- Affordable premiums
- Dual protection
- Beneficiary payout
Life Insurance For Newlyweds: Overview
Life insurance for newlyweds or couples is a financial instrument that offers life coverage to both partners under a single policy. In case of the unfortunate demise of one partner, death benefits are paid to another partner. Life insurance for young married couples offers a range of benefits including:
- Affordable premiums
- Dual coverage under a single plan
- Beneficiary payout in case of both partners’ death
- Tax benefit
- Less documentation requirements
- Covers debt and expenses of couples, etc
Best Life Insurance For Young Married Couples
We have provided you with the list of best plans for married couples you can consider for buying.
| Name of the Plan | Entry Age | Maximum Maturity Age | Policy Term | Minimum Sum Assured | Unique Features |
|---|---|---|---|---|---|
| HDFC Life Click 2 Protect Super | Min- 18 years Max- 84 years | 85 years | 5, 7 years to 85 minus Entry age | Rs 50,000 | Flexibility to choose from multiple coverage options, Option to increase your cover at key life stages, Option to extend the policy term. |
| Edelweiss Tokio Life – Zindagi Protect | Min- 18 years Max- 65 years | 100 years | 5 years to 85 minus Entry age | Rs 25 lakhs | Option to avail life insurance cover up to age 100, Option to choose between Life Cover option OR Return of Premium option, Flexibility to choose limited pay or regular pay payment option |
| Canara HSBC iSelect Smart 360 | Min- 18 years Max- 60 years | 99 years | 5 years to 99 minus Entry age | Rs 5 lakhs | Life cover till 99 years of age, Option to get a return of total premiums paid in case of no claim, Option to avail Steady Income Benefit on attainment of age 60 Years |
| PNB Metlife Mera Term Plan Plus | Min- 18 years Max- 60 years | 75 years | 10 to 40 years | Rs 25 lakhs | Whole Life Coverage, Child Education Benefit, Return of premiums paid |
| SBI Life - Smart Humsafar | Min- 18 years Max- 46 years | 65 years | 10 to 30 years | Rs 1 lakh | Guaranteed (for in-force policies) minimum bonus for first 3 policy years, Additional rider benefits at an affordable cost, Waiver of premiums |
How Does Term Life Insurance for Married Couples Work?
Let’s understand how life insurance for married couples works with a simple premium illustration.
Problem - Mr and Mrs. Verma are looking for a life insurance plan that covers both of them under a single plan.
Solution - Mr. Verma visited PolicyX.com. He consulted with one of their advisors who suggested he buy the SBI Life - Smart Humsafar Plan which covers both of them under a single plan.
Let’s understand how SBI Life - Smart Humsafar Plan works for him with a premium illustration table.
| Age of policyholder | Age of spouse | Annual premiums | Policy tenure | Premium payment term | Total premiums paid | Sum assured | Maturity benefits |
|---|---|---|---|---|---|---|---|
| 30 years | 28 years | Rs 5,32,100 | 20 years | 20 years | Rs 1,06,4200 | Rs 1 crore | @ 4% 1,35,99,500 or @ 8% 1,92,00,000 |
In case of the unfortunate demise of any of the partners during the policy tenure, death benefits worth Rs 1 crore would be paid to the other partner.
Benefits of Life Insurance Policy for Married Couples
There are many advantages to buying life insurance for married couples. Let’s understand these benefits in detail:
-
Dual protection
Life insurance for married couples offers dual protection under a single plan. It covers both the partners in a single plan. In case of the unfortunate demise of any of the partners, death benefits are paid to another partner. -
Affordable premiums
Buying individual affordable life insurance plans for the partners would be more expensive than a single plan for married couples. So the partners should buy life insurance for married couples. -
Payout to the beneficiary
In case of the unfortunate demise of both the partners, death benefits are paid to their beneficiary or legal heir. This amount can help them live a comfortable lifestyle. -
Tax benefits
The premiums paid by married couples are eligible for tax benefits under Section 80 C and Section 10 (10D) of The Income Tax Act, of 1969. -
Waiver of future premiums
In case of the unfortunate demise of any partner, future premiums are waived but the policy continues. It reduces the burden on the living partner.
Key Takeaways
- The premiums paid for life insurance for couples are affordable as compared to buying two different policies.
- In case of the unfortunate demise of both partners, death benefits are paid to their nominee.
- Future premiums are waived off in case of any partner’s unfortunate demise.
- You can purchase a life insurance policy for married couples online.
How to Buy Life Insurance for Couples?
You can buy life insurance for married couples either from PolicyX.com or the official website of the insurer.
Buying from PolicyX.com
- Fill out the form at the top of this page with the necessary details.
- Select your income and city. Click on ’Proceed’.
- Update your education and occupation details.
- Select the policy term, premium period, and riders (if required), and then proceed to pay.
- Choose your preferred plan and click on ’Buy this plan’.
*Once premiums are paid you will get the policy details shortly either through email or call on your registered contact number.
Why Buy from PolicyX.com?
Here are the reasons for buying a life insurance policy for newlyweds online from PolicyX.com:
-
Compare and choose the best
PolicyX helps you compare a wide range of plans based on their features and choose the one that best fits your requirements.
-
Hassle-free purchase process
Buying life insurance for married couples from PolicyX.com is a hassle-free process as it lets you compare various life plans within 30 seconds.
-
Customer’s choice
PolicyX is a leading insurance aggregator that is trusted and loved by customers due to its best services and support.
-
Good customer service
You can contact PolicyX through email or IVR number and one of their insurance experts will connect with you shortly to address all your concerns.
-
Claim settlement support
PolicyX stands with you even in the hardest of times and provides you with dedicated claim settlement support when required.
Buying from the insurer’s website
You have to visit the official website of the insurer, provide them with the required information, and buy the life insurance for married couples that you want by paying the premiums.
Conclusion
Buying life insurance for married couples is no hard science. You can purchase one easily with just a few clicks. These plans can be customized as per the requirements of the policyholder in terms of policy tenure, premium payment tenure, and sum assured.
If you are still confused about which life insurance for newly married couples is right for you then you can contact us at PolicyX.com. One of our insurance representatives will contact you shortly and help you choose a plan that best fits your requirements.
Life Insurance For Newlyweds : FAQs
1. Can a husband and wife share a life insurance policy?
Yes, husband and wife can share a single life insurance policy with the help of a life insurance policy for married couples.
2. Which insurance is best for couples?
There are various life insurance plans for couples including HDFC Life Click 2 Protect Super, Edelweiss, Tokio Life – Zindagi Protect, Canara HSBC iSelect Smart 360, PNB Metlife Mera Term Plan Plus, SBI Life - Smart Humsafar, etc.
3. How to buy life insurance for newlyweds?
You can buy life insurance for newlyweds either from PolicyX.com or the insurer’s website.
4. What are the benefits of life insurance for newlyweds?
There are various benefits of buying life insurance for newlyweds including affordable premiums, dual protection, tax benefits, beneficiary payout, etc.
5. Does another partner have to pay future premiums in case of the unfortunate demise of one partner?
No, another partner doesn’t have to pay future premiums in case of the demise of one partner as they are waived.
Life Insurance Companies
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Written By: Himanshu Kumar
Himanshu is a seasoned content writer specializing in keeping readers engaged with the insurance industry, term and life insurance developments, etc. With an experience of 2 years in insurance and HR tech, Himanshu simplifies the insurance information and it is completely visible in his content pieces. He believes in making the content understandable to any common man.
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