Spouse Term Insurance: Term Insurance Plans for Husband & Wife

In a traditional Indian household, usually, the male member opts for term life or life insurance cover. This is because he is the sole breadwinner of the family. However, with more and more women becoming working professionals and the family becoming dependent on the income of both, the need to cover both in a life insurance cover has increased, and the term spouse term insurance comes into existence.

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In addition to this, it is not only the working members of the family who need life insurance but the rising healthcare and living cost and increase in terminal diseases, it has become the need of an hour to cover both husband and wife in an insurance policy like term insurance for husband and wife.

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Spouse Term Insurance: Term Insurance Plans for Husband and Wife

Since the Insurance Regulatory and Development Authority of India (IRDAI) does not allow a non-earning member to have term insurance, a non-working member of a family cannot opt for a term plan.

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What is Spouse Term Insurance?

As its name suggests, a spouse term insurance plan provides the opportunity to insure oneself with his/her spouse under one plan. These policies are comprehensive protection policies that offer multiple benefits to both husband and wife insured in it. One can opt for an endowment policy or term plan, which are sold online and physically.

In this way, a term plan for husband and wife ensures that the family is financially protected even 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 term insurance plans with spouse cover also offer riders such as critical illness cover, dismemberment, accidental death, and permanent disability.

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Best Spouse Term Insurance Plans in India

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

Life Insurance Provider Plan Name
Bajaj Allianz Life Bajaj Allianz iSecure Insurance Plan
PNB Metlife MetLife’s Mera Term Plan
Aegon Religare Aegon Religare iSpouse
SBI Life Smart Humsafar

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer. 

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  1. Bajaj Allianz iSecure Insurance Plan:

    Bajaj Allianz iSecure Insurance Plan is a simple term plan that one can purchase online and offline. It is a pure term plan, and hence it does not have any maturity benefit. One can take this plan singly as well as with the spouse (in the joint plan). 

    Features and Benefits:

    • The plan provides a feature of monthly installments for the spouse.

    • The minimum sum assured offered in this plan is Rs. 2,50, 000 and there is no limit on the maximum sum assured.

    • If one has not included a spouse at the inception of the plan, then he/she can include it later.

    • The term policy may range from 10 years to 25 years.

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  2. PNB MetLife’s Mera Term Plan

    It is a term life insurance plan that also offers joint cover. Here, the secondary policyholder gets up to 50% of the sum assured of the primary policyholder. When a primary policyholder (either husband or wife) buys the Mera Term plan, the working secondary policyholder gets 50% of the sum assured. In contrast, the non-working secondary policyholder gets 25% of the sum assured. The maximum cover that PNB MetLife offers to a non-working policyholder is 25 Lakhs.

    Features and Benefits:

    • The plan provides financial security to the family of the policyholder.

    • Provides tax benefits u/s 80C and 10D of the IT Act.

    • The plan also offers life-stage benefits.

  3. Aegon Religare iSpouse:

    The iSpouse plan is a joint term insurance plan for husband and wife. On the death of one partner, the lump sum amount is immediately given to the other partner. The monthly advantages are also paid for five years.

    Features and Benefits:

    • A traditional joint term life insurance plan that covers both husband and wife in one plan.

    • The plan offers two inbuilt riders, which are – Accidental Death Benefit and Benefit for Terminal Illness.

    • Being a pure term insurance policy, no maturity benefits are paid.

    Kal Kisi Ne Nahi Dekha Kal Kisi Ne Nahi Dekha
  4. SBI Life Smart Humsafar:

    Smart Hamsafar is a traditional life insurance plan that is provided jointly for husband and wife. The nature of this plan is participating and provides bonuses when the insurance provider declares it.

    Features and Benefits:

    • A traditional joint-life endowment plan that provides coverage for married couples.

    • The maturity benefits are paid when one or both the policyholders survive until maturity.

    • The death benefit is paid when one dies during the term of the plan.

    • Offers an inbuilt premium waiver for future premiums, if any of the policyholders die during the term tenure.

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The Final Word

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.

FAQ's

  • Can a non-working spouse apply for a spouse term life insurance?

    Ans: Both wife and husband can opt for a spouse term life insurance wherein one could be a salaried member of the family and other non-earning.
  • Does the status of employment of the second spouse is important during application?

    Ans: No, the employment status of the second person is not important while you are applying for a spouse term plan.
  • How the sum assured payable be calculated?

    Ans: The sum assured amount payable will be computed based on age, lifestyle, health, and annual salary of the primary policyholder under the spouse term plan.
  • Can we add spouse in term insurance?

    Ans: Yes, you can add your spouse to your plan by opting for joint term insurance that provides life coverage for the couples and has similar terms and conditions as that of a separate term plan. Both wife and husband are covered under the same policy so it is easy to keep track of a plan.
  • What is spouse term life?

    Ans: A spouse term life insurance plan offers a payout on the death of either of the two policyholders and sometimes, a regular income to pre-specified living members is also provided. Some term plans that come with spouse cover also offer riders such as accidental death and permanent disability, dismemberment, and critical illness cover.
  • Is a housewife eligible for term insurance?

    Ans: Since IRDAI does not allow a non-earning/housewife to have a term plan, spouse term insurance plans allow you to include your partner under the term plan. It is a tailor-made protection tool not only for working partners but also for those where one partner is a homemaker. It is useful to cover non-earning partners, who cannot opt for a term plan simply on their own.
  • Who is eligible for the term plan?

    Ans: Young people, newly married couples, parents, and senior citizens are eligible for buying term insurance. The minimum entry age is 18 years and the maximum age ranges between 65 to 69 years of age. The person availing of the term plan should be a citizen of India. However, these days, NRIs can also take a term policy rendered in the country.
  • Is term insurance only for a salaried person?

    Ans: You cannot buy a term insurance plan without any income proof as it is important for financial underwriting purposes. Knowing the income of a policy buyer, the insurers determine the maximum term cover they can provide corresponding to a certain amount of premium.
  • Is it cheaper to get term insurance as a couple?

    Ans: Joint term insurance is quite less expensive than purchasing a separate term insurance plan for each spouse as a single payment of premium would cover both the wife and the husband. In addition to this, keeping track of a single plan would be much more cost-effective and hassle-free.
  • Can I add my wife to my term insurance policy?

    Ans: The answer is Yes. Spouse term insurance plans allow you to include your spouse/partner under your term policy coverage. Whether you are married or normally sharing a life with someone, buying a pair of term insurance plans can provide both financial protection and peace of mind.
  • What is joint term life insurance?

    Ans: Joint term insurance is a type of term policy that provides coverage to two people instead of one. The premium amount is paid by both the life assured pears for the fixed time period and the payout is based on the first death. In case, one of the life assured dies, the sum assured amount is paid to the other life assured. So, with the demise of one partner, the policy terminates.
  • How does spouse term insurance work?

    Ans: Spouse term insurance works by providing payouts on the death of either of the two policyholders and in some situations, a regular income is offered to pre-stated surviving family members. This plan provides life insurance coverage protection to both partners under a single policy.
  • What are the benefits of a joint term insurance plan for couples?

    Ans:
    • Waiver of premium
    • Savings
    • Policy’s easy management
    • Tax deduction on premiums
  • How much term cover do I need for my spouse? 

    Ans: It is recommended for married couples to opt for a plan with a sum assured that is 10 times your annual income. So if your current income is Rs. 10 Lakhs, you should have a term cover of at least Rs. 1 Crore.

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