Shriram Life

My Spouse Term Plan


Securing each other...

About Plan

We all spend time and money to plan for our future starting with securing our loved ones. Whether we are just married or have children, the need for security remains.

We at Shriram Life understand need for your family and present you online joint life term plan Shriram Life My Spouse Term Plan (UIN: 128N085V01). We have carefully designed a product to suit your requirement of comprehensive coverage with affordable premiums. With this one product, you can provide coverage for yourself and also to your spouse against various unfortunate events of life.

Why choose Shriram Life My Spouse Term Plan

  • Longer Protection : Provides life cover up to the age of 75 years

  • Lower Premium Rates For Women : 3 years age setback on rates for female lives

  • High Sum Assured Discount : Discount in premium rate in case you opt for a Higher Sum Assured

  • Enhanced Protection : Enhance your protection with Optional Coverage for a complete peace of mind

ENTRY AGE

Minimum

18 Yrs

Maximum

55 Yrs

(As on last birthday)

MATURITY AGE

Minimum

28 Yrs

Maximum

75 Yrs

(As on last birthday)

PREMIUM PAYMENT MODE

  • Yearly
  • Half Yearly
  • Quarterly
  • Monthly

POLICY TERM

10 Yrs – 57 Yrs

ANNUAL PREMIUM

Minimum

₹ 3,060

Cumulative Premium

SUM ASSURED

Minimum

25 Lakhs

Maximum

10 Crore

(In multiple of ₹ 1 lakh)

The sum assured for the secondary life shall not exceed the sum assured for the primary life

TERMINAL ILLNESS COVER
(Available for Primary life and Secondary life)

Equal to Sum Assured

CRITICAL ILLNESS COVER
(Available for Primary life only)

Minimum

₹ 5 Lakhs

(Maximum 20% of Sum Assured
subject to a limit of ₹ 20 lakhs)

ACCIDENTAL DEATH BENEFIT
(Available for Primary life only)

Minimum

₹ 10 Lakhs

(Maximum 100% of Sum Assured
subject to a limit of ₹ 1 Crore)

YOU SHOULD KNOW

What are Joint Life Term Plans?

Joint life term plans are plans where both husband and wife are life assured as well as beneficiaries. While term plans were meant to compensate for the loss of the breadwinner, the increase in double income has resulted in the need for joint term insurance plans. When two people contribute towards the household, loss of one can have a huge financial impact. Joint term plans include a primary life assured, person buying the policy, and secondary life assured, the one getting the life insurance as well. Primary life assured can be the husband or wife.

Benefits of a Joint Life Term Plan

1. Most Joint Life Term Plans provide compensation on death of the life assured to nominee or beneficiaries and continue to cover the life of the secondary life assured.
2. In most plans the surviving life assured is not required to pay premium for the deceased life assured’s life cover.
3. These plans provide a higher life cover at comparatively lower premiums.

Things to consider before buying Joint Life Term Plans

1. Amount of Life Cover & Policy Term –
The effectiveness of your Joint Life Term Plan depends on its ability to cover you for the amount and the period for which you need assistance. Following factors influence this decision

  • Age
  • Retirement plans
  • Present and future financial liabilities
  • Other investments and savings
  • Lifestyle
  • Inflation

2. Payout option –
Most plans offer 3 payout options – Lumpsum, Periodic or a combination of the 2. Your premium amount fluctuates on the basis of the payout option you choose. Pick the option keeping in mind your future needs and your ability to meet them.

Joint Life Term Plans vs Individual Plans

Point of Difference Individual Term Plan Joint Life Term Plan
Death of the life assured
(Provided the policy is in force)
Sum assured is paid to beneficiary and the policy terminates Sum assured is paid to surviving Life Assured, while their share of life cover continues
Death of the couple
(Provided the policy is in force)
Dual payout from 2 separate policies Single payout
Suitable for Young professionals, not necessarily married Married couple

Disclaimer:

  • For more details on the risk factors and the terms and conditions please read the sales brochure and/or sample policy document on our website carefully and/or consult our advisor before concluding the sale

  • Tax benefits are subject to change as per tax laws. Please consult your tax consultant on tax benefits

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