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
    "Best policy "
    0.5 5.0/5 "Blown Away!"
    LIC has offered a Jeevan Anand policy and i have taken for 5 year before. I am paying premium of Rs. 15,000 on quarterly basis which is sufficient. While getting a policy the agent has given me a clear policy details and their service was good and it has a good policy coverage.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 20, 2020
  • LIC
    LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    On one year back, I have taken life insurance from LIC. Since the agent has recommended with all good benefits so I preferred this policy to apply. I have received the hard copy on time. The tenure period of 15 years 2021 getting maturity and i am paying premium on quartely 40,000 which am paying to the agent. It covers up to myself with the sum assured of 7.5L.
    Was this review helpful? 0
    , tirupur
    Reviewed on Mar 20, 2020
  • Max Life Insurance
    "Good insurer"
    0.5 3.0/5 "Satisfactory"
    I taken a life insurance in MAX LIFE on 6 months back. It covers up to myself with tenure period of 35 years. To pay the premium amount there is additional criteria like accidental and for an emergency purpose can do claim at any time, so total amount need to pay of 18K on yearly. They have tied up with many hospitals.
    Was this review helpful? 1
    , bangalore
    Reviewed on Mar 20, 2020
  • LIC Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy of Jeevan Bhima for the tenure of 15 years .The premium is paid through yearly basis and premium is paid by myself through lic office only.This policy is stil active and the policy features and benefits was clealry shared by the agent .
    Was this review helpful? 0
    , indore
    Reviewed on Mar 20, 2020
  • Bharti Axa Life Life Insurance
    "Good service "
    0.5 4.0/5 "Great!"
    On 5 months before taken a life insurance from BHARTI-AXA. The tenure period of 15 years plus 5 years of maturity. My friend has suggested this policy to apply and I received the hard copy on time. The premium amount of 21K need to pay on yearly. The coverage amount of 10L if an emergency or accidental happen other 10Lis applicable. The charge is high when compared to other.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 19, 2020
  • LIC Life Insurance
    "Good "
    0.5 4.5/5 "Excellent!"
    I have taken a life insurance in LIC on 6 years before. The policy of tenure period of 20 years. I am paying premium on half yearly package the amount of 8K which is nominal. While getting a policy my agent has given an information about the policy details. It covers up to myself.
    Was this review helpful? 0
    , darbhanga
    Reviewed on Mar 19, 2020
  • LIC Life Insurance
    "Secured policy"
    0.5 4.5/5 "Excellent!"
    I got Money Back policy from LIC. It was taken on 14 years back. The tenure period of 20 years. The premium amount need to pay on half yearly basis of 2,480 rupees. Evey 5 years I get good returns from their end. So far I have not faced any charge. I use to remainder and update from my agency.
    Was this review helpful? 1
    , darbhanga
    Reviewed on Mar 19, 2020
  • LIC Life Insurance
    "Good"
    0.5 4.5/5 "Excellent!"
    I took a life insurance for myself only from LIC. The policy of Jeevan Mithra which I need to pay of 10K on quarterly basis. I took this policy on 15 years back, when I was a student took this insurance so all the details got from their end on time. Only for investment taken this policy.
    Was this review helpful? 0
    , darbhanga
    Reviewed on Mar 19, 2020
  • LIC Life Insurance
    "Good service"
    0.5 4.5/5 "Excellent!"
    LIC has offered a life insurance for my children. It covers my kids only. It was taken on 2015 which is good policy. The tenure period of 20 years. Agent has given all the details about the policy and also provided hard copy documents on time. The premium amount to pay of around 3K.
    Was this review helpful? 0
    , darbhanga
    Reviewed on Mar 19, 2020
  • LIC Life Insurance
    "Good policy "
    0.5 4.5/5 "Excellent!"
    For my spouse I taken a life insurance policy from LIC on 3 years back. It covers only for her. The tenure period will be 20 years. I use to pay the premium amount of 20K per annum. Since somebody suggested about this policy so I opted for it. The policy is Jeeven Anandh.
    Was this review helpful? 0
    , darbhanga
    Reviewed on Mar 19, 2020
  • LIC Life Insurance
    "Good insurer"
    0.5 4.5/5 "Excellent!"
    I taken a life insurance from LIC on 7-8 years back. They have given the policy of Jeevan Anandh which was covered only for myself. The premium amount which I need to pay of 6K around. The agent has given all the details about this policy. So far I have not faced any charge. To pay the amount I visit branch directly. The tenure period of 20 years.
    Was this review helpful? 1
    , darbhanga
    Reviewed on Mar 19, 2020
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I got a money back policy from LIC hence taken on 12 years back. I am paying premium on quarterly package the amount of 6K which is nominal. While getting a policy the agent has given an information about all details and received the hard copy documents on time. It covers up to myself only.
    Was this review helpful? 1
    , rajahmundry
    Reviewed on Mar 18, 2020
  • LIC Life Insurance
    "Very good"
    0.5 5.0/5 "Blown Away!"
    My Aunt is working in LIC, she only suggested me to take this Life Insurance policy. I am paying annual premium of Rs. 30,000 which is auto debited from my account. This policy benefits are clearly explained to my mom and she knows it better than me. Its a money back policy taken last 2 years back.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 18, 2020
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    On one year back, I have taken life insurance from LIC. Since the agent has recommended with all good benefits so I preferred this policy to apply. I have received the hard copy on time. The tenure period of 20 years. I need to pay the premium on monthly of 3K which am paying to the agent. It covers up to myself with the sum assured of 5L.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 17, 2020
  • LIC Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy through lic agent .This was a maturity benefit policy and the policy tenure is for 15 years and the premium is paid on yearly basis .I am using net banking service as well as mobile banking service both are very user friendly .This was taken for my family benefits and customer service was good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 16, 2020
  • Max Life Insurance
    "Better Policy"
    0.5 5.0/5 "Blown Away!"
    Taken the life insurance policy with MAX company around 8 years ago. My colleague is suggested me to take the policy from here. The claim ratio is more compared to others. I am paying the premium amount of Rs. 15000 and i will get a sum assured amount of Rs. 3.5 lakhs. In online, i will pay the premium amount without any hassle.
    Was this review helpful? 0
    , nasik
    Reviewed on Mar 16, 2020
  • Reliance Life Life Insurance
    "Average Policy"
    0.5 4.0/5 "Great!"
    Purchased my Reliance life insurance policy last 3 years before. My friend is working as an agent hence he suggested me to take this policy here. Yearly, I'm paying the premium amount of Rs. 15000. They are giving me a sum assured amount of Rs. 2.5 lakhs for the term period of 10 years plan. This policy has tax benefits also.
    Was this review helpful? 0
    , nasik
    Reviewed on Mar 16, 2020
  • Max Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy through Max life insurance .This policy tenure is10 years and the premium was paid on yearly through ECS mode.The policy features and benefits are well known to me since working with Max.I am satisfied with my policy.
    Was this review helpful? 0
    , dehradun
    Reviewed on Mar 16, 2020
  • Max Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through Max Life insurance .Since working with max life i know the policy features and benefits.This policy is monthly income plan and for the tenure of 10 years .This policy premium is paid on yearly basis .I am paying the premium on ecs mode and it is totally for family benefits.I am paying the premium of rs.30,000.
    Was this review helpful? 0
    , dehradun
    Reviewed on Mar 16, 2020
  • Max Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy directly through Max life since i am working with them .This was a monthly income plan and it is availed for family benefits only.I am paying the premium on ECS mode and the premium amount was Rs.50,000.The policy details was clearly shared by the agent and i am satisfied with the service .
    Was this review helpful? 0
    , dehradun
    Reviewed on Mar 16, 2020
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