Life insurance: Homemakers must have a term cover of least Rs 20-50 lakh

Homemakers Insurance: Declaring any form of income, like rent, that the homemaker earns can help her get a higher sum assured

In India, the breadwinner of the family usually purchases a life insurance cover for himself. Most homemakers remain uninsured. However, things are beginning to change now. A recent online survey of 5,000 respondents conducted by Policybazaar in April 2022 found that around 15 per cent of the active policies are independent term plans meant for homemakers. Independent term plans targeting homemakers have become available only recently.  

Few homemakers covered

Households generally ignore the need to buy a term cover for the homemaker because they underestimate her contribution. Sajja Praveen Chowdary, business head-term life insurance, Policybazaar says, “In India, a person’s