Gift “Term Insurance” to Your Wife This Karwachauth

Every year, the fast of Karwa Chauth by your wife creates an imaginary protective shield around you, however, you can make it a reality by buying a term insurance plan as a Karwa Chauth gift

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The jewelry set, vacation, hand-written letters, or shopping vouchers, you too would have tried out a number of things to gift for Karwa Chauth. While all these types of gifts may be very much special for your partner. But what if you can express your love to your partner that could be timeless? How about gifting your partner financial security with a term life insurance plan offered by various life insurance companies?

Read on to know more about term insurance for spouse and what can be the right Karwa Chauth gift for wife:

Let’s read more in detail:

Term Insurance: A Perfect Gift for your Spouse This Karwa Chauth

Karwa Chauth is the celebration of praying and fasting by married women for the long life of their husbands. And, in return, the husband is expected to gift something memorable to her wife.

This pandemic has taught each one of us the real value of life and the importance of protecting one’s health in the long run. Have you ever thought about what will happen in case you were no longer with your wife to take care of her? In such cases, you can opt for a term insurance plan that helps secure the financial security of your family in your absence.

A Term Insurance plan is a pure life insurance product that provides financial security to your better half even in case of an unforeseen event. The money from life insurance makes sure that the regular expenses of your spouse are covered and large expenses such as marriage and child’s higher education are also covered.

Term plans provide high coverages at low premium rates. For example, a 21-year-old healthy male, non-smoker can buy term plan of Rs. 1 Crore for Rs 527 per month that provides coverage till 26 years of age. In addition to this, now along with a working spouse, you can also add a non-working spouse to a joint term insurance plan.

So, it is a wise decision to gift term insurance to your wife this Karwachauth.

What are the Benefits of Gifting Term Insurance Plan to Your Better-Half?

  1. Make your loved ones feel valued for their contribution to the family

    If you are financially dependent on someone, you may compromise on various things you want in your life. Your partner might also feel the same, after working so hard to take care of their family’s requirements. Just imagine gifting financial security in form of term insurance to your partner that will always keep her protected and especially, a housewife can use that amount to fulfill all her life objectives.

  2. Allow your spouse to leave a legacy for the coming generation

    You can also help your partner leave a good legacy behind by gifting her a term plan. The benefit or payout received from the term plan can be used as an inheritance by the coming generation.

  3. Protect their old age

    Everyone wanted to live their lives comfortably and independently of any finances after retirement or when they fall under the senior citizen category. What, at that time you can gift the same thing to your spouse? Purchasing a spouse term insurance plan can help them live a financially stress-free life. If someday something happens to you, your partner can use the payouts for covering her expenses without depending on other family members or on your children.

  4. Take care of loans, debts, and liabilities

    To fulfill your family’s responsibilities, you may opt for a loan. If anything happens to you, then your term insurance policy benefit/payout will help you repay the burden of the loan.

  5. High Sum Assured

    As discussed above, Term insurance for spouses enables you to opt for a high life insurance cover for yourself as well as for your partner at low premium rates. This plan helps in the long run.

  6. Affordable Premium Rates

    The premium rate of a spouse term insurance plan is generally lower than the premium of two term insurance plans, a separate one for a husband and a wife. Thus, it is a cost-effective way of purchasing a term insurance plan. You can also select to pay a premium of your spouse's term insurance plan on a yearly, bi-yearly, quarterly, or monthly income basis.

  7. Waiver of Premium

    All the future premium amounts get waived off of the surviving policyholder after the death of the life assured, depending on the plan terms and conditions.

  8. Get Coverage for Critical Illness and Terminal Illness

    Term plans can provide you with lump sum payouts in case of diagnosis of any critical illness like heart stroke and terminal illness like AIDS.

  9. Tax Benefits

    A term plan offers tax benefits on the premium amount paid for a spouse term insurance plan u/s 80C of the Income Tax Act, 1961. The lump sum payment received by the nominee as the death benefit/life cover is also exempted from taxes u/s 10(10D) of the ITA, 1961.

How To Buy the Right Term Insurance Plan For Your Spouse?

Purchasing a spouse term insurance plan, also called joint life insurance, is easy and simple. Here are some of the factors that should be considered while buying a right-term plan:

  • First, you should always decide on the insurance cover you require i.e., select the right sum assured amount.

  • The plan must be sufficient enough to take care of your spouse and family’s requirements

  • It is important to choose the right term plan that will provide comprehensive coverage at low premium rates. One can also calculate and then compare the premium rate of term insurance plans using a term insurance calculator online.

  • You should also check the Claim Settlement Ratio (CSR) of the insurance company so that your partner receives the benefits without any problems.

Five things to know before buying Term Plan Five things to know before buying Term Plan

When Should You Buy a Term Insurance Plan for My Spouse?

  • Term Insurance for spouse is suitable for nuclear families in which both partners are working and possess some financial loans and obligations to pay. Using a spouse term insurance policy, the life assured can secure their loved ones against disability and death of other earning members and also reduces the financial burden using insurance cover payout.

  • Young-aged parents who have outstanding loans/debts should also buy a spouse term insurance plan to ensure that their kids remain secured towards any future uncertainties.

  • The sum assured that is paid under a term insurance plan for the spouse is computed after assessing the annual income, age, lifestyle, and health of the policyholder. Sometimes, a medical test is also not required for term insurance, in the case of spouse/secondary policyholder.

  • The status of employment of the secondary policyholder or the partner does not be considered while buying a spouse term insurance plan.

Wrapping It Up!

A Term Insurance plan can be a perfect gift for your spouse and also for your entire family. It provides your loved ones the much-required financial security even when you are not with them. So this Karwa Chauth gift term insurance to your wife for a stable future.

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