• Term Insurance Plans For Couples

     4.5 / 5.0   by 159 users
    Used this product? Write a review >>

    What is a Term Insurance Plan?

    One of the simplest insurance product available in the market, a term insurance plan provides the family of a policyholder the sum assured in the event of the latter’s demise. Customers can choose their required over amount, premium paying term, policy term and riders. Traditional term insurance plans offerseveral advantages such as higher coverage amount for a lower price in that the premium customers have to pay for regular term plans is lower compared to endowment or Ulip plans. It is important to note that there is no investment in traditional term plans.

    Term Insurance Plans for Couples

    Couples can either opt for separate term life insurance covers or joint life insurance cover as listed below:

    • Nuclear Double Income Families: Families with both the spouses working and sharing the household expenses take a joint term insurance cover or separate cover. According to experts, a working couple must buy term insurance policies to cover their family and dependants. The sum assured should be 10 times their annual income.

    • Cover for life: Securing the lives of their partners with the right policies will make their future less uncertain and more secure, come what may.

    • Future requirements: Marriage entails various kinds of expenses at various stages of life. It is important that couples save enough to cater to their family's future financial requirements such as tuition fees, house renovation and so forth.

    • Health concerns: Given that with increasing age, the health of most individuals, in this day and age, goes for a toes, it is advisable to opt for a critical rider benefit in term insurance plans to deal with any untoward health contingencies.

    Types of Term Insurance Policies for Couples

    • Single life term insurance policy

    • Joint life term insurance policy

    Separate Versus Joint Term Insurance Policies

    There are several differences between separate and joint term insurance policies as listed below:

    • Terms and conditions: If a couple takes separate term insurance policies, the cost and terms and conditions of the policies can be chosen by each according to his or her specific requirements.

    • First death: Many joint life plans entail pay out upon the first death or first-claim basis. However, some joint plans entail payment of sum assured upon demise of each insured partner.

    • Single payout: In a joint policy, if a couple dies in an accident, the nominees will receive only one death-payment. In an individual policy, however, the nominees will receive two separate payouts.

    • Divorce/separation: In case a couple chooses to divorce, a joint insurance policy cannot be divided in that if one partner does not pay up (premium), the policy will cease. Experts, therefore, suggest that a couple should have separate policies, just in case.

    • Affordability: A joint term insurance policy, more often than not, is cheaper than two separate life insurance policies for a couple.

    • Convenience: Many couples opt for term life insurance policies owing to the ease of documentation in terms of coverage for both partners at one go.

    Examples of Term Insurance Policies for Couples

    1. Bajaj Allianz iSecure Insurance Plan

    2. HDFC Term Assurance Plan

    3. Bajaj Allianz iSecure More Insurance Plan

    The important features of Bajaj Allianz iSecure Insurance Plan are as follows:

    • A spouse can avail of the death benefit in monthly installments.

    • If your spouse is not included at the inception of the policy, he or she can be included at a later date

    • The minimum sum assured is Rs.2,50,000 while there is no limit to the maximum.

    • The policy term may range from 10 to 25 years

    • Premium instalments are listed in the table below:

    Yearly

    Rs.1,500

    Half-yearly

    Rs.750

    Quarterly

    Rs.400

    Monthly

    Rs.150

    • HDFC Term Assurance Plan

    The important features of HDFC Term Assurance Plan are as follows:

    • Offers rebate on higher sum assured in addition to riders

    • Policy term can range from 10 to 30 years

    • The minimum sum assured is Rs.80000 while there is no limit to the maximum. The minimum premium is Rs.2000.

    • Tax rebate under Section 80D of the Income Tax Act, 1961 may be applicable on premiums accelerated sum assured under this policy.

    Term Insurance Plans For Couples Reviews

  • Page 1 of 8 1 2 3 4 5
    • LIC Life Insurance
      "Good Insurnace"
      0.5 4.0/5 "Great!"
      I have take 4 Life Insurance with LIC. Premium I have been paying is for one Rs.14800, then two other insurance have a premium 9608 each and the last one has Rs.3800. I am at the last premium for couple of my Insurance and 3rd last installment for one back. The Money back scheme I have taken in it is the Best I have.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 07, 2018
    • LIC Life Insurance
      "Good Investment"
      0.5 5.0/5 "Blown Away!"
      I have taken Couple of Life Insurance with LIC. The experience with them has been pretty good. I have been paying Rs.10-15 Thousand yearly as a premium for this Insurance and the maturity period of this is 20 Years. The return promised is quite good with them.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 06, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I don't have much experience with the LIC policy. It was taken my father and I started paying the premium for last couple of year. I am paying yearly around 5000 rupees. I make the payment through net banking. But every 5 years I will get good return based on the policy coverage.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 19, 2017
    • LIC Life Insurance
      "Good policy to hold"
      0.5 5.0/5 "Blown Away!"
      I have my life insurance policy with Life Insurance Corporation of India. I have been holding this insurance for a couple of years. Annually I pay between Rs. 24000 to Rs. 25000. The total sum assured for this life insurance is between 10 lakh rupees to 15 lakh rupees.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 04, 2017
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken couple of Insurances with them, consequently they have given me a good service until now. I have been getting good Cash back until now. The payment option is pretty easy too, the agent comes to my place and collects the amount. The communication with them has been pretty easy too.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 20, 2017
    • LIC Life Insurance
      "Better"
      0.5 3.0/5 "Satisfactory"
      My policy was taken with LIC. I am maintaining it for last couple of years. I hold 4 policies with LIC. I pay total premium of 52,000 rupees annually. I tried to pay the premium using my SBI credit card but couldn't make it. The service charges has been increased and the premium is more than earlier.
      Was this review helpful? 0
      , kolkata
      Reviewed on Nov 16, 2017
    • Birla Sun Life Insurance
      "Firm believer in Life insurance"
      0.5 3.0/5 "Satisfactory"
      I am firm believer of the Life Insurance, accordingly I have couple of them maintained. This is one of the Insurance that I am so confident about. I pay around Rs.17000 as the yearly installment and would be paying for about 10 years. The overall experience with them has great. They provide you with good amount details required for somebody to know.
      Was this review helpful? 0
      , motihari
      Reviewed on Nov 07, 2017
    • LIC Life Insurance
      "Expercting good returns"
      0.5 4.0/5 "Great!"
      I have couple of Life Insurance that I have been maintaining. The premium yearly would come up to Rs.15000 and Rs.4000 respectively. The policy coverage is pretty high and the payment is pretty easy to make. An agent comes to my place and collects the amount.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Oct 31, 2017
    • LIC Life Insurance
      "Its excellent"
      0.5 5.0/5 "Blown Away!"
      I generally pay Rs. 20,000 premium on yearly basic for couple of polices, but each has different tenure period. One policy I make the payment through online, other policies my spouse would make the payment. All policies has a tax benefit, life cover and good sum assured after tenure period.
      Was this review helpful? 0
      , alleppey
      Reviewed on Sep 30, 2017
    • LIC Life Insurance
      "LIC Jeevan Anand"
      0.5 3.0/5 "Satisfactory"
      From LIFE INSURANCE CORPORATION OF INDIA i have taken a jeevan anand policy. The tenure for this policy is for 15 years. They will provide certain bonus for every 5 years. After the maturity period i will get 2 lakhs plus some bonus amount. Yearly i have to pay 12500. Payment option was bit difficult a couple of years ago.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 26, 2017
    • Birla Sun Life Insurance
      "Very good services & benefits"
      0.5 5.0/5 "Blown Away!"
      Birla Sun life provides very good customer services. I get updates constantly, so it helps me make my payments on time and since I have taken couple of life insurance policies from them it becomes more convenient. The payment mode is flexible. I can pay it on a quarterly and monthly basis. The benefits are also good.
      Was this review helpful? 1
      , jabalpur
      Reviewed on Oct 17, 2016
    • HDFC Life Life Insurance
      "Good services"
      0.5 5.0/5 "Blown Away!"
      I hold couple of life insurance and ULIP policies with HDFC Life. They provide very good services by giving me the updates on time. My payments are convenient as I can pay my premiums on a quarterly basis and yearly basis. There are no charges taken for this too.
      Was this review helpful? 0
      , jabalpur
      Reviewed on Oct 11, 2016
    • Bajaj Allianz Life Life Insurance
      "Live without any worries with bajaj allianz"
      0.5 5.0/5 "Blown Away!"
      My life insurance is from Bajaj Allianz. They are customer oriented and there are advisers who go up to the customers place for the policy and payments as well. I have taken a money back policy where I get a bonus every couple of years. The tenure is for 16 years. The payments can be done online as well.
      Was this review helpful? 0
      , dhanbad
      Reviewed on Jul 02, 2016
    • LIC Life Insurance
      "Trustworthy"
      0.5 4.0/5 "Great!"
      I have taken couple of policies at LIC as I trust much on it. The services are average. I do not get much of alerts on the payments. The tenure is for 15 years. The premium is paid on a yearly basis. There are online options as well. Overall good.
      Was this review helpful? 0
      , thane
      Reviewed on Jun 25, 2016
    • LIC Life Insurance
      "Needs to be more customer friendly"
      0.5 4.0/5 "Great!"
      LIC is not that good compared with a private institute.They are customer friendly and able to assist the customer each time in a good manner.I do have a couple of plans with LIC and I feel they can be updated with the online offers which are given to the customer.
      Was this review helpful? 2
      , chennai
      Reviewed on May 23, 2016
    • LIC Life Insurance
      "Reliable"
      0.5 5.0/5 "Blown Away!"
      The service provided was quite good with LIC related to the Life Insurance.They are reliable brand.I feel the private insurance doesn't generate such transparent service.I do have couple of plans with LIC and I have not faced any drawback in the process.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 29, 2016
    • LIC Life Insurance
      "Save our money in right place"
      0.5 5.0/5 "Blown Away!"
      It is the good part to invest in the LIC after the couple of years we will fill comfort with the saved amount. Premium charged are normal which is been according to our plan.Policy coverage offered was good.Payment is done online and also easy process. The portal works only on the Internet explore.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 19, 2016
    • LIC Life Insurance
      "Satisfactory"
      0.5 4.0/5 "Great!"
      LIC has been very secured. I have taken couple of policies from them. And I have also taken one recently a year ago. The benefits are good. The policy coverage is good too. They payments are convenient. I can pay it through the agent. I give him a cheque on a yearly basis.
      Was this review helpful? 0
      , jodhpur
      Reviewed on Mar 10, 2016
    • LIC Life Insurance
      "The best insurance provider country "
      0.5 5.0/5 "Blown Away!"
      Policies and benefit are good in lic of India but they lack in customer service. I have couple of polices with them. I use to pay the premium through the cash and ecs both the mode are comfortable. Risk coverage benefits are explained properly by the agent.They should improve the customer service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 07, 2016
    • SBI Life Life Insurance
      "good"
      0.5 5.0/5 "Blown Away!"
      SBI Life insurance is know for their customer services. I have taken couple of policies from them. One of them is a life insurance policy. The tenure is for 15 years. The payment is on a yearly basis. They also have good benefits. The coverage is good.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 23, 2016
    Common Loader Icon
    Page 1 of 8 1 2 3 4 5
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.