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Gift Your Wife a Term Insurance Policy This Karwa Chauth


Oct 06, 2022

By : Bajaj Allianz Life

Karwa Chauth is round the corner. A special tradition observed all over India where wives observe a fast for their husband’s long life.2

Gifting is a common tradition during Karwa Chauth wherein husbands buy their wives gifts to express their gratitude. Flowers, clothes, jewellery, the list goes on. What about a term insurance policy? Wouldn’t it be a meaningful gift for your wife?


Why gift term insurance to your wife?


Term insurance plans can be the perfect gift for your spouse this Karwa chauth. A gift that she would remember not only while you’re alive but also in your absence. Here’s why the coverage would prove a valuable gift for your wife –

1. Gives her financial security

A term insurance policy has one primary benefit – it gives financial security. If your wife depends on you financially and you buy the plan on your life, the plan would give her the much-needed financial assistance in your absence.

Moreover, if you opt for a policy under Married Women’s Property Act1 and make your wife the beneficiary, it would be ensured that only she receives the policy benefits, not anyone else. This would make her financially secure and give her peace of mind.

2. Takes care of your loans

Would you want to leave behind debts for your wife if you pass away prematurely? In your absence, your wife would suffer a considerable emotional and financial loss. If the debt burden is added to her shoulders, she might suffer a significant financial strain. Would you like that?

A term insurance plan can help avoid this possibility. By giving your wife a guaranteed benefit on your demise, the plan would equip her, financially, to deal with your outstanding debt burden. Alternatively, you can opt for mortgage redemption term plans that tackle your outstanding debt and your family is spared the financial burden.

If your wife has loans in her name, a term plan on her life would give her the security that her debt burdens won’t fall on your or your family’s head if something were to happen to her.

3. Riders give additional coverage

With term insurance riders, you can enhance the scope of coverage of your basic term insurance plan. Riders would cover other exigencies that you might face like a terminal or critical illness, accidental death or disablement, major surgeries, etc. depending on the features of the rider. These exigencies also require money and the rider benefit would take care of the relevant expenses. As the expenses are taken care of, your wife can breathe a sigh a relief.

Moreover, if your wife is insured, the additional rider coverage would also give you the financial assistance needed in an emergency.

4. Helps her manage your financial goals

Every family has different financial goals, yours must too. When you are alive, you can save for such goals. But, in your absence, you need a financial provision to fulfil them. Term plans can be that financial provision. If you opt for an optimal sum assured, your wife would have sufficient funds at her disposal to pay off your debts, meet the family’s everyday expenses and also fulfil your goals. Even when your wife is insured, she is secure in the knowledge that in her absence your goals would be fulfilled.


Buying the right term insurance for your wife


If you are buying a term insurance policy on your wife’s life, here are some factors that you should consider –

  • Choose the right sum assured that would give optimal coverage
  • Opt for a long-term policy for maximum coverage. You can use the term insurance calculator to find the required coverage level.
  • Choose suitable riders for enhanced protection
  • Ensure that the plan is affordable

Compare different plans and opt for the comprehensive insurance policy.


When is the suitable time to buy term insurance for your wife?


When it comes to the right time, there’s no concept as ‘right time’. The earlier you buy the coverage the better. This is because of the following reasons –

  • When your wife is young, she might be free of illnesses. As such, the premiums would be low and the coverage would be more affordable.
  • Death cannot be predicted. The sooner that she is insured, the earlier her family can get financial security and peace of mind.
  • The earlier you buy the coverage the sooner would her financial liabilities get covered.




While your wife would be observing a fast for you this Karwa Chauth, be a good husband. Buy a term insurance plan on your and your wife’s life and gift her the much-needed gift of financial security. Use the term insurance calculator and ensure to buy the optimal coverage level.

In today’s age, as life has become uncertain, it is better you consider securing the financial uncertainty under a term insurance policy. You can also opt for a joint life policy covering both you and your wife under the same plan. This policy would cover both of you and ensure complete financial security if either of you face unexpected contingencies.

So, do your bit for your wife this year. Gift her something that really matters.





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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.

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

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 carefully before concluding a sale.