Joint Term Insurance 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.

Types of Term Insurance for Couples

As we all know, term insurance is one of the most simple and affordable life insurance products available in the market. The policy offers death benefits to the beneficiaries in case of your premature death during the term. Moreover, you can enhance the scope of term insurance by opting 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 person has to buy a different term insurance plan.

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 Term Insurance Plans for Couples

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-

  • Secure the financial future of 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 a lost parent(s), a term insurance plan can at least secure the dreams and aspirations of your child. Buying a term insurance plan 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 do not want to compensate for the lifestyle your family leads. But have you ever thought about what would happen if one of you dies? The loss will be unbearable for your loved ones. However, you can still ensure that their financial future is well protected, 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 term insurance tax benefits. The premiums paid towards a couples term insurance can be claimed for tax deductions under Section 80C of the old tax regime. Also, the death benefits received by the beneficiaries are tax-free under Section 10(10D) of the Income Tax Act, 1961.

How to Buy Term Insurance for Couples?

The term insurance for couples in India have the following application process-

  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

To Conclude

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. 

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