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Financial security for your family comes with tax savings for you! ✓Buy a Term Plan & save up to ₹46,800* on tax | ✓₹1 Cr. Life Cover at just ₹23*/day!

Joint Term Insurance Plans for Couples

Any unfortunate event can affect a family emotionally as well as financially. While life uncertainties cannot be dodged, one can secure the financial future of their loved ones beforehand. Usually, life insurance is a necessary financial product for single-income households. But modern families today have both partners contributing to the finances of the family. Therefore, it is even more essential for both parties to have life insurance coverage. One such product that couples can consider buying is term insurance. Let us understand in detail regarding term insurance for couples.

 

What is Joint Life Term Insurance?

You must be familiar with individual term insurance plans that cover a single person under the policy. But what is joint term insurance for couples? Similar to a term policy, such a plan enables both spouses to gain a risk cover under a single insurance plan. Instead of opting for two separate plans which can lead to higher premiums, you and your partner can easily be protected against unforeseen risks with a term plan for husband and wife.

Types of Joint Term Insurance Plans

As we all know, term insurance is one of the most simple and affordable life insurance products available in the market. The policy offers a death benefit to the beneficiary in case of premature death during the term. Moreover, you can enhance the scope of term insurance by opting for rider benefits such as critical illness cover, the return of premium cover, accidental death benefit, and more.

When it comes to couples, there are two types of term insurance plans available in India-

 

  1. Single term insurance plans
  2. Joint term insurance plans

Let us understand both the plans based on the following key factors –

 

 

Single/Separate Term Insurance

Joint Term Insurance

Who Is Covered?

Each individual has to buy a separate term insurance plan to gain coverage.

Both are covered under a single policy.

What Happens When Either of the Partner Dies?

The policy will pay the death benefit as chosen by the insured to the beneficiaries. However, the other partner stays insured as both have separate term plans. 

The payout option in joint term insurance is dependent on the scheme chosen. In case the policy terminates on the death of either of the insured partners, the surviving party has to buy other insurance to stay covered.

What Happens When Both the Partners Die?

The beneficiaries will receive double death benefits under each term insurance plan.

The beneficiaries will receive a single death benefit under the joint term insurance plan.

What Happens if the Couple Decides to Get a Divorce?

It does not affect the policy. If the insured has mentioned the partner as one of their beneficiaries, then they have to get it changed.

The couple has to consult their insurer and check whether the policy is valid even after the split.

 

Features of Joint Term Insurance Plans

Some important features of term insurance for couples available in the market are as follows-

  • The surviving partner can choose to avail the death benefits in instalments
  • In case you (the policyholder) have not added your partner during the inception of the policy, they can be included at a later date as well
  • The minimum sum assured amount is INR 2.5 Lakhs while there is no upper limit
  • The policy duration can be between 10 years and 30 years
  • The premium payment options available are monthly, quarterly, half-yearly, and yearly. You can use our term insurance calculator to get an estimate of your policy premium.

Benefits of Term Insurance for Couples

The following are the benefits of couple term insurance plans available in India-

  • Financially Secures Your Children

The future of your children is dependent on the two of you. As parents, you should ensure that their financial future is taken care of, especially in your absence. While there is no replacement for the loss of a parent(s), a term insurance plan can ensure the dreams and aspirations of your child can be achieved. Buying joint term life insurance as a couple, will not only take care of your spouse but also your children in the future.

  • Maintain the family’s lifestyle

If the both of you are working a full-time job, the family’s current lifestyle is dependent on the collective income. While you might have certain liabilities to take care of, you wouldn’t prefer to compromise on the lifestyle your family leads. 

But have you ever thought about the future in case of an unwanted incident? The loss will be unbearable for your loved ones. However, you can still ensure that they lead a comfortable life, and one way to do so is with the help of term insurance for couples.

  • Tax benefits

Much like any basic life insurance product, you can also enjoy tax benefits with your term insurance plan for couples. The premiums paid towards joint term life insurance can be claimed for tax deductions under Section 80C of the old tax regime. Moreover, the death benefit received by the beneficiary is tax-free under Section 10(10D) of the Income Tax Act, 1961.

  • Available at Affordable Premiums

A joint term insurance plan for husband and wife, in most cases, wouldn’t cost you a lot in comparison to buying two separate insurance policies for both of you. Thus, a term plan with spouse cover can be a lucrative opportunity to secure coverage at cost-effective premiums.

  • Provides Waiver of Premium Option

Another advantage of a spouse term life insurance policy is the waiver of the premium feature. If one of the two partners passes away, the other would enjoy a waiver of the premium. This means that the surviving spouse would not be required to pay premiums in order to keep the policy active.

Drawbacks of Joint Term Insurance Plans

Let’s understand the disadvantages of purchasing term insurance for a husband and wife:

 

  • Offers Single Death Payout

In the event of an unfortunate mishap, the joint term life insurance plan will offer only one death payout. Even in the case of both the policyholders’ demise, the beneficiary will receive a single payout from the term plan for couples. However, this wouldn’t be the case if the policyholders had separate term policies.

  • Conflict During a Divorce

If a couple has purchased joint term insurance for husband and wife, in case of divorce, there could be a conflict. The couple might have to discuss how to go about the term life insurance for couples with the insurer. Whereas, a single term plan poses no such issues, as the policies belong to the individual policyholders.

How to Buy Joint Term Insurance Plans?

You can purchase term insurance for couples in India in the following way:

 

  1. Visit your insurer online
  2. Choose the type of coverage needed
  3. Add rider benefits (if any)
  4. Make the premium payment online
  5. The policy will be issued to you in no time

Final Thoughts

For those looking for a wholesome cover for themselves and their spouse, consider buying a term insurance plan for couples. The hassle for managing different policies is eliminated as both the partners are covered under a single plan.

In fact, you can buy a Bajaj Allianz Term Plan at Finserv MARKETS online and benefit from features such as affordable premiums, extensive coverage, add-on benefits, hassle-free application and claim process, bespoke plans to suit your needs, and so much more.

So, why wait? Secure the financial future of your spouse and children with Term Insurance Plans at Finserv MARKETS, right away. 

Term Insurance Covers and Requirements

Read More About Term Insurance

Government Life Insurance Schemes

FAQs on Joint Term Insurance Plans

✔️Can term insurance be bought jointly?

Yes. You can easily opt for term insurance jointly with your spouse. So head over to our platform and buy a term plan with spouse cover today!

✔️Which insurance is best for couples?

You shall find numerous term life insurance plans for couples in the market. But to get the best joint term life insurance, it is recommended to choose the right sum assured for sufficient coverage.

✔️What is joint term insurance?

A joint term insurance plan provides a life cover to you and your spouse under a single policy and offers a lump sum payout in the event of an unforeseen mishap.    

✔️Can I buy a joint term insurance plan for husband and wife online?

Yes, you can purchase term life insurance for couples online through our website and our insurance app!

✔️Can a non-working spouse apply for a spouse term life insurance?

The husband and wife can together opt for a spouse term life insurance wherein one could be a working member of the family and the other could be non-working.

✔️Does the employment status of the spouse matter during application?

No, the employment status of the spouse does not matter while you are applying for term insurance with spouse cover.

✔️How will the payable sum assured be calculated?

The payable sum assured would be calculated on the basis of the age, health, lifestyle, and annual income of the primary policyholder for spouse cover in term insurance.    

✔️What are some of the benefits under a joint term insurance plan for husband and wife?

Some benefits under joint term insurance for husband and wife include savings and waiver on premiums, easy management of the policy, and tax benefits on premiums and death payout.

✔️What are some of the additional benefits I can opt for under a spouse term life insurance?

You can opt for additional protection through permanent disability, critical illnesses, dismembered riders, and accidental death under a spouse term life insurance.

✔️How to purchase a joint term insurance plan on Finserv MARKETS?

You can follow the below steps to buy a joint term insurance plan:

  • Go to the ‘Term Insurance’ section on Finserv MARKETS

  • Select the ‘Self+Spouse’ option as the type of term insurance

  • Fill in the application form with accurate details

  • Review the terms and conditions of the policy

  • Pay the premium online

  • Your joint term insurance policy document will be sent to your registered email ID