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Term Insurance for Working Couples

Planning for future financial goals requires considering life’s uncertainty in the form of any unexpected and adverse events that may hamper or halt even a robust financial plan. A family’s woes multiply further in the event of the death of its sole breadwinner and if no life cover was opted by the deceased to financially protect the family in his/her absence. In these adverse situations, a term insurance cover would have proved to be a financial saviour in the event of loss of the family’s financial anchor.

Even amongst working couples, there is a certain degree of reluctance to opt for term insurance as they tend to go with the confidence that both of them are working and are financially well-equipped to manage any financial contingency. However, they miss out on a pertinent point that a term insurance plan for the couple- both husband and wife, is crucial to ensure their family’s financial health in the absence of either or both of them.

Term Insurance for Working Couples

Working couples who wish to purchase term insurance may do so by opting for individual term insurance plans or a joint term life insurance plan, also known as the spouse term insurance. However, separate term policies for the couple might prove to be expensive on the pocket with two separate premiums payable.

A joint term life insurance assures a life cover to an individual and the spouse, and a death benefit to the nominee in the event of premature death of either or both the individual and spouse. As term insurance plans normally do not come with maturity benefits, they are much affordable with lower premiums when opted at a young age.

Features and Benefits of Term Insurance for Working Couples

  • Common Coverage: The couple is covered under a single, term insurance plan making it easier to track, and renew the policy online. It also saves the hassle of handling two separate term policies.
  • Affordability: As the couple is covered under a single term plan, it is an affordable option with single, lower premiums that would not burden your finances. A term insurance calculator can come in handy to determine the premium amount you would have to pay for required coverage.
  • Financial Protection: For working couples, the loss of a spouse results in a loss of income that could prove to be a huge financial setback. Besides, the emotional trauma that the aggrieved spouse goes through is indescribable. Having a joint term life cover that provides financial coverage to the aggrieved spouse or dependents only makes much more sense in such circumstances.
  • Add-on Covers: The policy’s basic coverage can be enhanced by availing additional covers such as critical illness cover, accidental death benefit, and Waiver of Premium benefit.
  • Tax Benefits: As per Section 80C of the Indian Income Tax Act, the premium paid towards joint term life insurance is eligible for tax deductions. Further, under section 10(10D) of the Act, the death benefit received by the nominee is tax-exempted.


In today’s age and time, working couples shoulder together several financial responsibilities such as servicing a home loan debt, or saving for their kid’s higher education. So, term insurance for working couples is an ideal and unavoidable choice to secure the financial future of the spouse and family dependents in the event of loss of either of the earning spouses.

Opting for a term insurance cover from reliable, online financial platforms such as Finserv MARKETS entitles you to comprehensive coverage at premiums that are light on the wallet. The Bajaj Allianz Life Smart Protect Goal Term Plan available on Finserv MARKETS assures a high life cover to both spouses and a death benefit payable to the nominee in case of premature death of either or both the spouses. Besides, you can avail tax benefits and enhanced coverage by opting for a variety of add-on covers. So, go ahead and secure your loved ones’ future by opting for a term insurance cover on Finserv MARKETS.

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