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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  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I took my life insurance policy from LIC around 5 years back and this policy is going to matured in the year of 2026. It was for the safety and protection for the family. I have selected the payment option as very half year and i pay the premium amount of Rs. 2000. I will give the cash to my agent and he will pay in the LIC office.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 11, 2019
  • LIC
    LIC Life Insurance
    "Safe and secure policy"
    0.5 5.0/5 "Blown Away!"
    LIC policy is safe and if you have a long term policy, it will be useful. If i go to their office, the response is fine. They have a good portal to know about the payment premium amount and existing policy details. I make the premium through online. I took the money back policy and it got matured already.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 11, 2019
  • LIC Life Insurance
    "Good security policy"
    0.5 3.5/5 "Pretty good"
    In LIC website, they are updating the policy details on a timely basis. I took my retirement plan in life insurance corporation of India. For the safety purpose, i have selected this company. I am investing the money of Rs. 10K every month. I get the returns after my age of 56. This is a tax benefitable policy.
    Was this review helpful? 0
    , haridwar
    Reviewed on Dec 10, 2019
  • LIC Life Insurance
    "Service should be improved"
    0.5 3.5/5 "Pretty good"
    I have taken money back policy from LIC its because of the safety reason. I have been investing the money of Rs. 10K every month. I purchased the policy 4 years ago. They are providing the sum assured amount of Rs. 1.2 lakhs. This is a tax beneficial policy. I make the premium amount through online.
    Was this review helpful? 0
    , haridwar
    Reviewed on Dec 10, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I didn't use the customer care service till now in LIC where i have taken my life insurance policy. I'm not sure about the plan name but i pay the premium every year once. I have been paying the premium amount of Rs. 17699 and total term period of the plan is 16 years. For the savings purpose, i have chosen LIC.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 10, 2019
  • LIC Life Insurance
    "Best service "
    0.5 3.0/5 "Satisfactory"
    I have taken Life Insurance policy directly through LIC agent .This policy tenure is 10 years .I am paying the premium through Half yearly basis and paying the premium through Online .The agent gave a clear picture about the policy and not yet faced any difficulties .I am satisfied with the service so far .
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 10, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC since 1990. This policy term is 20 years. I am paying premium on monthly package and the amount which is nominal. I am paying premium in a cheque mode. While getting a policy my agent has given an information about the policy details and this is a money back policy.
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 10, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 2.0/5 "Expected more"
    I have taken Life Insurance policy taken through LIC agent.This was a Maturiy benefit policy and each and every details was shared by the agent .This policy is still active and there was no difficulties faced as well. Overall am happy with it.
    Was this review helpful? 0
    , surat
    Reviewed on Dec 09, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 9 years before. Tenure period of policy is 20 years. I am paying premium on quarterly package the amount of 3K which is nominal. Agent is my neighborhood so he has given an information about this policy. It covers my whole family.
    Was this review helpful? 0
    , pune
    Reviewed on Dec 09, 2019
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 3 years before. The policy is for 16 years. I am paying premium on monthly package the amount of Rs. 17k which is nominal. I am paying premium manually. While getting a policy my agent has given an information about the policy details. It covers myself. It is a jeevan anadha policy
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 09, 2019
  • LIC Life Insurance
    "Good Investment plan"
    0.5 5.0/5 "Blown Away!"
    LIC plan is a savings cum income plan and i get the good returns in future. Its covers for life. I took the policy through agent who is my relative recommended me about this policy. My father is taking care of the premium part hence I'm not sure about the coverage value.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 08, 2019
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance policy from LIC more than 5 years.The agent is very supportive and providing proper guidance and this is a JEEVAN ANAND policy. Policy is valid for life long and the tenure is 20 years after some years. I am paying annual premium is Rs.24k, this is a death benefit plan after that my wife will be getting some returns.
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 07, 2019
  • LIC Life Insurance
    "Good cover for entire life"
    0.5 5.0/5 "Blown Away!"
    Chosen the life insurance policy from LIC its because of the good benefits. Jeevan policy has a coverage till life time. I have not paid the premium for a couple of years even though they are giving a proper reminders every year. This is a tax cover policy.
    Was this review helpful? 1
    , pune
    Reviewed on Dec 07, 2019
  • Bharti Axa Life Life Insurance
    "Best insurance "
    0.5 5.0/5 "Blown Away!"
    I have taken a BHARTI-AXA LIFE INSURANCE more than 2 years. The policy is for 15 years term . I am paying premium on monthly package the amount which is nominal and i will do cheque payment. While getting a policy they given an information about the policy details. It covers myself.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 06, 2019
  • LIC Life Insurance
    "Best Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy direclty through LIC agent.The policy tenure is for 20 years and paying the premium on quarterly basis .I will be paying the premium through the agent.The policy details was clearly explained by the agent ,Still this policy is active.I am paying Rs.15,000 premium for this policy.
    Was this review helpful? 1
    , sikar
    Reviewed on Dec 05, 2019
  • LIC Life Insurance
    "Best Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy direclty through LIC agent.The policy tenure is for 30 years and paying the premium on half yearly basis through the agent.The policy details was clearly explained by the agent ,Still this policy is active.I am paying Rs.10,000 premium for this policy.
    Was this review helpful? 0
    , sikar
    Reviewed on Dec 05, 2019
  • LIC Life Insurance
    "Best Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy through LIC agent .The policy tenure is for 20 years .The premium is paid on quarterly basis and all the details about the policy was shared by the agent.I am paying the premium through the agent .There was no drawbacks faced so far .
    Was this review helpful? 0
    , sikar
    Reviewed on Dec 05, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 3.0/5 "Satisfactory"
    I have taken Life Insurance policy through LIC agent.This was a maturity benefit policy and the tenure is for 20 years and I am paying the premium on monthly basis through ECS and not yet faced any issues. The process was smooth and there was no drawbacks faced so far.
    Was this review helpful? 0
    , arakkonam
    Reviewed on Dec 05, 2019
  • ICICI Prudential Life Insurance
    "Good Plan"
    0.5 4.0/5 "Great!"
    I have taken my term insurance from ICICI prudential. I have trusted this bank because its a top most high, that is the reason i have chosen them. I'm happy about the claim ratio. I'm satisfied with the sum assured amount. I have chosen the annual payment mode after 1 year, i will change the payment mode on a monthly basis.
    Was this review helpful? 0
    , rajahmundry
    Reviewed on Dec 05, 2019
  • LIC Life Insurance
    "Best Plan"
    0.5 4.0/5 "Great!"
    Purchased my life insurance policy from LIC because my friend is working as a LIC agent and i do not have idea about the plan name. I have been paying the premium amount of Rs. 15000 per year and i make the payment through online and through cash. Overall, I'm happy about the plan.
    Was this review helpful? 0
    , rajahmundry
    Reviewed on Dec 05, 2019
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