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Spouse Term Insurance: Term Insurance Plans for Husband & Wife

In a traditional Indian household, usually, the male member opts for term life or life insurance cover. This is because he is the sole breadwinner of the family. However, with more and more women becoming working professionals and the family becoming dependent on the income of both, the need for a joint term insurance plan for husband and wife has increased, and the couple term insurance or spouse term insurance comes into existence.

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What is Spouse Term Insurance?

As its name suggests, a spouse term insurance plan provides the opportunity to insure oneself with his/her spouse under one plan. These policies are comprehensive protection policies that offer multiple benefits to both husband and wife insured in it. One can opt for an endowment policy or term plan, which are sold online and physically.

In this way, a joint term insurance plan for husband and wife ensures that the family is financially protected even either of the policyholders is not there.

In addition to this, such term insurance plans are introduced to give due respect to both spouses and ensure that both partners' lives are equally important. A spouse term insurance plan provides pay-out on the death of either of the two policyholders and, in some cases, a regular income to pre-mentioned living family members.

Some couple term insurance plans also offer riders such as critical illness cover, terminal illness cover, accidental death, and accidental permanent disability.

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Benefits of Couple Term Insurance Plans

Here is a list of benefits offered by term insurance for couple:

Affordable Premiums: The premiums for a joint term insurance plan for husband and wife are much more affordable than two separate plans for both individuals. These plans allow you to save on your premiums and use the remaining amount for other important expenses.
Comprehensive Cover: With couple term insurance, you can get comprehensive coverage against a variety of eventualities like critical illnesses, terminal illnesses, accidental death cover, accidental total permanent disability, and hospicare cover at nominal premiums.
Waiver of Premium on Death: Term insurance for couples allows you to receive a waiver of premium on the payable premiums in case of one of the policyholder’s death. This way, the other life assured can stay covered under the plan and receive the plan’s benefits.
Financial Security of Kids: In case both parents/policyholders suffer an unfortunate death during the policy term, the death benefit will be paid to the nominated child. This can help the child secure their financial future and pay for their higher education or wedding.
Maintain Existing Lifestyle: In case of the policyholders’ death, the family can use the benefit amount to maintain their existing lifestyle by paying off the remaining loans and taking care of monthly expenses.
Tax Saving Benefits: With term insurance for couples, both policyholders can claim tax benefits as per the prevailing tax laws of the Income Tax Act, 1961.

Spouse Term Insurance Plans in India

Some of the life insurance providers are as well offering spouse term insurance plans. A list of some of the spouse term plans are:

Name of the Insurer	Term Insurance Plan	Claim Settled Amount (cr)	Entry Age	Maximum Maturity Age
Aditya Birla Sun Life Insurance Company Limited	ABSLI Income Suraksha Plan	458	21-55 years	70 years
Aviva Life Insurance Company India Limited	Aviva Signature 3D Term Plan	98	18-65 years	80 years
Bajaj Allianz Life Insurance Company Limited	Bajaj Allianz eTouch	603	18-55 years	99 years
Bandhan Life Insurance Limited	Bandhan Life iTerm Prime	86	18-65 years	70 years
Bharti Axa Life Insurance Company Limited	Flexi Term Pro	148	18-65 years	99 years
Canara HSBC Life Insurance Company Limited	Canara Young Term Plan	186	18-45 years	99 years
Edelweiss Life Insurance Company Limited	Edelweiss Life Zindagi Plus	59	18-65 years	80 years
Future Generali India Life Insurance Company Limited	Future Generali India Term Insurance Plan	33	18-60 years	65 years
HDFC Life Insurance Company Limited	HDFC Click 2 Protect Super	1,389	18-65 years	85 years
ICICI Prudential Life Insurance Company Limited	ICICI iProtect Smart	1,950	18-65 years	99 years
IndiaFirst Life Insurance Company Limited	IndiaFirst Life Elite Term Plan	160	18-60 years	99 years
Kotak Mahindra Life Insurance Company Limited	Kotak e Term	321	18-65 years	85 years
Life Insurance Corporation of India	LIC New Tech Term Plan	18,398	18-65 years	80 years
Axis Max Life Insurance Company Limited	Max Life Smart Total Elite Protection	1,242	18-65 years	85 years
PNB MetLife India Insurance Company Limited	PNB MetLife Mera Term Plan Plus	407	18-50 years	80 years
Pramerica Life Insurance Company Limited	Pramerica Life Rock Solid Plan	30	18-65 years	85 years
SBI Life Insurance Company Limited	SBI eShield Next Plan	1,676	18-65 years	100 years
Shriram Life Insurance Company Limited	Shriram Life Smart Protection Plan	109	18-65 years	75 years
Star Union DAI-ICHI Life Insurance Company Limited	SUD Life Protect Shield Plus	113	18-60 years	80 years
Tata AIA Life Insurance Company Limited	Tata AIA Sampoorna Raksha Promise	776	18-65 years	100 years

*Disclaimer: The list of insurers mentioned are arranged according to the alphabetical order of the name of insurance company respectively. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

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Inclusions and Exclusions of Couple Term Insurance

Let us take a look at the inclusions and exclusions of spouse term insurance:

Inclusions
- Life coverage for both husband and wife
- Guaranteed death benefit for the child in case of death during the policy term
Exclusions
- Death of the policyholders due to self-inflicted injuries
- Death due to pre-existing conditions

Points to Remember Before Buying Spouse Term Insurance

Assess your family’s financial needs: Since the cover amount is the benefit payable to your loved ones in the event of your untimely death, you should calculate the ideal life cover required for your couple term insurance to ensure that the financial needs of the family members are met in case one or both policyholders suffer an untimely death.
Policy Term: While buying the joint term insurance plan for husband and wife, you need to ensure that the policy term is sufficient for both of your needs. For example, If you have kids, you can opt for a policy term that extends for your entire life to leave a legacy behind in your absence.
Premium Amount: Before purchasing a term plan, make sure that the premium amount for the policy fits within the budget of the couple. In case you purchase a plan with premiums larger than your budget, it could lead to policy lapse in case non-payment of premiums. You can use a term plan calculator to get the estimate of premium you would need to pay for the desired life cover.
Premium Payment: There are several joint term insurance plan for husband and wife under which, in case of one policyholder’s death, the plan stays active while the other policyholder pays the premiums.
Available Riders: You can go through the list of available riders and add them to the base plan to enhance the policy’s coverage. This allows both policyholders to get joint coverage against the uncertainties of life.
Terms and Conditions: Make sure to thoroughly read the terms and conditions of these plans and take a look at what is term insurance to get a bettter understanding of all the policy details. This way, you can avoid any confusion during the policy tenure and at the time of claims settlements.

Wrapping it Up!

The above mentioned are some of the term plans for husband and wife that one can consider for covering his/her spouse. Check the latest term insurance plans for the spouse to make an informed decision about the right joint term life insurance plan for you. You can compare the available couple term insurance plans on the basis of premium rates, policy terms, sum assured, and benefits offered.

FAQs

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

Ans: Both wife and husband can opt for a spouse term life insurance wherein one could be a salaried member of the family and other non-earning.
Q: Is the status of employment of the second spouse is important during the application for joint term life insurance?

Ans: No, the employment status of the second person is not important while you are applying for a spouse term insurance.
Q: How will the sum assured payable be calculated?

Ans: The sum assured amount payable will be computed based on age, lifestyle, health, and annual salary of the primary policyholder under the spouse term plan.
Q: Can we add spouse in joint term life insurance?

Ans: Yes, you can add your spouse to your plan by opting for joint term insurance that provides life coverage for the couples and has similar terms and conditions as that of a separate term plan. Both wife and husband are covered under the same policy so it is easy to keep track of a plan.
Q: What is spouse term insurance?

Ans: A spouse term life insurance plan offers a payout on the death of either of the two policyholders and sometimes, a regular income to pre-specified living members is also provided. Some term plans that come with spouse cover also offer riders such as accidental death and permanent disability, dismemberment, and critical illness cover.
Q: Is a housewife eligible for term insurance?

Ans: Since IRDAI does not allow a non-earning/housewife to have a term plan, spouse term insurance plans allow you to include your partner under the term plan. It is a tailor-made protection tool not only for working partners but also for those where one partner is a homemaker. It is useful to cover non-earning partners, who cannot opt for a term plan simply on their own.
Q: Who is eligible for the term plan?

Ans: Young people, newly married couples, parents, and senior citizens are eligible for buying term insurance. The minimum entry age is 18 years and the maximum age ranges between 65 to 69 years of age. The person availing of the term plan should be a citizen of India. However, these days, NRIs can also take a term policy rendered in the country.
Q: Is term insurance only for a salaried person?

Ans: You cannot buy a term insurance plan without any income proof as it is important for financial underwriting purposes. Knowing the income of a policy buyer, the insurers determine the maximum term cover they can provide corresponding to a certain amount of premium.
Q: Is it cheaper to get term insurance for couple?

Ans: Joint term life insurance is quite less expensive than purchasing a separate term insurance plan for each spouse, as a single payment of premium would cover both the wife and the husband. In addition to this, keeping track of a single plan would be much more cost-effective and hassle-free.
Q: Can I add my wife to my term insurance policy?

Ans: The answer is Yes. Spouse term insurance plans allow you to include your spouse/partner under your term policy coverage. Whether you are married or normally sharing a life with someone, buying a pair of term insurance plans can provide both financial protection and peace of mind.
Q: What is joint term life insurance for husband and wife?

Ans: Joint term life insurance for husband and wife is a type of term policy that provides coverage to two people instead of one. The premium amount is paid by both the life assured pears for the fixed time period and the payout is based on the first death. In case, one of the life assured dies, the sum assured amount is paid to the other life assured. So, with the demise of one partner, the policy terminates.
Q: How does spouse term insurance work?

Ans: Spouse term insurance works by providing payouts on the death of either of the two policyholders and in some situations, a regular income is offered to pre-stated surviving family members. This plan provides life insurance coverage protection to both partners under a single policy.
Q: What are the benefits of a joint term life insurance plan for couples?
Ans:
- Waiver of premium
- Savings
- Policy’s easy management
- Tax deduction on premiums
Q: How much life cover do I need for my joint term life insurance?

Ans: It is recommended for married couples to opt for a plan with a sum assured that is at least 10 times your annual income. So if your current income is Rs. 10 Lakhs, you should have a term cover of at least Rs. 1 Crore.