Spouse Term Insurance: Term Insurance Plans for Husband & Wife

What is Spouse Term Insurance?

A spouse term insurance plan is a type of life insurance that allows both spouses to get covered under the same plan. These comprehensive term insurance plans offer various benefits to both husband and wife policyholders.

In this way, a joint term insurance plan for husband and wife ensures that the family is financially protected even if either of the policyholders is not there.

In addition to this, such term insurance plans are introduced to give due respect to both spouses and ensure that both partners' lives are equally important. A spouse term insurance plan provides pay-out on the death of either of the two policyholders and, in some cases, a regular income to pre-mentioned living family members.

Some couple term insurance plans also offer riders such as critical illness cover, terminal illness cover, accidental death, and accidental permanent disability.

What are the Benefits of Term Insurance for Couple?

Here is a list of benefits offered by term insurance for couple:

• Affordable Premiums: The premiums for a joint term insurance plan for husband and wife are much more affordable than two separate plans for both individuals. These plans allow you to save on your premiums and use the remaining amount for other important expenses.

• Comprehensive Cover: With couple term insurance, you can get comprehensive coverage against a variety of eventualities like critical illnesses, terminal illnesses, accidental death cover, accidental total permanent disability, and hospicare cover at nominal premiums. 

• Waiver of Premium on Death: Term insurance for couples waives off the remaining premiums in case of the death of either of the policyholders. This way, the other life assured can stay covered under the plan and receive the plan’s benefits.

• Financial Security of Kids: In case both parents/policyholders suffer an unfortunate death during the policy term, the death benefit will be paid to the nominated child. This can help the child secure their financial future and pay for their higher education or wedding.

• Maintain Existing Lifestyle: In case of the policyholders’ death, the family can use the benefit amount to maintain their existing lifestyle by paying off the remaining loans and taking care of monthly expenses.

• Tax Saving Benefits: With term insurance for couples, both policyholders can claim term insurance tax benefits as per the prevailing tax laws. Not only that, but the death benefit payout amount is completely tax-exempt under section 10(10D) of the Income Tax Act, 1961.

Best Spouse Term Insurance Plans in India 2025^~

Some of the life insurance providers are as well offering spouse best term insurance plans. A list of some of the spouse term plans are:

*Disclaimer: ^~Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

What are the Key Features of Term Insurance for Spouse?

Term life insurance for spouse has the following key features:

Easy to Buy: These term life insurance for spouse are easier to buy and maintain than two separate term insurance for husband and wife. 

Financial Support for Child: In case of both parents' untimely demise during the policy term, your child can use the benefit amount to take care of their higher education, business endeavours, or wedding preparations.

Peace of Mind: With term life insurance for couples, you get the peace of mind knowing that your spouse and kids will be financially safe, in the event of your unfortunate demise.

Inclusions and Exclusions of Couple Term Insurance

Let us take a look at the inclusions and exclusions of spouse term insurance:

1. Inclusions

   • Life coverage for both husband and wife

   • Guaranteed death benefit for the child in case of death during the policy term

2. Exclusions

   • Death of the policyholders due to self-inflicted injuries

   • Death due to pre-existing conditions

Points to Remember Before Buying Spouse Term Insurance

• Assess your family’s financial needs: Since the cover amount is the benefit payable to your loved ones in the event of your untimely death, you should calculate the ideal life cover required for your couple term insurance to ensure that the financial needs of the family members are met in case one or both policyholders suffer an untimely death.

• Policy Term: While buying the joint term insurance plan for husband and wife, you need to ensure that the policy term is sufficient for both of your needs. For example, If you have kids, you can opt for a policy term that extends for your entire life to leave a legacy behind in your absence.

• Premium Amount: Before purchasing a term plan, make sure that the premium amount for the policy fits within the budget of the couple. In case you purchase a plan with premiums larger than your budget, it could lead to policy lapse in case non-payment of premiums. You can use a term plan calculator to get the estimate of premium you would need to pay for the desired life cover.

• Premium Payment: There are several joint term insurance plan for husband and wife under which, in case of one policyholder’s death, the plan stays active while the other policyholder pays the premiums. 

• Available Riders: You can go through the list of available riders and add them to the base plan to enhance the policy’s coverage. This allows both policyholders to get joint coverage against the uncertainties of life.

• Terms and Conditions: Make sure to thoroughly read the terms and conditions of these plans and take a look at what is term insurance to get a bettter understanding of all the policy details. This way, you can avoid any confusion during the policy tenure and at the time of claims settlements. 

Wrapping it Up!

The above mentioned are some of the term plans for husband and wife that one can consider for covering his/her spouse. Check the latest term insurance plans for the spouse to make an informed decision about the right joint term life insurance plan for you. You can compare the available couple term insurance plans on the basis of premium rates, policy terms, sum assured, and benefits offered.

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