Term Insurance 4004 views December 31, 2019

Best Term Insurance Plan for Couple

A joint term insurance plan is taken by a couple. It is a single life cover that offers protection for two people. There are many advantages to buying such a plan. Take a look at this article to know more about the best term insurance plan for couple and see which policy you want to opt for.

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Some of the Best Term Insurance Plans for Couples

Here are some excellent options for you to choose from:

  1. LIC Jeevan Saathi Plus
  2. HDFC Term Assurance Plan
  3. PNB MetLife Mera Term Plan

Benefits of the Best Term Insurance Plan for Couple

When you buy a term insurance plan for couples, you get the following benefits:

Joint Cover

The biggest advantage of buying a joint term life cover is that you get a single cover for both yourself and your wife. You do not need to buy two separate covers. Maintaining two-term insurance plans may be difficult and tricky. When you have a single plan, you will just have to fill out one application form, submit a single set of documents, maintain a single policy document, etc. This makes it easy to buy and maintain the life cover. You also have to pay the premium for one plan and that makes it easier for you to remember the due date for the payment, as compared to multiple due dates.

Payout Option

A joint term insurance plan offers many payout options to the policyholders. First and foremost, you can choose how the sum assured will be divided under the insured couple. You can have a single payout where the entire amount is given when one person dies, on a first-claim basis. Else, you can opt for segregation and have two payouts, each paid after the demise of each of the policyholders. If however both the husband and wife die at the same time, the death benefit will be paid as a single amount. There is a lot of flexibility on offer. This makes it easier for you to get a joint term insurance plan and select the payout option that suits your family.


And finally, a term insurance plan for couple offers the life cover at a low cost. Since a single plan covers two people, you get a higher life cover at a lower rate. If you buy two separate policies, the combined premium for those will be higher than the single premium of the term insurance plan for a couple.

Tax Benefit

Tax benefit is available for the premium you pay towards a joint term life insurance plan. Premiums paid up to Rs 1.5 lacs a year are tax exempted under Section 80C of the Indian Income Tax Act.

These are some of the best advantages you get when you choose any one of the best term insurance plans for couple in India.

Need for the Best Term Insurance Plan for a Couple

If you are wondering why a joint term insurance plan is needed, here are some pointers to help you understand:

Life Cover for a Stay-at-home Parent

Not every family has both the spouses working outside and earning an income. In many cases, one partner works and the other stays at home to look after the other family members, mainly the children. It is a very severe misconception to assume that a stay at home parent does not require life insurance. A stay at home parent definitely requires a term life cover. Such a person may not contribute to a monthly income, but the amount of work he/she does definitely contributes to the overall financial wellbeing of the family. In his/her absence, the family would need to hire a cook, a driver, a tutor, etc. So a person who does so much, needs to get protected under a joint term life plan as after his/her death the family can use the death benefit to pay for the financial gap left behind.

Life Cover for Co-earners

If both the partners are working, then a joint life cover is most definitely needed. The incomes of the spouses directly work to pay the family’s bill. From the EMIs to the health care costs, all are divided between the partners. So when one dies, the life cover helps to fill the gap and the family continues their lifestyle even when a part of the earning stops.

These are some very pertinent reasons as to why both the husband and the wife needs to stay covered under a term life insurance plan for couples.

To wrap it up

To wrap it up, the best term insurance plan for couple is very handy. As you can clearly see from the points mentioned above, there are many advantages to offer. So if you are looking for a wholesome life cover for yourself as well as your spouse, do consider getting any one of the best term insurance plans for couple available in India.

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