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Features
Ref. No. KLI/22-23/E-BB/492
Spouse term insurance plan provides coverage to the partner if the insured partner passes away unfortunately during the policy term.
While words of affection bring us joy, it is the small unsaid actions of care that show the true nature of our emotions. You can do the same for your partner by purchasing term insurance for couples.
People value the eternal bond of marriage - the thought of having someone with whom you can share your joys and sorrows for the rest of your life seems beautiful and reassuring. Having term insurance for husband and wife strengthens this bond by showing how much you care for your partner. You might ask what is spouse cover in term insurance, or term insurance with spouse cover, let us understand.
You can safeguard your partner as well as yourself with a spouse term insurance plan or a joint life cover for your spouse. In this manner, you and your spouse would be covered against life’s eventualities via a single life insurance policy. A spouse term insurance plan is tailored in a way that is convenient for both working couples as well as those with one spouse who is a homemaker (with the option of term insurance for housewives).
Spouse term insurance is a type of life insurance policy that provides a death benefit to the partner if the insured passes away during the policy term. It is a policy designed to ensure that the surviving spouse is financially stable and can take care of their needs, such as paying off debts, mortgages, and other expenses.
A term plan with spouse cover works by paying a premium to the insurance company, and in return, the company provides coverage for a set term. If the insured passes away during this period, the death benefit is tax-free to the surviving spouse. The benefit amount can range from a few hundred to thousands, depending on the policy’s coverage and the insured’s needs.
Term life insurance for couples works by providing financial protection for both spouses within a single policy. Typically, the couple purchases a joint-term life insurance policy, which covers both individuals under one plan. If either spouse passes away during the policy term, the surviving spouse receives the death benefit. Premiums are usually based on factors such as age, health, and the desired coverage amount. Spouse term insurance plans offer convenience, potentially lower premiums compared to separate policies, and shared benefits for both partners.
Spouse term insurance is essential for both partners. It allows you to cover the expense in case one of the partners is not around anymore. It is important to understand the key features of spouse term insurance plans, let us take a quick look:
Spouse term insurance plans provide coverage for both partners under a single policy, simplifying the insurance process and ensuring comprehensive protection for the couple.
These plans typically offer a range of term lengths to suit different financial goals and timelines, allowing couples to choose the duration that best fits their needs.
In the case of the death of either spouse during the policy term, the surviving partner receives the death benefit, providing financial support during a difficult time.
Spouse term insurance plans often come with competitive premiums, making them a cost-effective option for couples compared to purchasing separate policies for each partner.
Couples can customize their coverage amount for spouse term insurance, based on factors such as income, financial obligations, and future needs, ensuring adequate protection for their loved ones.
Some plans may offer the flexibility to convert the term policy into a permanent life insurance policy, providing long-term protection and investment opportunities.
Spouse term insurance plans offer invaluable financial security and peace of mind for couples by providing comprehensive coverage for both partners under a single policy. These plans not only safeguard against the uncertainties of life but also come with a range of benefits tailored to the unique needs of couples. Let us take a look at the various benefits of these plans:
While term life insurance premiums are affordable, the cost of two separate policies is more than the price of a single joint life cover insurance plan for husband and wife. As a result, spouse term insurance plans covering two people are perfect for couples.
Under the Income Tax Act of 1961, the principal cost of a consolidated term life insurance, along with the advantages offered under the plan, is eligible for deduction for both parties. Couples can enjoy the tax benefits under Section 80C.
Couples can save money on future premiums by purchasing joint-term insurance. If the principal insured dies within the term of the policy, the surviving spouse shall collect the lump sum guaranteed as a death benefit and, therefore, will not be required to pay any future premiums to retain the life insurance coverage.
If the parents die within the policy period, the children, as beneficiaries, will receive the amount guaranteed in the form of a fixed monthly income or a lump sum payment. Spouse term insurance plans would assist the dependents in meeting their financial commitments and ensuring their monetary security in the future.
If both partners work, the family will be entirely dependent on their money for financial requirements. Term insurance will enable your loved ones to maintain a quality lifestyle even after the policyholder’s untimely death.
Understanding the inclusions and exclusions of couple term insurance plans is essential to make informed decisions about coverage. Inclusions and exclusions of couple term insurance plans are:
There are many reasons that would motivate you to buy a spouse term insurance plan. Let us take a closer look at those reasons:
Homemakers may not have a source of income, but they contribute significantly to the family’s overall financial well-being. In the event of their unexpected demise, the family may face financial difficulties due to the loss of their services. A term insurance plan can provide a financial safety net for the family and ensure that they can continue to meet their daily expenses without any worries.
In addition to their household duties, homemakers often take care of the family’s medical needs. A term insurance plan can cover medical expenses in case of a critical illness or disability, providing financial support when it is needed the most.
Term insurance plans also offer tax benefits under Section 80C of the Income Tax Act. Homemakers can claim tax deductions of up to ₹1.5 lakhs on the premiums paid towards their term insurance plans.
Finally, a term insurance plan can provide homemakers with the peace of mind that comes with knowing that their family will be taken care of even if they are not around. It can help them feel secure about their family’s financial future and ensure that they can continue to provide for their loved ones even after they are gone.
By carefully considering certain points before buying a spouse term insurance plan, you can ensure that you select a policy that meets your family’s financial protection needs:
Evaluate your financial obligations, including debts, mortgage, and future expenses, to determine the appropriate coverage amount for both spouses.
Consider the term length of the policy based on your financial goals, such as the duration of your mortgage or until your children become financially independent.
Compare premiums from different insurers to find a plan that offers adequate coverage at a cost that fits your budget.
Research the insurer’s financial stability, customer service reputation, and claims settlement record to ensure reliability and peace of mind.
Review the policy’s inclusions, exclusions, and optional riders to customize your coverage according to your specific needs and preferences.
Check if the policy offers the option to convert to a permanent life insurance policy in the future, providing flexibility as your financial needs evolve.
Read the policy terms and conditions carefully, including renewal options, exclusions, and any limitations, to fully understand the coverage provided.
Consult with a tax advisor to understand the tax implications of spouse term insurance premiums and death benefits in your jurisdiction.
Consider how changes in your family situation, such as the birth of children or changes in income, may impact your insurance needs over time.
Investing in a spouse term insurance plan is essential for financial security and a symbol of commitment and care you have for your partner. By ensuring comprehensive coverage for both spouses under a single policy, you safeguard your family’s future against life’s uncertainties. Whether you are a working couple or have a homemaker spouse, the benefits of spouse term insurance plans extend far beyond financial protection, offering peace of mind and stability in the face of adversity.
1
Yes, a non-working spouse can typically apply for spouse term life insurance, subject to the insurer’s eligibility criteria.
2
A spouse term insurance is a policy that provides a death benefit if the insured spouse passes away during the term of the policy.
3
Getting term insurance for a couple can be more cost-effective compared to separate policies, as it often involves lower premiums.
4
Yes, a housewife can typically get term insurance, provided she meets the insurer’s requirements.
5
Yes, you can include your wife in your spouse term insurance policy to provide financial protection for her in case of your death.
6
Husband and wife can indeed take term insurance together, which can offer comprehensive coverage for both spouses.
7
Joint-term life insurance for husbands and wives is a policy that covers both spouses under a single plan, offering shared benefits.
8
Spouse term insurance works by providing a death benefit to the surviving spouse if the insured spouse dies within the policy’s term.
9
A joint-term life insurance plan offers advantages such as simplified management, potentially lower premiums, and shared benefits for both spouses.
10
The amount of life coverage for spouse’s term insurance depends on factors like financial obligations, lifestyle, and future needs.
11
A spouse term rider on life insurance is an additional feature that allows you to add coverage for your spouse to your life insurance policy.
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Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Features
Ref. No. KLI/22-23/E-BB/2435
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
