Looking to Buy a Couple’s Life Insurance Plan in India? Benefits and Recommendations

Having a life insurance policy is essential in the lives of everyone in the world. In India, with the growth in economic conditions, better wages for all sections of employees and better health care being provided from the Government itself, more and more Indians are being able to afford insuring themselves and their family members as well under a life insurance plan.

Accidents and medical conditions can occur to anyone and everyone unannounced. For these situations, it is always advised for everyone to be insured under a life insurance plan. Those who are newly married are starting life anew. There are scope for a lot of possibilities and the future looks positive in every way. In order to make sure that a married couple is financially secure and can take care of any medical situation that they face, it is important for both husband and wife to be insured under a life insurance policy.

There are now more options than ever for Indian couples seeking life insurance

With the different insurance policies that have released in the Indian market today, there are also special insurance plans that are specifically kept aside for newly married couples who want to make sure that they are safe and secure under all medical conditions.

The Benefits of a Couple Life Insurance Plan

Having a life insurance plan for both husband and wife comes with a lot of benefits for the couple. Some of the benefits of having life insurance plans include:

  • The life insurance plan covers both husband and wife throughout their lifetime.
  • Additional covers can be added to the life insurance cover with time.
  • Coverage for death and maturity benefit.
  • The couple can choose the additions and conditions of their life insurance cover themselves.
  • Exemption from paying a certain amount of money in the form of tax under Section 80C of the Income Tax Act.
  • Loans are provided easily for those couples who are insured together under a life insurance policy.
  • Compared to an individual life insurance policy, a couple life insurance company is cheaper making it one of the smartest investment plans.

Couple Versus Single Life Insurance

While there are many who debate over the type of insurance plan that they should buy to cover themselves for the rest of their lives, there are several options for everyone in the field of buying a single insurance plan and buying a couple insurance plan.

A single insurance plan as compare to a couple insurance plan has a greater premium as the couple have to pay their premiums separately for the plan itself. The coverage and inclusions on a couple insurance plan is also greater as compared to the inclusions that are in a plan along. Couple insurance plans are far more economical in nature compared to a normal insurance plan.

For a life insurance plan, there are no returns that can be availed of the plan unless it is a returns-available life insurance plan. In the case of a couple insurance plan, in the case that one of the spouse has an unfortunate demise, the other gets return benefits from the plan. The insurance also continues for the other spouse as long as the premium is paid for the same.

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Recommended Couple Life Insurance Plans

As compared to a life insurance plan, the scope for a couple insurance plan in India is not so much despite the great number of benefits that are there in the plan. Some of the best insurance companies in India provide different types of insurance plans to customers all over India. Some of the different couple life insurance plans that are offered in India include:

1. LIC Jeevan Sathi Plus

An insurance policy that allows husband and wife to be covered under the same insurance policy. The sum assured of the policy is decided by the policyholders themselves over which the premium for the policy is also calculated. The term of the plan can last anywhere between 10 to 20 years. Those who are insured under this plan are also exempted from paying a certain amount in the form of tax as per the Income Tax Act.

2. Bajaj Allianz iSecure

A comprehensive plan that provides life insurance cover not only for the person insured but also for their spouse as well. The best feature of this plan is that the sum assured can be decided by the couple getting insured. The term of the policy can be anywhere between 10 to 30 years. Anyone can get rebates on the premium depending on the sum assured. This policy also has a discount offer for those couples that lead a healthy lifestyle. Along with all these special features of benefits of the Bajaj Allianz iSecure plan, the policyholders are also exempted from paying a certain amount to tax under the Income Tax Act.

Have you and your spouse taken out a life insurance policy yet?