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.
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.
To offer comprehensive coverage, Spouse Term Insurance comes with advanced benefits such as in-built Accidental Death Benefit and in-built Terminal Illness Benefit.
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.
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.
Written By : Naval Goel
Last Updated : October, 2021
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