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Why Life Insurance For Your Spouse Can Be A Suitable Gift?

There are various special moments in a couple’s life – birthdays, anniversaries, festivals, and more. For many couples, these are all occasions to acknowledge how precious their partner is to them. Irrespective of which love language your partner and you speak, it is worthwhile to mark at least some of these occasions with a gift. If you want your gift to be truly meaningful, you may consider gifting something which may help your partner in providing financial security. One such gift, although a tad unconventional, is life insurance.

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Written ByPalak Bagadia
AboutPalak Bagadia
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Palak Bagadia, Associate – Digital Marketing at Bajaj Allianz Life, with experience spanning content and performance marketing, recruitment, employee engagement in the BFSI industry.
Reviewed ByRituraj Singh
AboutRituraj Singh
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Rituraj Singh,With over 6.5 years of experience in the insurance industry, Rituraj Singh, Manager- Product & Brand Marketing at Bajaj Allianz Life Insurance overlooks new product launches, compliance, and brand projects, leveraging artificial intelligence and technology to enhance outcomes.
Written on: 7th July 2024
Modified on: 7th July 2024
Reading Time: 15 Mins
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Buying life insurance for one’s spouse may not be the norm or even the first thought for many individuals. However, times are changing. Today, prioritising your financial wellbeing is also important. Financial wellbeing starts with financial planning, which may be started with a life insurance plan. Getting a life cover means putting your loved ones first and securing their financial future. As a gift, life insurance for couples can mean ensuring a financially secure future for their kids, parents, or even each other.

 

What is Life Insurance?

 

To better understand why life insurance for your spouse can make a worthwhile gift, it is necessary to first understand what a life cover is. Life insurance is a contract between the policy holder and the policy provider, that is, the insurer.

It starts with an individual choosing the suitable policy for themselves or for someone else, like buying life insurance for their wife or husband. There are various types of life insurance plans, each one offering some unique features. For example, ULIPs as life insurance for your spouse may allow your significant other to create a market linked corpus for the future and achieve their long-term goals, while also having a life cover. On the other hand, if you do not expect any sort of maturity returns from the plan but want to ensure a cost-effective life cover, you may opt for term life insurance.

Once you choose the life insurance for your husband or wife, you may then select whether you want to buy it online or offline. Many plans are now available through both modes. However, some may be exclusively online.

Once you buy the plan, you are required to pay premiums regularly, as per the chosen premium payment frequencies. If you are buying life insurance for your spouse, they will be the ones insured under the policy. If they were to face something unfortunate, i.e., a circumstance covered by the plan, their policy nominee can make a claim and receive a benefit, as per the terms and conditions stated in the policy. You can also choose life insurance riders to enhance the scope of the policy.

 

Benefits of buying Life Insurance for your Wife or Husband

 

Once you understand how life insurance works, you may be better equipped to choose the appropriate type of insurance policy and the preferred riders that would make a suitable life cover for your significant other. Life insurance for couples can be different than buying life insurance for yourself as you are buying the cover for another individual.

Here are a few benefits of buying life insurance for your husband or wife that may help you understand why it is an apt gift for your partner.

• Financial Protection for Dependents

A person’s contribution within the family cannot always be measured in terms of their financial contribution or their income. Whether your spouse is earning or not, there may be other ways they are significant to the family. If they were to face anything unfortunate tomorrow, their absence may create a void in all the lives they touched with their love. While it may be almost impossible to replace them, a bit of financial support can help their dependents carry on without them. Life insurance for your spouse offers this possibility of financial protection.

• Financial Support during Difficult Times

When buying life insurance for your wife or husband, remember that you can also choose riders with your policy by paying nominal additional premium. These are add-on features that can add to the benefits offered by the insurer along with the plan. Some of the available riders are:

  • Waiver of Premium
  • Accidental Death Benefit
  • Accidental Total/Partial disability
  • Income Benefit
  • Critical Illness

Some of these riders, such as accidental permanent disability and critical illness, may help you stay prepared to face an unfortunate circumstance where your significant other may have to face hospitalisation or extensive medical care.

Riders can make the plan such that it, in turn, makes you better equipped to face dire situations. Though you may have to pay an additional premium to opt for riders, it is preferable to add them to the plan to make the coverage comprehensive.

• Joint Life Insurance can cover you Both

When getting life insurance for your spouse, you can also opt for a joint life plan. This is life insurance for couples where both individuals are covered. This allows you to support each other while simultaneously taking care of your loved ones, such as your kids, parents, or siblings. You pay one premium to cover two lives under the same plan. It could be an option for those who seek a life cover for themselves as well as their partner under a single plan.

Buying a life insurance policy for your significant other can be a way to show how much you care for their wellbeing and want to support them and their endeavours, while they strive to keep their loved ones safe and happy.

BJAZ-WEB-EC-01976/23

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##Our policy covers COVID 19 claims subject to policy terms and conditions being met

3Discount is available for regular premium and limited premium payment frequency under all variants of this product.

2Above illustration is considering Male aged 25 years | Non-Smoker | Life Cover Variant | Policy term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | medical rates | Annual Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

In this policy, the investment risk in investment portfolio is borne by the policyholder. Investment in ULIPs is subject to risks associated with the capital markets. The policy holder is solely responsible for his/her decisions while investing in ULIPs.

~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

*Individual Claims Settlement Ratio for FY 2021-2022

The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.

The views stated in this article is not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale.

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*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


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%%Above illustration is for Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V03) considering Male aged 25 years | Non-Smoker | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 6,238. 2nd Year onwards premium is Rs. 6,659. Total Premium Paid is Rs. 1,99,349 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly installments (Lumpsum Payout Percentage : 45, Income Payout Percentage : 55) | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. This is inclusive of all the discounts mentioned above.

##Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

@Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

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