In India, it is the common perception among people that all the financial burden of a family lies on their male members. This is one of the main reasons that generally a male member of the family opts for Life Insurance and his partner’s importance is often ignored. However, with the changing time, more women are now joining the workforce and are contributing to the household finances.
Now, with more households depending on the income of both spouses, everything such as lifestyle, loans etc, are planned based on their earnings. Consequently, the death or disability of any of the earning members can have a severe financial impact on the family. To protect a family from such scenarios, there is an increased need for having Spouse Term Insurance coverage.
Moreover, not just the working member, but it has now become a need of an hour to cover both husband and wife in an Insurance policy like Spouse Term Insurance so that they can protect themselves from the rising healthcare and living cost.
As the name itself suggests, Spouse Term Insurance or joint-life Term Insurance plan is a type of Term insurance that offers coverage to both husband and wife under a single policy. It is a comprehensive protection plan that shells out multiple benefits for you and your spouse.
With such plans, you and your partner can ensure that the future of your family is secured if either of you is not there.
Cost-Effective
Term plans are one of the affordable forms of Life Insurance. However, the premiums paid for an individual term plan is significantly higher as compared to the premiums payable on a joint term plan. Thus, as a couple, buying a Spouse Term insurance will be more economical.
Premium Waiver Upon Death
Having a Spouse Term Insurance allows the couples to avail of a waiver of Future Premium Benefit. It means that if the primary policyholder dies during the policy term, the surviving spouse will receive the whole sum assured as a death benefit, & he/she wouldn’t have to pay future premiums to maintain the life cover.
Financially Secured Future of Children
In an unfortunate event where both the parents succumb to death during the policy term, the child will receive the sum assured as a lump sum or regular monthly income. This will ensure that your child can lead a financially independent life even in your absence.
Advanced Riders
To offer comprehensive coverage, Spouse Term Insurance comes with advanced benefits such as in-built Accidental Death Benefit and in-built Terminal Illness Benefit.
Avail Tax Benefits
Term insurance in India allows the policyholder to avail Tax Benefits under the Income Tax Act, 1961. Couples can avail of Tax Benefits under Section 80C and 10(10D) of the Income Tax Act, 1961.
Yes, a non working spouse can get covered under Spouse Term Insurance. Spouses who do not earn are no less, as they manage the house which allows earning members to work comfortably. Therefore, Life Insurers have made it possible for non earning spouses to avail the benefits of Term Insurance under Spouse Term Plans.
Check and compare plans from 21 IRDAI-approved term insurance providers before purchasing a term plan.
A non-working Spouse has an equal contribution in running a house. A non- working Spouse runs errands which would otherwise be costlier in their absence.
In the absence of a housewife/ househusband, a domestic help comes into picture who charges substantial amount of money for activities like:
For example- a caretaker in a metropolitan area like Delhi (in the absence of a housewife/ househusband) would cost not less than Rs. 9,000 a month, which effectively means 81,000 a year & 4,05,000 for 5 years which can be counted as an added expense.
This clearly indicates that a non working spouse supports his/ her partner both financially & emotionally; and therefore, needs to be Insured & secured.
Buying any sort of insurance is your personal choice. However, in today’s time when lifestyle costs are on the continuous rise, it is always recommended to be prepared in advance. Securing yours and your partner’s future with a Spouse Term Plan can be one of the best gifts you can give to your better half.
Evaluate your requirements, your lifestyle costs and your child’s future and then make a wise decision.
See More Term Insurance Articles
See More Term Insurance Articles
May 1, 2023
I seek help from PolicyX when it comes to purchasing any kind of insurance because they provide me with the best quotes and options for insurance
December 14, 2022
PolicyX has a smooth service from booking policy to verification. Employees are very patient and have good knowledge and help you throughout the process. Had great experience dealing with them
December 9, 2022
I had many confusions regarding the term policies . But Policyx has handled it well, m happy that they are my wayfarer in this journey.
July 11, 2022
Good company. Presents nice term insurance plans and flexible plans also. My husband has brought one for the family.
July 11, 2022
IndiaFirst Term Insurance company ensures that your family s needs are looked after. One of the best companies offers a term plan per your needs.
July 6, 2022
I recently received the claim amount of the policy that my husband had brought for us. I am glad that the company understands the needs of its customers and their families. Well done Canara HSB...
July 6, 2022
I bought a term plan with Canara HSBC for the protection of my family and have been satisfied with the benefits received. It is simple and easy to buy their plans.
July 6, 2022
I am very happy with the term plans offered by the Canara HSBC Life Insurance company. The plans offer comprehensive coverage and I am sure will support my family after my demise.
Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.
