Gift Term Insurance Policy to Your Wife on This Karwa Chauth, 2022


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Present Term Insurance Policy as Karwachauth Gift to Your Wife – Plan with PayBima Khushi Ka Tohfa

It is the festival when your wife deserves to be treated special. While a new dress, jewelry, or candlelight dinner can all serve the purpose, you need something that can last a lifetime, and even beyond it. This Karwachauth, try something different. Give your wife the gift of term life insurance. Read the blog to know more.

The festival of pure love, Karwachauth is celebrated across India wherein the wife observes a day-long fast and prays for the long life of her husband. The husband therefore ought to make her feel special by giving her a memorable gift in return. A gift that she would remember not only while you’re alive but also in your absence. Term insurance plans can be the perfect gift for your spouse this Karwachauth.

PayBima's Khushi Ka Tohfa

What is Term Insurance Policy?

Term insurance is one of the most basic and pure life insurance plans offered by nearly all insurance companies. A term insurance plan is designed to secure the future of your loved ones financially in your absence. In the unfortunate event of your death, your beneficiary/nominee would be entitled to receive monetary benefit from your insurer to take care of their financial interests for the future.

This is why giving term insurance, meaning a policy that covers your spouse financially even when you wouldn’t be around, has to be the best gift to your wife at Karwachauth. The money from the policy can be used to cover the costs of education and marriage of the children and any other expenses that need to be made after you’re gone.

Let’s look at some of the prime benefits of term insurance and why it is the ideal gift for your partner.

Why Buy Term Insurance for Your Spouse this Karwachauth?

  1. Higher coverage at low premium: This is one of the top advantages of buying a term insurance plan for your better half. A term insurance policy generally offers longer coverage at reasonably low premium rates. To add to young age, if you follow a healthy lifestyle, you can get covered under the plan for a considerably long time.
  2. Critical and terminal illness covered: Most insurance plans do not cover critical and terminal illnesses; however, term insurance does. In case the insured gets a heart stroke or is diagnosed with kidney failure, HIV/AIDS, and any critical or terminal illness of the kind, the insurance company would pay a lump sum amount to the insured and their family for treatment cost.
  3. Premium payable at affordable rates: The regular premium amount to be paid for a term insurance policy is quite reasonable as compared to other insurance plans. Also, it would be a good idea to include both husband and wife under the same plan instead of buying two separate individual plans for both. This is because the premium payable for a single spouse term insurance plan would be even lower than the ones paid in case of two term insurance policies for each. Besides this, term plans also provide flexibility in payment terms – monthly, quarterly, bi-quarterly, and annually.
  4. Term insurance tax benefit: The premium paid on term insurance plans is eligible for tax exemptions under Section 80C of the Income Tax Act, 1961. Besides, the death benefit provided to the nominee of the insured as a lump sum amount by the insurer is also tax-exempt under Section 10(10D) of the Act.
  5. Premium waive-off for surviving spouse: A spouse term insurance plan covers both husband and wife as policyholders, with one of them being the life assured under the policy. In case of an unforeseen event of death of the life assured, the plan exempts the other surviving policyholder from all future payments of premium amount for the remaining term of the policy, thereby freeing them from any financial burden.

When is the Right Time to Buy Term Insurance for Your Partner?

A spouse term insurance plan can be very helpful for both husband and wife since it provides adequate insurance coverage to the spouse in case of any unforeseen event in the life of the other. Make sure to buy term insurance for your better half in case you and your spouse:

  • Have any financial liabilities to fulfill, such as a loan or debt for house, car, and the like. It is better to purchase term insurance in this case when you are young so that you can protect your kids’ future financially against payment of any outstanding liability.
  • Are both working. In case of an unfortunate mishap like disability or death of one of the partners, the entire financial burden would come over the other. Thus, a term insurance plan would help protect the other partner through lump sum payouts in such an event.

Read More: What is the Right Term Period for Term Insurance Policy?

Tips to Buy the Right Term Insurance Plan for Your Spouse

Now that we know that term insurance is indeed helpful to gift your wife, let’s look at some helpful tips on how to choose the right plan:

  • Always go for a comprehensive coverage plan. It would provide life cover/monetary death benefit to the spouse in the event of death of the life assured.
  • Compare the premium rates of different term insurance plans and go for the one that offers reasonable low premium payable. You can compute the premium rate of different policies using a term insurance premium calculator. Easily available online, it helps you calculate the exact premium amount payable for a particular term insurance plan, which you can then compare with other plans and choose the one that suits your requirements best.
  • Consider the sum assured amount covered under the plan. A policy that provides sufficiently high insurance cover would always be the best term insurance plan for your spouse since it would adequately cover all financial liabilities in your absence.
  • Do a thorough research online on the Claim Settlement Ratio (CSR) of the insurer you wish to buy the term insurance plan from. The CSR indicates the credibility of the insurance company in the market with regard to settlement of claims. This would help ensure that your spouse receives all financial benefits of the policy in your absence without any hassle.


Term insurance is indeed the best gift for your spouse, considering that it would adequately cover their financial interests even in your absence. Make that wise choice today. Look out for the best term insurance plan in India and buy one for your better half, giving them the gift for a lifetime and beyond.

Also read: Types of Life Insurance Policies in India

Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.

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Sep 01, 2022
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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