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 for a joint term insurance plan for husband and wife has increased, and the couple term insurance or spouse term insurance comes into existence.Read more
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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 joint term insurance 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 couple term insurance plans also offer riders such as critical illness cover, terminal illness cover, accidental death, and accidental permanent disability.
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 allows you to receive a waiver of premium on the payable premiums in case of one of the policyholder’s death. 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 tax benefits as per the prevailing tax laws of the Income Tax Act, 1961.
Some of the life insurance providers are as well offering spouse term insurance plans. A list of some of the spouse term plans are:
|Spouse Term Insurance Plans
|PNB MetLife Mera Term Plan Plus
|18 - 50 years
|10 - 30 years
|Bajaj Allianz e-Touch
|18 - 55 years
|10 - 81 years
|SBI eSheild Next
|18 - 45 years
|(85 - entry age) years
|5 - (85 - entry age) years
|Edelweiss Tokio Zindagi Protect
|18 - 65 years
|23 - 100 years
|5 - (100 - entry age) years
|Canara HSBC iSelect 360
|18 - 60 years
|5 - (99 - entry age) years
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Let us take a look at the inclusions and exclusions of spouse term insurance:
Life coverage for both husband and wife
Guaranteed death benefit for the child in case of death during the policy term
Death of the policyholders due to self-inflicted injuries
Death due to pre-existing conditions
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.
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 a term insurance for couple to ensure complete clarification of all the policy details. This way, you can avoid any confusion during the policy tenure and at the time of claims settlements.
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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