Securing each other...
We all start planning for our future by first securing our loved ones. Whether you have children or not the need for security remains to ensure peace of mind and quality living.
Understanding these needs, we at Shriram Life present the Shriram Life My Spouse Term Plan UIN: 128N085V01, a traditional, non-linked and non-participating term plan carefully designed to suit your requirement of comprehensive cover at affordable premiums. With this product, you and your spouse can ensure that your family is covered if something were to happen to either or both of you.
Premium starts at ₹ 7,343 p.a. for ₹ 1 Crore Cover*
Lower premium rates for women
Provides life cover up to the age of 75 years
Lower premium for higher Sum Assured
Preferential premium rates reward for healthy lifestyle
Enhanced protection with Optional Coverage
10 Yrs – 57 Yrs
₹ 25 Lakhs
₹ 10 Crore
Equal to Sum Assured
₹ 5 Lakhs
₹ 10 Lakhs
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.
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.
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
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.
|Point of Difference||Individual Term Plan||Joint Life Term Plan|
|Death of the life assured||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||Dual payout from 2 separate policies||Single payout|
|Suitable for||Young professionals, not necessarily married||Married couple|
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
* Terms and Conditions Apply