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Term insurance is a very important financial decision for married couples, as it ensures that your better half is protected in the case of unexpected events. These plans are called term insurance for spouse plans They provide a death benefit to your partner to cover future expenses like maintaining the cost of living, paying off loans/debts and education costs,etc. Let’s learn more about these term plans here.
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Term life insurance for married couples refers to the term plans you can buy to financially protect your partner in the unfortunate event of your demise. These plans, also called Spouse Term Insurance Plans, allow both partners to be secured together under a single plan. These policies provide comprehensive protection and offer various benefits to both husband and wife. In simpler words, if one spouse unfortunately passes away, the plan pays out the death benefit to the spouse in lump-sum or regular income. You can easily buy best term plan for your spouse from Policybazaar after you’ve thoroughly compared all the plans available.
Term Plans
Here is a list of all the best term life insurance plans for married couples:
| Term Plans For Married Couples | Entry Age | Maturity Age | Sum Assured | |
| PNB MetLife Mera Term Plan Plus | 18 to 50 years | 80 years | Rs. 50 Lakhs to 1.5 Crores | |
| Bajaj Allianz Life eTouch | 18 years - 55 years | 99 years | Rs. 50 Lakhs to 10 Crores (2 Crores in case of Rider) | |
| SBI Life eShield Next | 18 to 65 years | 85 years | Rs. 50 Lakhs to No Limit | |
| Edelweiss Tokio Zindagi Protect | 18 to 65 years | 100 years | Rs. 50 Lakhs to No Limit | |
| Canara HSBC iSelect 360 | 18 to 65 years | 99 years | Rs. 25 Lakhs to No Limit |
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As discussed above, a couple can buy a single term insurance policy or a joint term insurance policy. However, we should understand the underlying differences between the two types of term insurance policy for couples.
In the below table, shows the differences between the two:
| Factors | Single Term Insurance Policy | Joint Term Insurance Policy |
| Affordability | Expensive when compared to a joint term insurance | Pocket friendly |
| Single Payout | The nominees to receive two payouts, however separately | The nominees to receive one death payout when the couple passes away in an accident |
| Convenience | Buying two separate policy increase documentation of documentation | Ease of documentation process for both at one go |
| Separation/ Divorce | No such problem | Policy to cease if one of the partners does not pay the term insurance premium amount |
Here are some reasons why married couples should buy term insurance:
Financial Protection: Term insurance ensures financial security for the surviving spouse in case of the other's unfortunate demise.
Family's Well-being: It safeguards the family's financial stability, covering repayment of existing loan/debt payments, paying children's education, bearing expenses for ageing parents, and daily living costs.
Income Replacement: The death benefit from term insurance works as an income replacement for the lost income of the deceased spouse, ensuring the surviving partner can maintain their lifestyle.
Debt Repayment: It can help pay off any outstanding debts, such as loans or mortgages, relieving the surviving spouse from financial burdens.
Affordable Premiums: Term insurance offers substantial coverage at affordable premiums, making it a cost-effective option for married couples to secure their family's future.
Listed below are some of the key advantages of buying the term insurance plans for couples in India 2024:
Pocket-Friendly: A spouse term life insurance plan is offered to the couples at a low and an affordable price. Such a plan provides cover for two people and with extensive coverage at pocket-friendly prices. Now just imagine, if both the partners buy a life term insurance policy separately then they would end up paying a higher premium in comparison to a spouse term life insurance premium.
Option of Payout: When it comes to a spouse term life insurance plan it does offer payout options to the insured. All you need to do is choose to the sum assured amount is to be divided with the couple insured. You can opt for a single payout wherein the complete amount will be given when one passes away on the premise of the first claim. Besides, you also have the alternative to choose segregation and accordingly have two payouts that will be paid post the demise of each insured. In case both partners die at the same point in time, the death benefit will mostly be paid as a single amount.
Joint Cover: The key advantage of a spouse term insurance policy is that it provides complete protection for both the partners that are the husband and the wife. This helps in the ease of documentation and one does not end up buying two separate term insurance policy cover, which also helps to save money and keep a track too.
Tax Benefit: The tax benefit is accessible for the premium that you will pay while buying the best term life insurance plan for couples. In case if the premium paid is till Rs 1.5 lakh each year then it will be tax exempted as per the directions of the Income Tax Act within Section 80C.
Term insurance plan for couples is a major financial decision and must be bought immediately after as it has major advantages and comes very handy that suits, not just your requirements but your pockets too.
If you are still looking forward to buying a term insurance policy and already married then opt for the spouse term insurance cover and make the best out of it.
˜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. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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