Why Should You Buy Life Insurance Plan after Marriage?

24-June-2021 |

Marriage is that stage of life to get one step ahead in your life by establishing a strong foundation of a new family with new beginnings, terms, and responsibilities. With so much to look after, it is highly essential to secure one’s married life with a sound financial backbone.

 

A sound financial plan requires taking a guaranteed1 return insurance plan so that in case of emergency financial requirements or any eventualities, you or your family has a contingency.

 

Guaranteed1 insurance ensures all the resources that one requires for financial backbone and stability to secure his or her new beginning and responsibilities. A guaranteed1 return life insurance plan is an investment plan that helps one to save in zero-risk avenues with an assurance of fixed and regular returns.

 

This plan would enable newlyweds to benefit from the dual benefits of life insurance and secure investments to achieve their life objectives and responsibilities in the best possible way.

 

Key benefits of a guaranteed1 return insurance plan for the newly married

 

  1. Provides guaranteed returns: A guaranteed1 insurance plan ensures guaranteed returns on the investment that ensures the safety of money. Additionally, it provides the returns with a flexible lump sum, whole life income, and regular income benefits.

  2. Ensures insurance coverage: There are several guaranteed1 returns plans in India that one can opt for post marriage. It ensures and gives the nominee life insurance coverage for securing the upcoming future of their new family and loved ones. 

  3. Complete protection for the family: Guaranteed1 returns plans offer life cover, thereby guaranteeing a death benefit to your family after your demise. This payout helps your family pay back the outstanding liabilities and take care of future financial requirements such as a child’s marriage, their wedding, buying a house, etc.

  4. Cover for your partner: It’s equally important to take life insurance for partners to avoid any kind of difficulty they might face in their future. The individual can opt for the option of joint life in the same particular policy that he or she has taken under the whole life income benefit.

  5. Add on riders# option: The individual can upgrade their plan to enhance the protection of their newly built family by opting for the optional riders#, which can be one of the options for life insurance for newly married couples.

 
How to be sure while opting for the correct guaranteed1 insurance plan for your partner?

 

To protect the family from uncertainties effectively, one has to select sufficient security to meet the present and future financial needs of their family, and for that, the individual should opt for life insurance for partners.

 

The premium should also fit their budget for the requisite lifetime coverage. The policy cover will be void if the premium is not paid, so the individual needs to be sure about what they're choosing.

 

The main key things that one should check before taking the guaranteed1 return insurance plan are as follows:

 

  • Check if the plan offers flexible coverage options such as endowment, regular income, and whole life income benefit.
  • The plan should be flexible to provide for your future objectives with the assurance of guaranteed1 returns on their investments.
  • You must have the freedom to choose any of the options for the up-gradation in terms of the additional riders# to increase the protection offered by their insurance plan.
  • The guaranteed1 insurance plan must provide freedom in case of the payment of the premium - single pay, limited pay and regular pay options. 
  • Flexibility to choose the frequency of payment, such as annual premiums, half-yearly premiums, quarterly premiums or monthly premiums.
  • The guaranteed1 insurance plan should have the option to provide a loan against the policy to take care of emergency financial requirements.
  • The tax* benefits must be available in terms of applicable tax* laws on the guaranteed1 plan.

 

Is life insurance cheaper if you are married?

 

Joint life insurance plans are generally cheaper than two single plans. However, the amount of premium you pay for your life insurance depends on a variety of factors, such as your age, your partner’s age, medical histories, any pre-existing conditions, type of life insurance chosen, the number of riders# opted for and so on.

 

Should I get life insurance for my wife?

 

It’s equally important to safeguard the financial stability of the partners to ensure that they can handle, solve and face the uncertainty if somehow in the future it comes. There are several plans under which one can opt their partners as the nominee in the same insurance plan, or they can opt for joint life insurance for partners with seamless premium payments that will ensure the financial stability of their partners and safeguard their future.

 

Should both husband and wife take term insurance?

 

Yes, both partners should opt for a term insurance plan. The term plan payout can help the surviving partner take care of the financial liabilities and needs. If, unfortunately, both the partners meet their demise, the payout can help the children have a dignified and financially stable future.

 

The couples can opt for either separate term insurance plans or a joint term insurance plan. Each of them equally holds different benefits and premium flexibility. They need to opt for term insurance plans that will go with their budget, and they can cope up with paying the premium on time considering the flexibility.

 

So, the choice between a single or joint term insurance plan depends upon the budget coping flexibility of the couples.

 

Conclusion

 

While choosing out the term guaranteed1 return insurance plans in India for themselves and their partners, one must look out for the premium plans that a policy is offering, maturity benefits, and the key benefits that a policy is offering and afterwards finalise the insurance plan. 

 

The Tata AIA Life Insurance scheme guarantees1 that the returns promised match tomorrow's criteria and cover and protect the partners and their hopes. This strategy would the partner to achieve the long-term aspirations and objectives of the marriage. Additionally, the life cover payout will enable the surviving partner to fulfil responsibilities like a child’s higher education and marriage.

 

Additionally, with the online Tata AIA pay premium option, you can seamlessly buy or renew your policy from the comfort of your home.

 

Tata AIA offers Guaranteed Return Insurance Plan (UIN -110N152V08) a plan that to meets tomorrow's requirements along with protecting your loved ones and dreams as it ensures you of guaranteed returns

 

L&C/Advt/2021/Jun/0992

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Disclaimer
 
  • Insurance cover is available under the product.

  • The products are underwritten by Tata AIA Life Insurance Company Ltd.

  • The plans are not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.

  • For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.

  • This blog is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. The information is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.

  • Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.

  • Every effort is made to ensure that all information contained in this blog is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.

  • 1Guaranteed Returns/Payouts depend on Plan Option, Policy Term, Premium Payment Term and Age at entry

  • #Riders are not mandatory and are available for a nominal extra cost. For more details on the benefits, premiums and exclusions under the riders please refer to the Rider Brochure or contact our Insurance Advisor or visit our nearest branch office.

  •  *Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implications mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.