Life Insurance Plans for Couples

If you are recently married, then you and your spouse can purchase life insurance plans for couple to ensure that in case something happens to any one of you, yo do not have to worry from a financial point of view and is able to take care of his/her needs.
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A wedding heralds the start of a new life for the couple entering into wedlock, opening their eyes to a whole new world. The bond shared by a couple is unique, where two individual entities are amalgamated into one. While this new beginning is bound to be filled with joy and happiness, life can take sudden turns, changing the equation, and it pays to be prepared for such events. Life insurance policies for couples can be an ideal solution, offering specialised protection, ensuring that one is prepared for any future eventuality.

Benefits of Life Insurance for Couples:

A life insurance policy for couples offers a host of benefits to policyholders, some of which are mentioned below.

  • Life cover for both spouses.
  • Joint life insurance policies help a couple plan for the future.
  • Additional riders can be added to a plan to customise it.
  • Death and maturity benefits are paid (subject to individual policy).
  • One can choose from flexible policy terms and premium payment modes.
  • Rebates are provided for certain sum assured values.
  • One can opt for maturity benefit/sum assured which suits their family requirements.
  • Tax benefits are provided under Section 80C of the IT Act.
  • It is possible to obtain loans/overdrafts (subject to individual policy practices).
  • A joint/couple life insurance policy works out cheaper than an individual policy, making it a smart investment option.

Who can take Joint Life Insurance Policies?

These policies can be taken by couples who wish to be prepared for the future. One can opt for it at any point in their life (subject to meeting certain age restrictions), regardless of how many years they’ve been together. Life insurance for couples can also be gifted by well-wishers or family, to ensure that death doesn’t comes between their love.

How Life Insurance for Couples Works?

Joint Life Insurance policies or life insurance for couples as they are generally called are similar to traditional policies in most terms. The differences lie in the minute details, with most service providers using the term “Principal Life Assured” and “Spouse Life Assured” to depict the two parties in a policy. The principal life assured could be either the husband or wife, with the spouse life assured becoming the other partner. Premiums can be paid regularly, as is done in other policies. It is generally the principal life assured who chooses the policy term and other major details like sum assured.

In the event of death of Principal Life Assured, most plans allow for a waiver of future premiums, and the sum assured is provided to the spouse. Most policies pay the sum assured if the surviving member were to pass away during the policy term, tremendously lowering the burden on kids or family members.

Should I opt for a single life insurance plan or a joint life insurance plan with my spouse?

It is common for one to feel confused while opting for a life insurance policy, especially when it comes to choosing a joint/husband-wife life insurance policy. A joint insurance policy offers better benefits compared to two different individual policies, as one is entitled to save on premiums and taxes. Premiums for joint insurance policies are lower than two separate individual policies, enabling one to save more money for other activities.

Also, in the event of demise of one partner, the other could get waiver of future premiums, lowering the financial burden on the surviving partner. One also gets a wider cover compared to an individual policy, encompassing a broader range of services compared to an individual premium.

Life Insurance for Couples – Plans offered

Some of the popular Joint Insurance plans in India are mentioned below.

  • Bajaj Allianz iSecure – This plan offers protection to the policyholder and his/her spouse, the benefits of which are mentioned below.
    • One can opt for a sum assured which best suits the needs of a couple, with no upper limit on the sum assured.
    • One can choose from flexible policy terms, ranging from 10 years to 30 years.
    • Individuals following a healthy lifestyle get additional benefits.
    • One can get rebates on premiums, depending on the sum assured.
    • Policyholders are subject to tax benefits under the IT Act.
  • LIC Jeevan Saathi Plus – This unit linked plan enables couples to take joint cover under a single policy. The benefits of this plan are mentioned below.
    • Couples can choose a sum assured which best suits their needs.
    • One can choose from flexible policy terms, ranging from 10 years to 20 years.
    • Policyholders can choose from flexible payment options like yearly, half-yearly, quarterly or monthly.
    • There is a 0provision to add additional riders to enhance a policy

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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Life Insurance Plans for Couples Reviews

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  • Max Life Insurance
    "Excellent insurance"
    0.5 5.0/5 "Blown Away!"
    My relation and friend circle chosen the life insurance policy from Max thats the reason i have chosen them. I have been paying the premium amount of Rs. 1 lakh for the annual payment mode. Total term period of the policy is 12 years. Through cheque, i made the premium.
    Was this review helpful? 0
    , pune
    Reviewed on Jul 16, 2019
  • LIC
    LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    Purchased my endowment plan was from LIC and its a brand and trustable company. Endowment plan is a good investment plan. I have selected the term period of 19 years. I am paying the premium amount of Rs. 3500 in every three months once through online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 16, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    My endowment plan was taken from Life insurance Corporation of India. I have been paying the premium amount of Rs.11000 and chosen the annual payment mode. Regularly i make my premium through net banking and satisfied with the sum assured amount. The policy term is 21 years.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 16, 2019
  • LIC Life Insurance
    "Good investment plan"
    0.5 5.0/5 "Blown Away!"
    Endowment is a well better policy because its good agreement and i get a good returns in future. I got all the benefits from this policy. I pay the premium amount of Rs. 12000 for half year. I'm happy about the returns. There is 21 years policy. I make the premium through online. LIC terms and conditions are transparent.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 16, 2019
  • LIC Life Insurance
    "Good investment plan"
    0.5 5.0/5 "Blown Away!"
    Purchased my money back from Life insurance Corporation of India. I have been paying the premium amount of Rs. 15000 and i have chosen the half yearly payment mode. I have selected the tenure period of 16 years. Overall, I'm not satisfied with the policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 16, 2019
  • LIC Life Insurance
    "Good investment plan"
    0.5 5.0/5 "Blown Away!"
    I took my money back policy 5 years back. Other than the investment plan, money back policy is better. I have been paying the premium amount of Rs. 8000. I have chosen the half yearly payment mode. Total term period is 20 years. I got the money back directly to my account.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 16, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    Since i'm working as a LIC agent, before taking the policy, i'm very much aware of all the policy details. I took the term insurance policy with LIC. Its a claiming only for normal and accidental death is covered. I'm satisfied with the sum assured amount of Rs. 35 lakhs.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 16, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in LIC before 12 years ago. The policy is for 20 years. I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details. I use to do payments through an online.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 16, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have take Life Insurance policy through LIC agent .I have got all the relevant details about the policy and also received the policy documents on time ,The process was really smooth and convenient according to me .This policy was for the tenure of 20 years .and paying the premium through monthly basis and the premium amount was Rs.15,000.
    Was this review helpful? 0
    , visakhapatnam
    Reviewed on Jul 16, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in LIC on 4 years before. The policy is for 20 years and it is a money back policy. I am paying premium in the quarterly package. While getting a policy my agent has given an information about the policy details but delay to receive the documents. I use to do payments through an online.
    Was this review helpful? 0
    , chennai
    Reviewed on Jul 16, 2019
  • ICICI Prudential Life Insurance
    "Good Term policy with less benefits"
    0.5 4.0/5 "Great!"
    ICICI people have approached me hence i bought the life insurance policy with them. Every year i pay the premium amount of Rs. 15000 for the sum assured amount of Rs. 50 lakhs. This is a term insurance policy. It will cover upto 75 years of my age. In the documents, there is not mentioned about the partial disability and medical illness.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 16, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC taken on 30 years before. The policy is for 33 years. I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details. They will debit the amount from my salary account for the payments.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 15, 2019
  • LIC Life Insurance
    "Good policy for LIC"
    0.5 4.0/5 "Great!"
    I pay the premium amount of Rs. 5000 and presently everything i can do with online for LIC life insurance policy which i'm happy about it. I make the premium through online. More than 12 years back, i bought the LIC policy. I haven't contacted their call centre people. This is a tax benefitable policy.
    Was this review helpful? 0
    , greater noida
    Reviewed on Jul 15, 2019
  • LIC Life Insurance
    "Good Life insurance policy"
    0.5 4.0/5 "Great!"
    No particular reason for choosing the policy of Jeevan Anand. Since my Dad's friend who is working as a LIC agent, hence i have bought the policy from LIC. I'm paying the premium amount of Rs. 32000 which is a annual payment mode. I'm not aware of the sum assured amount.
    Was this review helpful? 0
    , greater noida
    Reviewed on Jul 15, 2019
  • Edelweiss Tokio Life Insurance
    "Good growing company"
    0.5 4.0/5 "Great!"
    One of my friend is working edel weiss insurance and he has recommended me to take the term insurance policy with them. They have done all things on time and they have fixed an appointment for medical checked up. The coverage value is Rs. 1.5 crore and it covers upto 80 years. I have chosen the premium mode of monthly.
    Was this review helpful? 0
    , greater noida
    Reviewed on Jul 15, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy directly through LIC agent .This policy tenure is for 20 years and this policy name was Jeevan Anand .I am paying the premium on monthly basis and the premium was nominal .I have got all the required details about the policy through the agent .This policy was still active as well .
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 15, 2019
  • ICICI Prudential Life Insurance
    "Nneed to be reduce premium amount"
    0.5 4.0/5 "Great!"
    I have taken a term insurance in ICICI PRUDENTIAL on one year before. The policy is for 65 years but I have taken for 32 years. I am paying premium in the monthly package and the amount is high. While getting a policy I came to know about an information about the policy details through an online.I use to do payment through an online.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 15, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I always like LIC life insurance policy since my family has taken with them and i have a agent whose my family member thats the reason i took the policy with them. I'm paying the premium amount of Rs. 4000 every month and I'm satisfied with the sum assured amount of Rs. 10 lakhs. Through agent i make my premium.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 15, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am using the ENDOWMENT PLAN with LIFE INSURANCE CORPORATION OF INDIA where the policy coverage is for self. The maturity period of the policy is for 25 years. The premium paying for 3 months once with the policy. There are no issues with the policy.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jul 14, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have purchased the life insurance policy with LIFE INSURANCE CORPORATION OF INDIA because it is a Indian company also it is a trusted and traditional. I have purchased BHIMA plan where it has th long term of maturity with good coverage for self.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 14, 2019
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