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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

Life Insurance Plans for Couples Reviews

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  • ICICI Prudential Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my term insurance with ICICI bank,the agent had clearly explain me about the policy and benefit coverage, and i use to pay premium amount on monthly basis.they have charged me premium nominal,they have charged me up to 712 on monthly.and my premium amount use to get auto debited from my account.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been taken my Life insurance with Life insurance corporation of India, the agent had clearly explain me about the policy coverage and benefits,i have been holding two policy one is on monthly basis and one is for yearly basis,there premium amount they have charged me was nominal.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Average Policy"
    0.5 4.0/5 "Great!"
    Purchased my life insurance policy in the year of 2001. Since my brother in law working as a agent, i have selected the Life Insurance Corporation of India for my insurance policy. I paid the premium amount of Rs. 2500 for half yearly. I make the premium through online.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Not recommendable policy"
    0.5 4.0/5 "Great!"
    I have taken the life insurance policy from Life insurance corporation of India. I'm making the premium through online. Most of the policy got matured and I'm not satisfied with the returns. I have purchased policy in 1995. I have selected the quarterly payment mode.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Very Good Service"
    0.5 5.0/5 "Blown Away!"
    I had taken this Jeevan Anand insurance policy almost seven years back and i am paying the premium half yearly. The premium amount was around 8944 which was not too high. The payment method has been simple and has been done easily. It is a good policy and suggestible to others.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    My Life insurance with Life insurance corporation of India had got completed, for 15 years, i was been paying this premium amount, the premium amount was on half yearly basis, and now i am waiting for the money to get, there service was good, they have charged me nominal premium amount.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have applied my life insurance with HDFC LIFE, there agent was good, they have explained me clearly about the policy benefit, and there coverage, and the premium amount they have charged me was nominal, it was on yearly basis , and i use to pay premium through on line.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • Tata AIA Life Insurance
    "Go for term insurance for the family future safety"
    0.5 4.0/5 "Great!"
    I have taken my term insurance policy from TATA AIG. This a a terms with returns policy. TATA AIG is providing a less premium with the sum assured amount of Rs. 1 Crore. I used to make the premium amount of Rs. 18000 per annum. I took the policy 1 month before. I have done the documentation process by online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Good to have"
    0.5 4.0/5 "Great!"
    My endowment policy was taken from LIC because of the trust and secure. In 2000, i have purchased this policy. I used to make the payment through online. One of my friend has recommended me about this policy. I have visited the branch many times and they are providing average service to the customer.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Good to have"
    0.5 4.0/5 "Great!"
    I have purchased a endowment plan from LIC. Bought my endowment plan in 2003. I have been paying the premium amount of Rs. 4000 per annum. I will get a sum assured amount of Rs. 1 lakhs. Total tenure period of the policy is 15 years. This is a tax benefit policy.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Good to have"
    0.5 3.0/5 "Satisfactory"
    I have invested a money back policy from Life insurance Corporation of India. I took this policy in the year of 2003. Total tenure period of the policy is 20 years. I have been paying the premium amount of Rs. 100000 per annum. Three times i have received a money back in my account. I have not faced any issue in this policy.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 20, 2019
  • ICICI Prudential Life Insurance
    "Best Policy"
    0.5 3.0/5 "Satisfactory"
    My life insurance policy was bought from ICICI Prudential. The plan name is money growth. I have been paying the premium amount of Rs. 250000 per annum. I have selected the annual mode. I used to make the premium through online. I will get a sum assured amount of Rs. 25 lakhs. Total tenure period the policy is 10 years.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    My life insurance i have dealing with Life insurance corporation of India,the agent clearly explain about the policy , coverage ,they have send me hard copy, i pay premium on quarterly basis,they have charged me up to 2500-2400 approx, which was nominal, i pay off line via cheque.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jan 20, 2019
  • Tata AIA Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have purchased a term insurance policy from TATA AIA. I opened this policy before 4 months. The claim ratio was 97% hence i have selected them. The premium amount is very less. I've chosen the coverage value of Rs. 50 lakhs. I make the premium by cheque.
    Was this review helpful? 0
    , vapi
    Reviewed on Jan 19, 2019
  • HDFC Life Life Insurance
    "Bad return value in this policy"
    0.5 1.0/5 "Really Bad"
    I hold a investment policy from HDFC LIFE. Friend has told me about this policy. They are not providing a good service to the customer. I took this policy in 2016. I have been paying the premium amount of Rs. 25000 per annum and the sum assured amount is Rs. 2.40 lakhs. This is a tax benefitable policy.
    Was this review helpful? 0
    , vapi
    Reviewed on Jan 19, 2019
  • Kotak Life Life Insurance
    "Good benefits"
    0.5 4.0/5 "Great!"
    I took my life insurance policy from Kotak Mahindra before 6years. It is a long term policy. I pay the premium through online, approx 20K per annum. I am happy with the benefits and their service. I got insurance paper. I need to pay for 15 years.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 19, 2019
  • LIC Life Insurance
    "Satisfactory"
    0.5 5.0/5 "Blown Away!"
    I am having a personal life insurance policy for the myself and my wife. All services are good and am fine mostly doing online payment. The tenure period is 15 years. I got an agent, he helps me out. It has good benefits. The premium was paid yearly through online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 19, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using life insurance with Life insurance corporation of India,the agent had clearly explain the policy and the benefit coverage ,and the premium i pay is according to my convenient,like it is flexible option available,like whenever i want i can pay ,but i pay in monthly basis every time,the premium amount i use to pay up to 2000 in an monthly basis,it is nominal.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jan 19, 2019
  • HDFC Life Life Insurance
    "Good for investment"
    0.5 5.0/5 "Blown Away!"
    HDFC Life is best as per my experience, their claim ratio is good. They are providing terminal premium for the critical illness, disability cover. I took the policy cover for Rs. 10 lakhs, I make the premium of Rs. 30,000 on quarterly basis it has term of 10 years. They do have life cover for certain demise.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 19, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using life insurance with Life insurance corporation of India, i have been holding three policy , the agent had clearly explain me account the policy benefit,and there coverage,the premium amount i use to pay on yearly basis,which they have charged me was nominal,and i use to get deducted from my account.
    Was this review helpful? 0
    , thane
    Reviewed on Jan 19, 2019
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