Spouse term insurance – A Guide for Term insurance plan for husband & wife


6 min read

‘Till death do us part – a spouse term life insurance plan sure lends truth to this age-old saying. The policy makes sure that your future and that of your partner is well secured in the absence of either one of you. Read on to know more.

They say that a couple runs the vehicle of a household together. Even if one wheel (partner) breaks apart, the vehicle (household) can come to a halt. Keeping this in mind, life term insurance has introduced a plan called Spouse Term Insurance. It is essentially a joint term insurance plan under which both the husband and the wife can seek coverage together under one single policy. The prime advantage of this plan is that in the event of any unfortunate event, such as the demise of any one partner, the other would still be secured with insurance (monetary death benefit).

How Does Spouse Term Life Insurance Work?

As stated earlier, a term insurance for husband and wife is one where both the husband and wife can get themselves insured under the same policy. This means that both the partners enjoy comprehensive coverage under the plan. More so, in the case of an untimely or unfortunate death of any one of the partners during the term of the policy, the other spouse would receive complete protection by way of death benefit (monetary) under the policy.

The whole idea of introducing term insurance for husband and wife plan is to highlight the equal importance of both the partners (husband and wife) in a marriage. In case the sole breadwinner for the family (in most cases, the husband) passes away, his wife’s financial future would still be secured with a term insurance for husband and wife.

Top Benefits of Availing Spouse Term Insurance

Here are some of the best advantages of investing in a joint or term insurance for husband and wife:

  1. It guarantees financial security for the children. Buying a term insurance for husband and wife can be more useful than you’d think, assuring financial security not just for your surviving spouse but also for your kids in a rare unfortunate event of death of both the parents. In this case, the child or children would be entitled to receive a lump sum amount (sum assured) or a regular amount every month as income. This would help take care of the kids’ future financial goals in the absence of the parents.
  2. It is reasonably affordable. The premium payable for an individual term insurance plan is generally higher when compared to paying the premium on a joint or term insurance plan with spouse cover. This makes the latter more reasonable and affordable to invest in for both the partners.
  3. It offers tax exemptions and benefits under Sections 80C and 10(10D) of the Income Tax Act, 1961, to both the partners under the plan.
  4. It provides a premium-waiver facility upon death of any one partner. This means that the surviving spouse is not burdened to keep paying premium after the death of his/her partner to maintain the policy’s life cover. In the event of death of the primary policyholder during the term of the plan, his/her partner would be entitled to receive the entire sum assured in a lump sum as death benefit. No more premium payments would need to be made in the future thereafter.
  5. It offers the flexibility of availing rider benefits to enhance the coverage under the plan. Terminal illness cover and accidental death benefit are some examples of rider options offered with the term insurance plan with spouse cover.
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Can a Homemaker Avail Spouse Cover in Term Insurance?

There is a general notion in our Indian society that a housewife does not need coverage under term insurance because in the event of their demise, their husband or other family members would not be impacted financially. This is not true at all. Agreed that homemakers do not make a financial contribution to the household; however, they do play an equally beneficial and rather significant part in running the entire house.

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This is up to the extent that in their absence, the smooth functioning of the house would actually need to depend on external sources (such as hiring a domestic help). This would in fact prove to be a much costlier affair, the expenses of which can be comfortably managed from the insurance coverage under the term insurance plan with spouse cover.

Besides this, if the housewife is also covered under joint insurance, the monetary benefit granted to the husband in the event of death of the wife can be used to further the cause of higher education of the kids or their marriage. Therefore, either way, covering both the partners in a spouse term insurance policy only makes sense for the benefit of everyone in the family.

Best Term Insurance Plan with Spouse Cover in India

Now that we know the benefits of buying spouse term insurance for husband and wife (earning and homemakers included), let us look at some of the top joint term insurance plans offered by some companies in India:

Name of the Insurer Name of the Plan Age of Entry Maximum Age of Maturity Minimum Sum Assured Under the Plan Premium Payable Term of the Policy
PNB Metlife Mera Term Plan Min. 18 years; Max. 65 years 99 years Rs. 10,00,000 Monthly, quarterly, semi-annually and annually 10 to 99 years (minus age upon entry)
Aegon Religare iSpouse Min. 21 years; Max. 60 years 65 years Rs. 25,00,000 Monthly and annually 5-65 years
Bajaj Allianz iSecure Min. 18 years; Max. 65 years 85 years Rs. 25,00,000 Monthly, quarterly, semi-annually and annually 10 to 85 years (minus age upon entry)
SBI Life Smart Humsafar Min. 18 years; Max. 46 years 65 years Rs. 1,00,000 Monthly, quarterly, semi-annually and annually 10-30 years
Max Life Smart Secure Plus Plan Min. 18 years; Max. 65 years 85 years Rs. 20,00,000 Monthly, quarterly, semi-annually and annually 10-67 years

Best Term Life Insurance Companies

Summing it Up

Securing the future of your partner in your absence is one of the best gifts you can give them in this lifetime. Make that happen today by buying the cover for spouse in term insurance with a spouse term plan for your husband or wife. For more information on term insurance and other details on spouse cover under various plans, visit PayBima.

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FAQs on Spouse Term Insurance Policy in India

Can I add my spouse to my term insurance?

Yes, by investing in a spouse term insurance plan, you can insure yourself as well as your spouse under the same term insurance policy. 

Should husband and wife both buy term insurance?

It is generally recommended for both the partners in the marriage to invest in a term insurance plan jointly because it helps provide coverage for a lifetime to both the partners without the need to buy two separate insurance plans and pay premium for both (which may obviously be costlier).

Is income proof mandatory for term insurance?

It is not possible to buy term insurance without producing a proof of income. This is required by the insurance company to determine the sum assured as well as assess the risk in providing coverage to the applicant.

What is a spouse term insurance rider?

A spouse term insurance rider provides enhanced coverage to your base term insurance plan by adding a small limited amount of insurance benefit that would also cover your spouse under the policy.

How much life insurance should a married couple have?

Ideally, life insurance for married couples should be equal to at least 10-30 times of the total annual income of the earning partner(s). This should adequately cover the financial expenses of the surviving partner in the future in the absence of the other. 

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Dec 12, 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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