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Life Insurance for Couples - A Complete Guide

Life insurance plays a crucial role in safeguarding married couples' financial well-being, ensuring protection for your spouse in unfortunate circumstances. Specifically designed for couples, these plans offer a death benefit to cover future expenses such as living costs, loan repayments, education expenses, etc. Let’s understand about life insurance plans for couples.

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What Is Life Insurance For Married Couples?

Life insurance for married couples, also known as Spouse Life Insurance Plans, is designed to provide financial protection to both partners in the event of one partner's death. These life insurance plans offer comprehensive coverage and various benefits to ensure the well-being of both husband and wife. In simpler terms, if one spouse passes away, the plan pays out a death benefit to the surviving spouse either as a lump sum or in regular installments. You can easily buy your ideal life insurance or best term insurance plan for your spouse from Policybazaar after you’ve thoroughly compared all the plans available. 

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

Best Life Insurance Plans For Couples 2024

Here is a list of all the best life insurance plans for couples:

Term Plans For Married Couples Entry Age Maturity Age Sum Assured
PNB MetLife Mera Term Plan Plus 18 to 50 years 80 years Rs. 50 Lakhs to 1.5 Crores
Bajaj Allianz Life eTouch 18 years - 55 years 99 years Rs. 50 Lakhs to 10 Crores (2 Crores in case of Rider)
SBI Life eShield Next 18 to 65 years 85 years Rs. 50 Lakhs to No Limit
Edelweiss Tokio Zindagi Protect 18 to 65 years 100 years Rs. 50 Lakhs to No Limit
Canara HSBC iSelect 360 18 to 65 years 99 years Rs. 25 Lakhs to No Limit

Why Should Couples Buy Joint Life Insurance?

Here are some reasons why couples should buy joint life insurance:

  • Cost-effectiveness: Joint life and term insurance plans are often more affordable compared to purchasing two separate policies.

  • Double Payout: In certain cases, if one spouse passes away, the surviving spouse receives a lump sum payment of the death benefit and a waiver of future premiums.

  • Beneficiary Payout: If both joint holders pass away, the sum assured is paid to the children or legal heirs.

  • Tax Benefits: Premiums paid on joint life insurance policies are eligible for tax deductions under section 80C, and the death benefit received is exempt from tax under section 10 (10D) of the Income Tax Act.

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Difference Between Single And Joint Life Insurance Policy

A married couple can buy a single life insurance policy or joint life insurance based on their needs and life goals. However, we should understand the underlying differences between the two types of life insurance policies for couples.

In the below table, shows the differences between single life insurance and joint life insurance:

Factors Single Life Insurance  Joint Life Insurance 
Affordability It is expensive when compared to joint life insurance Its a budget-friendly life insurance policy
Payout The nominees are to receive two payouts, however separately The nominees will receive one death payout when the couple passes away in an accident
Documentation Buying two separate policies leads to multiple rounds of documentation Ease of documentation process for the couple in one go
Separation/Divorce No such problem Policy to stop if one of the partners does not pay the term insurance premium amount; subject to T&C.

8 Things To Consider Before Buying Joint Life Insurance

Here are a few things to consider before buying joint life insurance:

  • Premium Costs: Compare premium costs with individual policies to ensure cost-effectiveness.

  • Coverage Needs: Assess coverage needs for both spouses to ensure adequate protection for dependents.

  • Policy Features: Review policy features such as waiver of premium, double payout, and beneficiary options.

  • Tax Benefits: Understand the tax benefits available on premiums and death benefits under relevant tax laws.

  • Rider Options: Explore additional rider options for critical illnesses, disabilities, and accidental death.

  • Policy Conditions: Read and understand the policy's terms, conditions, and exclusions thoroughly.

  • Future Needs: Consider changes in financial circumstances and family needs when selecting the policy term and coverage amount.

  • Provider Reputation: Research the reputation and financial stability of the insurance provider before making a decision.

*Note: If you want to know your term insurance premium, use the term insurance calculator for quick and accurate calculations.

Wrapping It Up!

Joint life insurance plans offer comprehensive coverage for both spouses under one policy. While life insurance plans may vary in features, most provide lump-sum death payouts to the nominee. These plans ensure financial security for couples, simplifying the documentation process and offering peace of mind in unfortunate times.


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