Spouse Term Insurance Plans In India 2021

Spouse term insurance plans were introduced to give due respect to both the spouses and ensure that the life of both partners is equally important. A spouse term insurance plan provides a payout on the death of either of the two policyholders and in some cases a regular income to pre-mentioned living family members. Some term insurance with spouse cover also offer riders such as critical illness cover, dismemberment, accidental death and permanent disability. 

In this way, a term plan for husband and wife ensures that the family is financially protected even if either of the policyholders is not there. Below are some of the spouse term plans currently present in India. 

Spouse Term Plans Present In India In 2021

Here's a list of few spouse term plans from which you can choose: 

1. Bajaj Allianz iSecure Insurance Plan

The plan provides a feature of monthly installments for the spouse. The minimum sum assured in this plan is Rs. 2,50,000 and there is no limit on the maximum sum assured. If one has not included a spouse at the inception of the plan, then he or she can include it later. The term policy may range from 10 to 25 years. 

2. PNB MetLife's Mera Term Plan

When a primary policyholder buys a Mera Term Plan, then the secondary working policyholder gets 50% of the sum assured whereas non-working secondary policyholders get 25% of the sum assured. The maximum cover that the PNB MetLife offers to a non-working policyholder is 25 lakh. The plan provides financial security to the family of the policy holder. Provides tax benefits under Section 80C and 10 (10D) of the Income Tax Act, 1961. The plan also offers life stage benefits. 

3. Aegon Religare iSpouse

On the death of one partner, the lump sum amount is immediately given to the other partner. The monthly advantages are also paid for 5 years. It is a traditional joint term life insurance plan that covers both husband and wife in one plan. The plan offers two inbuilt riders which are the Accidental Death Benefit and the Benefit for Terminal Illness. Being a pure term insurance policy, no maturity benefits are paid. 

4. SBI Life Smart Humsafar

Smart humsafar is a traditional life insurance plan that is provided jointly for husband and wife. The nature of this plan is participating and provides bonuses when it is declared by the insurance provider. It is a traditional joint life endowment plan that provides coverage for married couples. The maturity benefits are paid when one or both policyholders survive until maturity.  The death benefit is paid when one dies during the term of the plan.  Offers an inbuilt premium waiver for future premiums if any of the policyholders die during the term of the plan. 

Concluding

Above mentioned are some of the term plans that one can purchase if he or she wants the spouse to get covered in their absence. This chart will help to know the benefits and features of each of the spouse term policy before making a final decision of which one to buy. 

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