Financial Support for the Family

If a homemaker passes away, the family might need to hire domestic help, a nanny, or a caretaker — all of which cost money. Term insurance can provide this financial buffer.

2. Equality in Financial Planning

In today’s world, financial protection should be for every member — not just earners. Buying term insurance for homemakers acknowledges their role in long-term planning.

3. Peace of Mind

Knowing that the family will be taken care of even if something happens to the homemaker brings emotional peace and financial confidence.

4. Supplement to Spouse’s Coverage

While the earning spouse may have insurance, additional term insurance on the homemaker ensures complete coverage from all ends.

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🚫 Common Myths

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💰 How Much Coverage is Ideal?

• Ideally, opt for a term cover between ₹10 lakh to ₹25 lakh

• Choose a tenure up to the age of 60 or 65

• Compare online plans and choose a reputed insurer with a good claim settlement ratio

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🧠 Bonus Tip: Combine with Health or Critical Illness Cover

In addition to term insurance, homemakers can also benefit from:

• Health Insurance: For hospitalization and medical costs

• Critical Illness Cover: In case of life-threatening illnesses like cancer or heart conditions

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📌 Final Words

“You don’t need a salary to be valuable. Your presence and work at home are priceless.”

Homemakers play a central role in holding families together. Term insurance ensures their contribution is recognized and their family is financially protected, no matter what the future holds.