Spouse Term Insurance

Spouse term insurance is a life insurance plan that covers both husband and wife under the same plan. This plan works on the concept that both individuals play an important role in fulfilling the responsibilities of the family. In the event of the demise of one policyholder, another policyholder will still continue to get life insurance coverage. Additionally, a term insurance company will pay a death benefit if any policyholder dies during the policy's tenure.

Many term insurance companies provide term plans for couples in India. Here’s a list of some of the best plans in which you can invest in 2023:

Similar to other life insurance products, there are some things that are not covered under a spouse's term insurance plan. The below section highlights the inclusions and exclusions under term insurance plans for couples in India:

What is Covered?

• Life coverage for both you and your spouse.
• Assured death benefit for children in case of the demise of any policyholder.

What is Not Covered?

• The death of the policyholder happened due to a self-inflicted injury.
• Demise that happens due to a pre-existing condition.
• The death happened due to the involvement of the policyholder in any criminal activity.

It is crucial to keep some factors in mind when you purchase a spouse term insurance plan. Some of these factors are listed below:

• Terms and Conditions: When you purchase a joint-term insurance plan, both partners share equal authority in modifying the policy. In simple terms, if one policyholder of the spouse term plan wants to add or remove any feature from the policy, then the other partner will also have to provide their go-ahead.
• Premium Payment: In the spouse-term insurance plan, the policy stays active even after the demise of one policyholder. Therefore, another life assured will continue to pay a premium for their policy. However, if you fail to pay your premiums, a term life insurance policy may lapse.
• Coverage Amount: The sum assured is the amount that a term insurance company pays upon the maturity or death of the policyholder. Before purchasing term insurance for couples, ensure that you analyze the financial needs of your family.