Better Half Benefit is an additional benefit that provides cover for the Spouse of the Life insured only after the death of the Life Insured. This benefit gets triggered on the death of the Life Insured.

 

It can be selected only at the policy inception, if you are married, your Spouse is not elder/younger than you by more than 10 years and provided that the policy is accepted at standard rates at policy issuance. Only one Spouse will be covered under this benefit.

 

The coverage term for this Additional Benefit will be equal to lower of the Policy Term or (85 less Entry Age of the Spouse) or (85 less Entry Age of the Life Insured). The Additional Premium towards Better Half Benefit will be payable only during the applicable coverage term of the benefit as defined above or till the spouse's attained age of 75 years, whichever is earlier.

 

In case of death of the Life Insured before the maturity date while the policy is in-force, death benefit is payable. In addition, if your spouse is alive and has not attained age of 75 years, following benefits will be applicable:

 

● Life cover will commence on the life of your spouse with Better Half Benefit sum assured and will continue for the remaining policy term or till the period your Spouse attains age 85 years (age last birthday) or till the period you would have attained age 85 years (age last birthday), whichever is lower. ‘Better Half Benefit’ Sum Assured is 50% of the Base Sum Assured, subject to maximum of Rs. 1 crore. On death of the Spouse during this period, ‘Better Half Benefit’ Sum Assured is payable. This benefit will be paid as per the Death Benefit Payment mode selected by you.

 

● No more future premiums will be required to be paid.
Once selected, you cannot opt out of this benefit. As Better Half Benefit is available on the life of the spouse after your death, if the spouse dies before your death, this benefit will not be available. The ‘Better Half Benefit’ Sum Assured will remain same throughout the coverage term for the Better Half Benefit, irrespective of the Plan Option chosen and other Additional Benefits opted in the policy.

Under this Additional Benefit, you have an option to increase your life cover by choosing an Additional Sum Assured (10% to 100% of Base Sum Assured, in multiples of 10%). This option has to be selected only at the inception of the policy and only if you have a child between age 0 year to 18 years (age last birthday). The additional life cover under Child’s Future Protect Benefit will be available only during the Child’s Future Protect Benefit Coverage Term, which is equal to ’25 minus Child’s Age (age last birthday) at the inception of the Policy’.

 

After the Child’s Future Protect Benefit Coverage Term has expired, cover for Base Sum Assured and other Additional Benefit, if opted will continue for the remaining Policy Term.

Payout options for the Death Benefit need to be decided during the inception of the plan. The payout is available in three modes, as follows:

 

● Lumpsum - Entire payout available in one go

● Monthly Income - A percentage of Death Benefit will be payable every month for the fixed number of months

● Lumpsum plus Monthly Income - Some portion of the payout is received at once; the rest is dispensed in the form of regular installments.

● Min Base Sum assured# (in Rs.) - 50,00,000

● Min Sum Assured for Better Half Benefit (in Rs.) - 25,00,000

● Max Sum Assured for Better Half Benefit (in Rs.) - 1,00,00,000

● Min Sum Assured for Child’s Future Protect Benefit - 10% of base sum assured

 

For maximum sum assured, there is no upper limit on the base sum assured, as it is subject to Board Approved Underwriting Policy.

The minimum age of your spouse should be 18 years, and maximum is 65 years, to avail the Better Half Benefit option.

For 5 Pay, 7 Pay and Regular Pay options, the minimum policy term is 10 years. For 10 Pay, 15 Pay and 20 Pay, it is 15, 20 and 25 respectively. The maximum policy term is 100 years less age at entry, for any plan option selected.

For all plan variants, the minimum Annual premium amount is Rs. 3,000. For the Semi - Annual payment, the minimum premium amount is Rs. 1,250. The minimum Quarterly premium payment is Rs. 1,250 and the same for Monthly premium is Rs. 300. 

 

Max Premium has no limit and is subjected to board approved underwriting policy

The minimum maturity age is 23 years for Life Cover option.
In case you have chosen the Return of Premium Option, the minimum maturity age for your plan to mature, will be 28 years. The maximum maturity age for all plan variants is 100 years. All these ages are as per last birthday.

Minimum Age - Similar to any other term insurance plans the minimum age to avail this policy as life insured and spouse is 18 years and for a child it remains 0 years.

 

Maximum Age - The maximum age at which you can avail it depends on the type of benefits you are opting for. Thus, the maximum age at which you can get this policy is as follows:

 

For Life Cover Option:
PPT – 5/7/10/15/20** - 65 years

PPT – ‘To Age 60’ - 50 Years

PPT – Regular Pay (RP) - 55 years

 

For Return of Premium Option:
PPT – 5/7/10/15/20** - 60 years

PPT – ‘To Age 60’ - 50 Years

PPT – RP - 50 years

 

For Child: 18 Years

For Life Insured if Child’s Future Protect Benefit Opted: 50 Years

In case you have opted for Better Half Benefit, the following exclusions are applicable:

 

● In the event of the occurrence of simultaneous death of the life insured and spouse or death of the spouse arising directly or indirectly due to the same event which caused the death of the life insured.

 

● Post death of the Life Insured, in case of death of Spouse due to suicide within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, as applicable, the nominee or beneficiary shall be entitled to at least 80% of the total of ‘Better Half Benefit’ premiums paid till the date of death, provided the policy is in force.

 

● Better Half Benefit will not be payable if spouse dies before the Life Insured.

You have a freelook period of 30 days from the date of the receipt of the policy document for the policy issued after 1st April, 2024 and processing TAT for same is 7 days.