Marriage, in our culture, is a holy bond ordained in heaven. The commitment of the two partners in marriage is deep and lifelong. However, life is unpredictable and full of uncertainties. Therefore, securing the spouse’s financial future is of paramount importance to everyone.

Death and disability are two of the most devastating uncertainties of life. They can shatter the smooth sailing life of the couple and can expose your beloved spouse to untold financial misery. You must protect your spouse from the grievous financial hardships that such calamities can cause. Though the emotional distress cannot be easily alleviated, financial security can help your spouse to cope with the unsettling effects of such calamities.

Not everyone is born rich and it takes a long time to accumulate enough wealth to provide financial security to your spouse. Insurance companies step in to provide the needed financial security outright in lieu of payment of a modest premium every year. A term life insurance plan for spouse is the simplest and most economical plan to provide your spouse the needed financial security straight away without exposing him/her to financial risks.

The Benefits of Term Life Insurance

• A term plan, being a pure insurance cover, is the most economical plan.
• You can opt for a large sum assured at a much lower cost.
• You can avail of the accidental death benefit rider by paying an additional premium amount. In case of death due to an accident, the beneficiary is paid a lump sum amount in addition to the death benefit.
• Several insurance providers charge lower premiums to females and to non-tobacco users.
• You can use the insurance company’s online portal to buy an online term insurance plan in a quick, easy and a transparent manner.
• In case of total and permanent disability (TPD) and stoppage of all income, the payment of future basic premiums by the insured will be waived and the policy will continue till maturity. TPD constitutes the loss of physical or mental ability due to sickness or injury to such an extent that the insured person becomes incapable of being gainfully employed. For persons beyond 60 years of age (considered as retirement age), TPD constitutes the inability to perform activities of personal care such as eating, bathing and moving around the home. In case of Kotak Preferred e-Term plan, this rider is inbuilt into the plan and is available at no additional cost.
• Tax benefits are available under sections 80C and 10(10D) of the Income Tax Act, 1961 subject to stipulated conditions.
• The ratio of claims being honoured is usually high in term plans.
• The payout modes are flexible to suit your convenience.

In view of the above, the first thing that you should do upon getting married is buy a term life insurance to secure your spouse’s future.