Spouse Term Insurance: Term Insurance Plans for Husband and Wife
In a traditional Indian household, it is the male member-only who 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 and the household is becoming dependent on the income of both, the need of covering both in a life insurance cover has increased and the term spouse term insurance came into existence.
*Tax benefit is subject to changes in tax laws. *Standard T&C Apply
** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines
- Home
- Life Insurance
- Term Insurance
- Articles - TP
- Spouse Term Insurance Plans in India
Spouse Term Insurance: Term Insurance Plans for Husband and Wife
In a traditional Indian household, it is the male member-only who 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 and the household is becoming dependent on the income of both, the need of covering both in a life insurance cover has increased and the term spouse term insurance came into existence.
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.
Since the Insurance Regulatory and Development Authority of India (IRDAI) does not allow a non-earning member to have term insurance, so, a non-working member of a family cannot opt for a term plan.
However, this rule comes with an exception, wherein a husband can purchase term insurance for his wife and in such a situation term insurance with spouse cover makes more sense.
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
What is Spouse Term Insurance?
A spouse term insurance, as its name suggests, provides the opportunity to oneself with his/her spouse under one plan. These types of 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 as well as 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 the spouses and ensure that the life of both partners is 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 with spouse cover also offers riders such as critical illness cover, dismemberment, accidental death, and permanent disability.
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.
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.
The Final Words:
Above mentioned are some of the term plans for husband and wife that one can consider for covering his/her spouse.
