Life insurance is a very important topic for every individual. It is an investment in the future and provides peace of mind. In the case of couples, it becomes even more important because they are not only investing in themselves but also in their family. It is crucial to purchase term insurance for husband and wife because the loss of one partner might cause financial instability and emotional distress among other factors. In this article, we will tell about couples life insurance benefits, best life insurance plans for couples and how does a couple life insurance plan works.
Table of Contents:
How Does Life Insurance for Couples Work?
Life insurance is a type of insurance that pays out a sum of money if the insured dies. It is usually purchased by individuals or couples to protect their loved ones from financial hardship. Some people may not think that life insurance is necessary for couples, but this is not true. Some life insurance companies offer discounts for married couples who purchase life insurance policies together.
If one spouse dies, the surviving spouse will be provided with an income to cover their living expenses and maintain their lifestyle. This income can be used to pay off debts and other outstanding bills, or it can be invested so that it will grow over time and provide an additional stream of income in the future.
Benefits of Life Insurance for Couples
Planning for the future is one of the most important things to do, especially for couples. One of the best ways to plan for this is by getting life insurance. A life insurance policy can be a great asset to have if you are single or have children. But it can also be fantastic if you are in a committed relationship with someone because it provides peace of mind and helps you both feel more secure. A life insurance policy for couples offers a lot of benefits to policyholders.
- Financial Protection: Life insurance covers both couples. It protects their loved ones from financial hardship. Best Joint life insurance policy can help a couple in the future.
- Riders Availability: You can add additional riders to the life insurance plan to enhance the coverage.
- Flexibility: You can choose from flexible policy terms and premium payment modes as per your requirement.
- Maturity/Death Benefits: You can opt for maturity benefit/sum assured which suits their family requirements.
- Tax Benefits: It provides tax benefits under Section 80C of the income tax act 1961.
- Loan Availability: This policy provides loan availability in case of emergency.
- Investment Option: A couple’s life insurance policy works out cheaper than an individual policy, making it a smart investment option.
Term Insurance for Couples
Term insurance is a type of insurance coverage that protects for a specified period. Term insurance plans for couples are a type of life insurance policy that both the husband and wife are covered under. It's typically more expensive than individual policies, but the cost can be shared between the two spouses.
Types of Term Life Insurance Plans for Couples
The main types of life insurance plans for couples are
- Single Life Term Insurance Plan
- Joint Life Term Insurance Plan
Single Life Term Insurance Plan
A single-life term insurance plan is a type of life insurance policy that provides coverage for the insured for a specific period. This type of plan is often purchased by couples as a way to provide financial protection in case one spouse dies.
The premium paid for this type of plan is typically lower than other types of life insurance policies, such as whole life insurance because it covers less risk. This type of plan may not be appropriate for everyone, but it may be an option if you need temporary coverage or want to save money on your premiums.
Joint Life Term Insurance Plan
A joint life term insurance plan is a type of life insurance policy that is available to couples. This type of policy allows the insured person to provide coverage for themselves and their spouse, who will be the beneficiary of the policy.
A joint life term insurance plan can be purchased for a period of 10, 15, 20, or 30 years, and it offers protection against the financial risks associated with death. If one spouse dies during this period, then their partner will receive a payout by the terms of the policy.
Difference between Single Vs Joint Term Life Insurance Policies
Here is the difference between the joint life insurance vs single life insurance
| Factors |
Single Term Life Insurance |
Joint Term Life Insurance |
| Affordable |
Expensive than Joint Term Life Insurance |
Pocket Friendly |
| Convenience |
The documentation Process little tough when compared to joint term life insurance |
Easy Documentation Process |
| Single payout |
The nominee Receives two payouts separately |
Nominee Receives single payout |
| Divorce/separation |
No Problem |
In case a couple chooses to divorce, premiums not paid by a single partner the policy will cease. |
Importance of Term Insurance for Couples
When people get married, they usually assume that the spouse will be around forever. But what if that person dies? And not just one, but both spouses? The insurance industry has a solution for this for couples to protect themselves and their families from financial distress in the event of death.
Term insurance is an important financial product to have for couples. It provides financial security in the event of the death or disability of one spouse. The coverage provided by term life insurance can be used to protect dependents from the risk that a breadwinner may not be able to provide for them because he or she has died or become disabled.
Best Life Insurance Plans for Couples in India
When it comes to life insurance for newlyweds in India, there is a wide range of options such as joint term life insurance for married couples, and couple life insurance plans. With the right plan, couples can ensure that their families are taken care of financially in the event of any unfortunate circumstance. The best life insurance for young married couples plans in India are those that offer the best coverage and benefits. Here are the best life insurance policies for couples in India.
PNB MetLife Mera Term Plan Plus:
The plan offers you the flexibility to choose protection against Death, Critical Illness, Disability, and Terminal Illness along with various additional options like spouse coverage and whole-life protection. You can also customize your coverage with various cover enhancement options available under the plan.
Features & Eligibility:
- Entry Age: Minimum 18 years
- Maturity Age: 75 years
- Policy Term: 10 years
- Sum assured: Rs. 25 lakhs
- Premium Payment Period: Yearly, half-yearly, quarterly, and monthly.
SBI Life Smart Humsafar Plan
SBI Life-Smart Humsafar plan is a joint life insurance cum savings product that provides you with dual benefits of insurance cover and savings for you and your spouse.
Features & Eligibility:
- Entry Age: Minimum 18 years to Maximum 46 years
- Maturity Age: 65 years
- Policy Term: Minimum 10 years to Maximum 30 years
- Sum assured: Rs. 1 lakh to Rs. 5 Lakhs
- Premium Payment Period: Yearly, half-yearly, quarterly, and monthly.
Bajaj Allianz iSecure Insurance Plan
Bajaj Allianz iSecure term plan is a non-linked, non-participating, individual, life, regular, and limited premium level cover pure risk premium plan that secures your family’s financial protection needs.
Features & Eligibility:
- Entry Age: Minimum 18 years to Maximum 65 years
- Age at Maturity: Minimum - 28 years to Maximum - 85 years
- Sum Assured: Minimum Rs.25 Lacs and Maximum – Rs.50 Lacs
- Policy Term: Minimum-10 years and Maximum – 85 years
- Premium Payment Options: Single payment, Regular payment or Limited payment period for 5,10,15,20, 25, & 30 years.
- Premium Payment Modes: Single/ Yearly/ Half yearly/ Monthly
Conclusion
Buying the right life insurance policy for couples has plenty of benefits. You will not only meet your needs but also save money with the right plan. If you want to buy a life insurance policy for couples compare life insurance quotes at PolicyBachat and get the best life insurance for married couples within your budget.