Spouse Term Insurance: Term Insurance Plans for Husband and Wife

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:

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

1. Bajaj Allianz iSecure Insurance Plan:

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

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.

2. PNB MetLife’s Mera Term Plan:

A term life insurance plan that also offers joint cover wherein 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, then the working secondary policyholder gets 50% of the sum assured whereas 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.

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 it is declared by the insurance provider.

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 of the plan.