Terms insurance plans are pure risk cover that provides greater benefits to the beneficiaries at a lower cost. One of the main eligibility criteria to avail of a term plan is income. Although a housewife works hard and contributes to the wellbeing of the family, she is still considered a non-earning member in the family. Hence, it is difficult for a housewife to get a term insurance plan.
Some companies like Aegon Life Insurance company provides a joint term plan for housewives, in which the quantum of the cover is linked to the insurance cover of the husband.
Although a housewife might not be able to directly avail a term plan, she can get a ULIP, endowment or pension plan alternatively.