Buying a life cover^` for a spouse in the same term insurance plan is more cost-effective than buying individual term plans for both partners. Spouse term insurance combines the benefits of two plans into one and helps you save money.

In the absence of one of the partners, the term plan waives future premium payments for the surviving spouse. This offers some respite to the grieving spouse while ensuring uninterrupted financial protection.

Spouse term insurance provides a comprehensive financial protection to both partners in diverse situations. By adding riders to your base plan at a nominal rate, you can enhance the coverage of your term insurance plan to get additional support in an unforeseen situation like an accident or a medical condition that is covered by the plan.

Term insurance payout not only supports the surviving spouse, but also ensures the financial security of the entire family, especially the children. It can help cover children's education expenses, healthcare needs, and overall well-being. By securing the family's financial future, term insurance provides a safety net that ensures the children's needs are met, even in difficult times.

Both the partners can save money by claiming tax^{^} benefits provided on spouse term insurance. The premiums paid for a term plan can be used to claim a maximum deduction of ₹ 1.5 lakh per annum subject to the conditions prescribed under Section 80C^{^} of The Income Tax Act, 1961. Additionally, the premiums paid for health riders can be claimed as a deduction (₹ 25,000 if under 60 and ₹ 50,000 if over 60 years) subject to the conditions prescribed under Section 80D^{^} of The Income Tax Act, 1961. The death benefit is also exempted subject to the conditions prescribed under Section 10(10D)^{^} of The Income Tax Act, 1961.