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Term Insurance Plans For Husband And Wife In India

Updated On Nov 30, 2021

A term insurance plan is one of the most basic insurance policies on the market, providing the sum insured to the policyholder's family in the case of the latter's death. Customers have the option of customising their required overage, premium payment period, policy duration, and riders. Traditional term insurance plans include a number of benefits, including more coverage for a lesser price, as the premium clients must pay for regular term plans is lower than for endowment or Ulip plans. It is crucial to understand that typical term plans do not require any investment.

Best Spouse Term Plans

The following are some of the best spouse term plans available to the investor.

1. Bajaj Allianz iSecure Insurance Plan

The Bajaj Allianz iSecure Insurance Plan is a straightforward term insurance policy that can be purchased both online and offline. Because it is a pure term plan, it does not provide a maturity benefit. This plan can be used alone or in conjunction with a spouse (in the joint plan).

Features and Benefits of Bajaj Allianz iSecure Insurance Plan:

Following are the features and benefits of the plan:

  1. The plan includes a provision that allows the spouse to pay in monthly instalments.
  2. The lowest sum assured under this plan is Rs. 2,50,000, while the maximum sum assured is unlimited.
  3. If a spouse was not included at the outset of the plan, he or she can do so afterwards.
  4. The term policy can last anywhere from ten to twenty-five years.

2. Aegon Religare iSpouse

The iSpouse plan is a husband-and-wife term insurance plan. When one partner dies, the lump sum payment is instantly distributed to the other. The monthly benefits are also paid for a period of five years.

Features and Benefits of the plan are as follows:

  1. A classic joint term life insurance policy that covers both the husband and the wife.
  2. Accidental Death Benefit and Benefit for Terminal Illness are two built-in riders to the plan.
  3. Maturity benefits are not paid because this is a pure term insurance policy.

3. PNB MetLife’s Mera Term Plan

It's a term life insurance policy with combined coverage. In this case, the secondary policyholder receives up to 50% of the original policyholder's total assured. When a primary policyholder (spouse or wife) purchases the Mera Term plan, the working secondary policyholder receives 50% of the sum assured. The non-working secondary policyholder, on the other hand, receives 25% of the total assured. PNB MetLife gives a maximum protection of 25 lakhs to non-working policyholders.

Features and Benefits of PNB MetLife’s Mera Term Plan are as follows:

  1. The policyholder's family is financially secure thanks to the plan.
  2. The IT Act's sections 80C and 10D provide tax benefits.
  3. The plan also includes benefits for different stages of life.

4. SBI Life Smart Humsafar

Smart Humsafar is a traditional life insurance plan for husband and wife that is offered jointly. The characteristic of this plan is that it encourages participation and pays out bonuses when the insurance provider declares it. It is a classic joint life endowment policy that covers married couples.

Features and Benefits of the plan are as follows:

  1. When one or both policyholders live to maturity, the maturity benefits are paid.
  2. When someone dies during the plan's term, the death benefit is paid.
  3. If any of the policyholders dies during the period of the plan, the payments for future premiums are waived.

Take Away

The above are some of the term plans that can be purchased if one wants their spouse to be covered while they are away. This chart can assist you in understanding the benefits and characteristics of each spouse term policy before deciding which one to purchase.

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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