List of 6 Best Spouse Term Insurance Plans in India for 2022: Check Features and Benefits
The stability of a family does not depend on one single person but on the couple. So if you have not made arrangements to secure your and your spouse’s future, now is the time to do so. Insurers offer term insurance for husband and wife that ensures neither of them has to suffer financially if anyone among the two passes away during the policy term. The benefit amount will help the other person take responsibility for life and continue to take care of the family.
Rakesh and his wife Poonam are consultants for a major ad agency in Mumbai. Since both works in the same office, they spend a lot of time together inside the office and traveling to various cities on official assignments. During a conversation with his financial advisor, Rakesh was told about the benefits of having a joint term plan that covers him and Poonam in a single policy. Poonam was also planning to take a break from the job for few years to take care of their newborn baby. So, finally, Rakesh purchased a joint term insurance policy with a sum assured of Rs.50 lakh, and Poonam being his spouse, was eligible for life cover of Rs.25 lakhs.
Suppose Rakesh encounters death during the policy term. In that case, Poonam shall get the death benefit of 50 lakhs from the insurer, and her policy shall continue to provide coverage with all future premiums waived.
With both partners working and earning separate income, the demise of anyone will also impact the financial situation of the family due to a loss of income. Therefore, keeping up with the times, instead of availing a separate spouse term insurance policy, joint term insurance that provides lifetime protection for the couple is a lot beneficial.
What are the best spouse term plans in India?
Various insurance companies offer a variety of joint life insurance products. So if you are looking to buy term insurance for a non-working spouse in India or a working partner, here are some of the top plans:
List of 6 Best Spouse Term Insurance Plans in India for 2022
|Plan Name||Entry Age (Min/ Max) in years||Policy Tenure (Min-Max) in years||Sum assured (minimum)|
|Edelweiss Tokio Total Protect Plus||18 -65||10 – 25||₹ 25 lakhs|
|Shriram Life My Spouse Term Plan||18 – 55||10 – 57||₹ 25 lakhs|
|Max Life Smart Secure Plus Plan||18 – 65||10 – 67||₹ 20 lakhs|
|Canara HSBC OBC iSelect Star Term Plan||18 – 65||5 to 60||₹ 25 lakhs|
|PNB MetLife Mera Term Plan Plus||18 – 65||10 to 65||₹ 10 lakhs|
|Aditya Birla Sun Life Insurance Life Shield Plan||18 – 65||10 to 55||₹ 25 lakhs|
Top 6 benefits of Spouse Term Insurance Plans:
It is essential to consider your spouse’s needs as well while planning for your family’s financial security in your absence. Term insurance with spouse cover not only creates a dependable support system with your partner by the side but also possess many benefits, as explained below:
- Dual benefit: Under a single policy, you can enjoy the protection cover along with your spouse. While the full coverage is granted to the policyholder, 50% cover is extended to the spouse, making it a comprehensive package for the couple. In addition, in case the primary insured dies during the policy term, the sum assured of that person is paid to the spouse, who will continue to be covered under the same policy. This helps the spouse to raise the kids and maintain the same lifestyle.
- Affordable premium for both: When you take term insurance for a spouse under the same policy, you are saving on the premium that has to be paid on another similar policy. These joint term insurance plans also have features that can be shared as a couple instead of buying individually. Finally, it is hassle-free and easy to keep track of the premium payment dates for a single insurance plan.
- Waiver of future premiums: In a joint term plan, the premium for spouse cover is waived off if the primary insured dies during the policy term. Let’s say the policyholder is the husband who passes away within the policy tenure. Since he opted for spouse term life insurance, his wife is also part of the policy, and she is entitled to receive the death benefit. Some insurers waive off or reduce the premiums for spouse cover to continue with the same coverage value till the end of the term.
- Protect children’s future: By availing of a term insurance policy covering husband and wife, you are indirectly protecting your kid’s future in such a manner that they don’t have to encounter any financial crisis on the demise of either of the parent. Even if both the parents pass away during the policy tenure, the children will receive the death benefit of both parents, helping them take care of their financial needs in the future.
- Sustain the same lifestyle: In a family where the couple is working, all the members will be dependent on them to fulfill all the family’s financial needs. If anyone person passes away, it becomes tough to sustain the lifestyle. But when you buy a term plan with spouse cover, the demise of anyone partner will not affect the family members’ financial condition helping them maintain the same lifestyle.
- Income Tax benefits: Like with any insurance policy, buying a joint term life insurance in India also comes with its own set of income tax benefits wherein the premiums paid under this plan are eligible for deductions under Section 80 (C), and the death benefit is eligible for tax benefit under Section 10 (10D).
With so many uncertainties in life nowadays, life insurance is a necessity. In such scenarios, couples must choose to buy a term insurance plan with spouse cover. It helps them handle those situations with a confident mindset that their partner is with them and their family’s future is taken care of if some unfortunate thing happens to anyone one of them. to know about various term insurance with spouse cover available in the market, visit iiflinsurance.com and opt for the right one to secure yourself and your partner.