A spouse or in other words, a life partner is someone for whom we want to do as much as we can in our lifetime. And we don’t ever want to leave our partner in disguise or any sort of financial burden. For that, there are several spouse term life insurance plan in India that provides coverage for both the partners and spouses. It covers both the policyholders under the joint term life insurance plan without even discriminating in offering coverage benefits.
In this scenario, even if one partner passes away due to any circumstances, the other spouse gets financial protection against future losses. In this article, we’ll read why buying a spouse term life insurance is important and how can it benefit you in many ways.
What is Spouse Term Insurance?
A Spouse Term Life Insurance is a pure protection term plan that is tailored to make sure that your surviving spouse stays financially stable to take care of their future requirements in your absence. They can easily pay off all their debts, mortgages, education for their children, and other expenses.
The term insurance for a couple works as you pay the premiums of your policy regularly and there is a pre-decided term for getting back the coverage as a lump sum amount of your sum assured when the policyholder passes away.
Which is the best Insurance for husband and wife?
However, several insurance-providing companies in India provide coverage for the couple under a spouse-term life insurance plan.
A few of the best insurance for husband and wife or a term insurance for couple are mentioned below in the table:-
|Term Insurance Plan for Couple||Life Cover|
|Mera Term Plan Plus||1 Cr|
|DigiShield Plan||1 Cr|
|Sampoorna Raksha Supreme Plan||1 Cr|
|eShield Next Plan||1 Cr|
|Zindagi Protect||1 Cr|
Who is the Beneficiary of Spouse Term Life Insurance?
A spouse term life insurance typically has a spouse, children, or any other dependents as the primary beneficiaries who receive the death benefit under the plan of the policyholder.
Having a spouse term insurance allows the partners to avail of the benefits under the waiver of premium in the future.
What are the Benefits of Spouse Term Life Insurance?
If you are wondering what could be the benefits of buying a term insurance for housewives or a term insurance for couples,
here is a check of why you should buy it.
- Affordability: A joint term life insurance for husband and wife may come with much more affordable premium rates than a normal or individual term plan.
- Comprehensive Coverage: A spouse term life insurance can provide you broader coverage against several discrepancies like hospital care, accidental death, accidental disability benefits, terminal illnesses, critical illnesses, etc. that too without even paying extra premiums on it.
- Waiver of premium: These plans allow you to waive off premiums if one of the two policyholders that is one of the spouses passes away during the term life Insurance policy. In this scenario, they would become financially strong without paying even more premiums but they’ll get full coverage of the policy.
- Financial Protection: If one or both of the spouse(s) meet with an unforeseen and unfortunate accident/death due to any situation, the child nominated under the policy will benefit from the coverage amount. They can use this amount to pay their higher education fees, marriage, future financial goals, etc.
- Tax Benefits: According to the Income Tax Act 1961, the couple can avail of the tax exemption benefits.
In this article, we read about what is spouse-term life insurance and how it can make a change in your spouse’s life to fulfill all their future requirements when you are not around to take care of their needs. You should check and compare multiple plans before buying a policy, as different companies provide different types of coverage, sum assured, death benefits, rider benefits, etc. You can compare and choose the best-suited policy for yourself from PolicyX.com.