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Friday, February 23, 2024

Best Spouse Term Insurance Plans in India 

With a change in time, more people are joining the workforce, including women. If you and your spouse both work and want to go for Term insurance together, then this article is for you.

In this article, we will provide information on the Top spouse term insurance plans in India. You can choose from India’s best spouse term insurance plans in 2023.

What is term insurance?

Term Insurance has become an essential aspect of the Life of Office workers. As Office workers, we often remain busy and do not know how to handle the uncertain moments in Life. Term insurance is like an umbrella that shields you and your family from these uncertain moments of Life. 

Term insurance is a type of Life insurance where on the death of the policyholder, a definite amount is paid to the family of the deceased. There are three important factors to consider if you want to go for a term insurance Plan: Age, Term of Policy, and the Amount you want to assure. This article gives you an insight into India’s top spouse term insurance plans. 

Spouse Term Insurance Plan 

In traditional practice, the male head of the family usually opted for a term life insurance or life insurance as he was considered the only breadwinner in the family. However, with changing times, women are becoming more independent and are working as professionals. This gives the family two support pillars whom they can rely on. The top Spouse Term Insurance Plans in India mentioned in this article are for those couples who want to ensure their Life and save their family from any uncertain moment. This article informs you about India’s best spouse term insurance plans in 2023. 

The top Spouse term Insurance plans in India or worldwide were introduced so that the Life of both married partners can be treasured and Insured. Under the Spouse Term Insurance plans, if either of the policyholders dies, then a certain amount of money is paid to the documented Family members. 

Not only that, but some top spouse term insurance plans in India also provide coverage for critical illness, accidental death, Dismemberment, and permanent disability. If you are looking for one of the best spouse term insurance plans in India in 2023, that means you are ensuring financial stability for your family members. 

In this article, we have mentioned some of India’s Top spouse term insurance plans. You can analyze these available best Spouse term insurance Plans in India in 2023. And choose among the best spouse term insurance plans suitable for yourself and your family. 

Best Spouse Term Insurance Plans in India in 2023

The non-earning person of a family is not allowed for term insurance under IRDAI (The Insurance Regulatory and Development Authority of India) regulations. So a family member who does not work cannot buy a term plan. Here we have mentioned some of India’s top Spouse term insurance plans. With the detailed key features of these top spouse insurance plans in India, you can select one of India’s best spouse term insurance plans in 2023 to protect your family members. 

Top spouse term insurance Plans in India

The best Spouse term insurance plans in India in 2023 are mentioned below- 

Insurance Service ProviderSpouse Term Insurance Plan
Bajaj Allianz LifeBajaj Allianz iSecure Insurance Plan
SBI LifeSmart Humsafar
PNB MetlifeMetLife’s Mera Term Plan
Aegon ReligareAegon Religare iSpouse
HDFCHDFC Term Assurance Plan

The list above has the top spouse term insurance plans in India. The key features of these best spouse term insurance plans are mentioned below-

1) Bajaj Allianz iSecure Insurance Plan

The Bajaj Alliance iSecure Term insurance plan is available for online and offline purchases. This plan does provide any maturity benefit as this plan is based on pure terms. An unmarried person can buy this plan. However, a spouse, jointly, can also opt for this Term insurance plan. This is one of India’s top spouse term insurance plans to provide attractive offers and services by Bajaj Allianz Life. 

Key features of a spouse term insurance plan

  • This best spouse term insurance plan offers the policyholders to pay their premiums in installments on a monthly basis. 
  • The minimum amount for this best spouse term insurance plan is INR 2 50 00. There is no cap for the maximum amount one can assure under this best spouse term insurance plan 
  • The time period for the policy is 10 – 25 years. 
  • You can include your spouse’s name later under this term insurance plan if you did not mention it earlier. 

2) SBI Life- Smart Humsafar

SBI Life Smart Humsafar is regular life insurance. This service is offered to both Husband and Wife jointly. This plan provides bonus benefits to the insured as decided by the Insurer. The plan is to participate in nature. This is one of the best spouse term insurance plans in India in 2023, offered by SBI Life. 

Key features 

  • This plan covers married couples jointly. It is a regular Life insurance plan.  
  • Smart Humsafar offers maturity benefits. The maturity benefits are provided when the maturity period is reached and both or one policyholder survives. 
  •  The benefits under this one of the top spouse term insurance plans in India are provided at the time of the death of one of the policyholders. 
  • A premium waiver is offered to the surviving policyholder for future premiums after the end of his/her partner until the policy matures. This makes SBI Humsafar one of India’s top spouse term insurance plans. 

3)PNB MetLife: MetLife’s Mera Term Plan

PNB MetLife Mera Term Plan is a term insurance plan that can also be considered one of the top spouse term insurance plans in India as it provides the facility for a joint term insurance policy for spouses. 

Under this one of the top spouse term insurance plans in India, the amount assured by the primary policyholder is provided to the secondary policyholder. If a person purchases The Mera term plan insurance policy, 50% of the assured amount is provided to the second policyholder; the condition is that the second policyholder is working. However, if the secondary policyholder is not working, he/she would be eligible for only 25% of the assured amount. 

The term insurance coverage of only 25 lahks is provided to the secondary policyholder, who is not working. This Spouse term insurance plan will be one of India’s best spouse term insurance plans in 2023. 

Key features

  • Financial security is provided to the family of policyholders as they get an ample amount of the sum assured. 
  • Under this one of India’s best spouse term insurance plans in 2023, a tax benefit is provided under sections 80/c and 10/D of the Income Tax Act. 
  • The PNB MetLife term insurance policy is one of the best spouse term insurance plans as it allows for benefits on the life stage. 

4) Aegon Religare iSpouse

Aegon Religare iSpouse term insurance plan is offered to both husband and wife. Under this best spouse term life insurance plan in India in 2023, if one of the policyholders dies, the assured amount is paid to the deceased’s partner; this makes it one of India’s top spouse term insurance plans. One of the best Spouse term insurance plans, this plan also offers five-year monthly benefits. Aegon Religare iSpouse will be one of India’s best spouse term insurance plans in 2023.

Key features

  • The Aegon Religare iSpouse Term insurance plan can be considered as one of the best spouse term insurance plans in India in 2023 for couples who are looking for a joint term insurance plan. 
  • Among top spouse term insurance plans in India, this plan covers both Husband and wife under one policy. 
  • Two in-built riders provide benefits for accidental death and benefit for any terminal illness. 
  • No maturity benefits are paid as Aegon Religare iSpouse is a pure-term Insurance Policy. 

5) HDFC Term Assurance Plan

HDFC term assurance offers joint term insurance for couples. The key features of this spouse term insurance plan make it one of the best spouse term insurance plans in India in 2023. – 

Key features

  • If the amount assured is high, then a rebate is offered in addition to in-built riders.
  • The spouse term insurance Plan under this policy is provided for 10-30 years
  • The minimum sum for the assured amount is eighty Thousand. No cap is for the maximum amount to be insured.  
  • Under the Income-tax Act, a tax rebate applies to the premiums under this spouse’s insurance plan. 

Why have a spouse term insurance plan 

A spouse can choose a joint or a separate term insurance plan. But some of the top spouse term insurance providers offer lucrative offers to couples to opt for a Spouse Term Insurance plan in India. Here are some reasons why you should choose yourself one of the best Spouse Term insurance plans in India in 2023. 

1) For financial protection 

If you and your partner are working for the family, then choosing one of the best spouse term insurance plans in India in 2023 would be a good option. India’s top spouse term insurance plans will provide your partner and your family protection in unforeseen circumstances after your death. 

2) Lifetime coverage

A spouse term insurance policy protects your working or non-working partner. A spouse term insurance plan covers your partner, family, and children. 

3) Secured Future 

For couples, it is important to save for the future as a marriage comes with a lot of responsibilities and unseen demands. With the help of a spouse term insurance plan, you can secure the financial needs of your partner and family.

Benefits of Spouse term insurance plan

 Here are some benefits mentioned related to the Spouse term insurance plan-  

1) Children can claim the insured amount.

Life is uncertain, and it has been rightly proved by the Covid-19 pandemic when many of us witnessed the sudden death of both of the parents of a child. A spouse term insurance plan becomes very important to shield your child from uncertain incidents like these. If the parents who bought Spouse Term insurance plans die suddenly, the children become the legal receiver of the amount assured. 

2) Affordable 

If the couples face financial challenges and cannot buy an individual Term insurance plan for themselves, then the spouse term insurance plan works as a savior. The premiums under top spouse term insurance plans in India are cheaper than the individual term insurance plan. Some of India’s best spouse term insurance plans in 2023 also provide its policyholders with a wide range of coverage. 

3) Flexibility in claims 

After the death of one of the policyholders, one can make the first claim for the total amount under the best spouse term insurance plans in India in 2023. The nominees of the deceased can also claim the payable amount separately. 

4) Regular income to your partner

Some of the top spouse term insurance plans in India provide the facility of monthly payment to the partner of the deceased policyholders alongside the assured coverage. Best spouse term insurance plans in India in 2023 also protect against fatal accidents. 

5) Tax benefits and Peace of mind

Selecting one of the Top insurance term insurance plans for yourself and your spouse can give you flexibility in managing your account. All you need to do is pay the single premium and also protect your partner equally. 

On the payment of premiums, some of the top spouse term insurance policies also provide you tax benefits under Income Tax Act 1961. 

 Make sure to compare all the top spouse term insurance plans in India to opt for the best insurance plans for your spouse and family. 

What happens to the Spouse Term Insurance in case of divorce

Divorces are still considered unconventional in India, but the number of divorces is increasing sharply in megacities like Delhi, Mumbai, and Bangalore. If you opted for a spouse term insurance plan jointly and want to know what happens to the spouse term policy if you take a divorce, this is for you.

In case you decide to be separated or take a divorce from your partner, then the joint term insurance plan converts into an individual term insurance plan. If in case one partner decides not to pay for the Term insurance plan, then the term insurance plan lapses until the other partner takes the responsibility for paying the premium and takes accountability for it. 

A spouse term insurance is one of the best options for the married couple to afford a term insurance policy without much hassle. Still, in case of separation and divorce, one of the partners has to bear the responsibility for the life term insurance. 

At the time of divorce, the other partner’s name is removed from the term insurance policy as the nominee. One can nominate one’s blood relative as a benefactor. The experts advise that one should nominate their children as the nominee for their term insurance nominee.

Frequently Asked Questions

Q1. What is a spouse term insurance plan? 

A spouse insurance plan is term insurance under which the married couple buys term insurance and pay premium jointly.

Q2. What are some top spouse term insurance plans in India?

The top spouse term insurance plans in India are Bajaj Allianz iSecure Insurance Plan, SBI Life Smart Humsafar, PNB MetLife’s Mera Term Plan, Aegon Religare iSpouse term insurance, and HDFC Term Assurance Plan, etc. 

Q3. How do I choose the best spouse term insurance plan for me and y partner?

Among the top spouse term insurance plans in India, if you want to select the most suitable spouse term insurance plan for yourself, then you have to consider the three most important factors that are; Age, the amount you want to assure, and the time period for your spouse term insurance.

Q4. Is a spouse term insurance plan more cost-effective than a single term insurance plan for couples?

Yes, the spouse term insurance plan is more cost-effective than the traditional term insurance plan.

Q5. Are there any tax benefits available under the top spouse term insurance plans in India?

Yes, monthly premium tax benefits are available under India’s top spouse term insurance plans.  

Q6. What happens to the Spouse Term Insurance plan if the couples decide to take a divorce?

The spouse term insurance plan lapses until one of the partners decides to take the responsibility to pay for the pre-determined premiums. 

Q7. What is the difference between joint term insurance and spouse term insurance?

Married couples generally buy spouse term insurance, while in the joint term insurance plan, it is not important if the policyholders are married. 

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