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Spouse Term Insurance

Term insurance is a financial cushion that protects your family against uncertainties. After the demise of a breadwinner in the family, the ultimate beneficiary of responsibilities is the spouse. Therefore, it is a must to buy term insurance for spouses and financially secure them. Read on to find out more details!

Get Term Plan Coverage of 1 Crore Starting From Just ₹16/Day*
Get Term Plan Coverage of 1 Crore Starting From Just ₹16/Day*
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    Tax Benefit
    Up to 1,50,000**
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    Claim Support
    Everyday 10AM-7PM
  • 45 Lacs+
    45 Lacs+
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**Tax benefits are subject to changes in Income Tax Act.

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  • Terminal illness
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    1 Cr
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Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

What is Spouse Term Insurance?

Spouse term insurance is a life insurance plan that covers both husband and wife under the same plan. This plan works on the concept that both individuals play an important role in fulfilling the responsibilities of the family. In the event of the demise of one policyholder, another policyholder will still continue to get life insurance coverage. Additionally, a term insurance company will pay a death benefit if any policyholder dies during the policy's tenure.

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Benefits of Spouse Term Insurance Plans

The following are the benefits of purchasing term insurance plans for couples:

  • Cost-Effective Plans: Joint term insurance plans are more economical in comparison to individual term plans. Therefore, you may have to pay less premium if you invest in a spouse term insurance plan.
  • Comprehensive Coverage: These term life insurance plans provide enhanced coverage to the policyholders. Firstly, you can secure both yourself and your spouse under the same plan at an economical premium. Secondly, the policyholders can buy riders such as critical illness benefit riders, accidental death benefit riders, and more to enjoy comprehensive coverage.
  • Premium of Waiver Benefit: Spouse term insurance plan provides a premium of waiver benefit to its policyholders. This means if one policyholder dies during a policy tenure, another one will receive an assured death benefit in a lump sum. Additionally, a term insurance company will waive all the future premiums that you may have to pay for your plan.
  • Secure Future for Children: In the event of the death of the couple, a death benefit is paid to the nominee or beneficiary of the policy. This nominee can be your dependent children, who may face financial hardship after your demise. Therefore, it is wise to buy a spouse-term insurance plan to financially protect your children.
  • Tax Benefits: Term insurance plans for couples provide tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act, 1961. Therefore, you can accomplish two goals of financial security and savings of tax by purchasing one joint life insurance plan.

Best Term Insurance Plans For Couples

Many term insurance companies provide term plans for couples in India. Here’s a list of some of the best plans in which you can invest in 2023:

Term Insurance Plan

Entry Age

Maturity Age

Sum Assured

Bajaj Allianz iSecure Term Plan

18- 65 years

28- 85 years

Rs. 25 lakh- 50 lakh

PNB Met Life Mera Term Plan

18- 60 years

28- 75 years

Rs. 25 lakh- no limit

Aegon Religare iSpouse

21- 60 years

N/A- 65 years

Rs. 25 lakh- no limit

SBI Life Smart Humsafar

18- 46 years

N/A- 65 years

Rs. 1 lakh- Rs. 50 lakhs

Inclusions and Exclusions For Spouse Term Insurance Plans

Similar to other life insurance products, there are some things that are not covered under a spouse's term insurance plan. The below section highlights the inclusions and exclusions under term insurance plans for couples in India:

What is Covered?

  • Life coverage for both you and your spouse.
  • Assured death benefit for children in case of the demise of any policyholder.

What is Not Covered?

  • The death of the policyholder happened due to a self-inflicted injury.
  • Demise that happens due to a pre-existing condition.
  • The death happened due to the involvement of the policyholder in any criminal activity.

Things To Consider When Purchasing a Spouse Term Insurance Plan

It is crucial to keep some factors in mind when you purchase a spouse term insurance plan. Some of these factors are listed below:

  • Terms and Conditions: When you purchase a joint-term insurance plan, both partners share equal authority in modifying the policy. In simple terms, if one policyholder of the spouse term plan wants to add or remove any feature from the policy, then the other partner will also have to provide their go-ahead.
  • Premium Payment: In the spouse-term insurance plan, the policy stays active even after the demise of one policyholder. Therefore, another life assured will continue to pay a premium for their policy. However, if you fail to pay your premiums, a term life insurance policy may lapse.
  • Coverage Amount: The sum assured is the amount that a term insurance company pays upon the maturity or death of the policyholder. Before purchasing term insurance for couples, ensure that you analyze the financial needs of your family.

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FAQ About Spouse Term Insurance

  • Is there any maximum age limit for purchasing a term insurance plan for housewives?

    Different plans have different age criteria. However, in most of the plans, the minimum and maximum age are 18 to 65.

  • How do riders function under a term insurance policy?

    Riders act as additional covers for a term insurance plan as they help enhance the basic plan coverage. There are various types of riders available with term plans such as Critical Illness Rider, Accidental Total and Permanent Disability, Accidental Death Benefit, Waiver of Premium Rider, etc.

  • Do term insurance policies offer accidental coverage for housewives?

    Yes, a term insurance plan for housewives pays a portion of the sum insured to treat your disease if you can't make the payment or are suffering from a terminal illness.

  • Are term insurance plans right for housewives?

    Yes, just like all other individuals, every housewife should also get a term insurance plan for themselves. If in an unfortunate event, something happens to a homemaker, a term plan can play an important role by supporting their loved ones financially. By doing so, they ensure that their family receives financial security even in their absence. 

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