If you are a sole earning member of the family, buying a Term Insurance Policy is an excellent way to protect your loved ones in any unfortunate event. If you and your spouse both are working, then the financial security of your family is dependent on both of you. Buying separate Term Insurance Plans can help you in the future, but it will not be a cost-effective option. A Joint Term Plan will be the best insurance plan for your family in this situation.
You and your spouse can get the benefit of joint term insurance under a single policy. There are no maturity benefits under the joint term plan. If both the policyholder does not survive the policy term then the death benefits will be paid by the insurer to the nominee.
Usually, married couples purchase a Joint Term Insurance policy. It also permits parents and their children to have a joint term insurance plan.
There are various benefits of a Joint Term Insurance plan. Given below are some of the many benefits of a Joint insurance plan:
It is one of the most important benefits of Joint Term Insurance Plans. Buying two Term Insurance plans to cover two individuals can put more financial burden. A Joint Term Insurance Policy can be more cost-saving for any individual because it reduces the amount of premium to be paid each year.
Some joint term insurance policies offer a specified amount as regular monthly payments along with the sum assured as a death benefit. These monthly benefits are intended to replace the regular income.
The following points will assist you in getting a better understanding of how this type of insurance works.
Joint Term Insurance Plan is different from Regular Term Insurance Plan in many ways, as explained here.
Some Companies that provides Joint Term Insurance Plan
|ICICI||ICICI iProtect Smart - Joint Life|
|Edelweiss||Edelweiss Zindagi Plus|
|PNB||PNB MetLife Mera Term Plan Plus|
You can buy a Joint Term Insurance Plan through an online and offline medium, both these buying processes are briefly explained below.
To buy a Joint Term Insurance Policy offline, you need to visit the nearest branch of your chosen insurance company along with your spouse and fill out the needed documents. Also, you need to submit the KYC documents to the insurance company.
Now that you know how to apply for a Joint term insurance plan, all you have to do is buy one to protect your family. Now, you can also buy your Joint Term Policy through an online medium with no difficulties and If you want to keep receiving the benefits from your joint term insurance policy, make sure you pay all of your premiums on time.
Written By : Naval Goel
Last Updated : October, 2021
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