Gift “Term Insurance” to Your Wife This Karwachauth

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. But before you do that, do you know what is term insurance?

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 25-year-old healthy male, non-smoker can buy term plan of Rs. 1 Crore for Rs 756 per month that provides coverage till 60 years of age. In addition to this, he can also add his non-working spouse to the plan if the plan offers a joint insurance option.

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?

Here are the term insurance benefits of gifting term plan to your wife this Karwachauth:

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 the form of term insurance for housewife that will always keep her and the family protected in your absence, and ensure the family’s financial needs are met in your absence.

2. 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.

3. 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.

4. Protect their old age

   Everyone wants to live their lives comfortably and independently of any finances after retirement or when they fall under the senior citizen category. 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.

5. 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.

6. 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 financially secure the family in the long run.

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

   These plans offer term insurance 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 Choose 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. You can use the human life value calculator to estimate your suitable life cover amount.

• 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.

• The plan must be sufficient enough to take care of your spouse and family’s requirements in the event of your untimely absence.

• 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.

How To Buy Term Insurance Plans From Policybazaar?

You can buy term insurance online in a few simple clicks from the comfort of your home. Following are the steps you would need to follow to buy term insurance online: 

• Fill out the Term Insurance form on Policybazaar’s official website

• Enter your name, date of birth, gender, and mobile number

• Then, enter your occupation, income details, educational background, and smoking or chewing tobacco habits

• Submit the details to view the available plans

• Select the most suitable term insurance for spouse and proceed to pay

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.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.