A joint term insurance plan can be bought by two partners together by paying pre ...Read More
11+ Years
IRDAI Approved
5M+
Quotes Generated
100K+
Happy Customers
PolicyX is one of India's leading digital insurance platform
11+ Years
IRDAI Approved
5M+
Quotes Generated
100K+
Happy Customers
PolicyX is one of India's leading digital insurance platform
PolicyX Exclusive Benefits
No Spam
No Gimmicks
Personalised
Insurance Advice
24×7
Claim Assistance
A joint term insurance plan can be bought by two partners together by paying premiums of a single policy. It is a cheaper way to get term insurance for two individuals. If one of the policyholders passes away, the death benefit is given to the surviving partner and the policy terminates.
It is not limited to joint term insurance plan for husband and wife. Any two people can purchase the policy, such as a parent and a child. The premiums are paid at a regular interval as chosen at the inception of the plan.
We have provided an illustration to understand how a joint life plan works.
| Insurance Company | Entry Age Limit | Max Coverage Age | Medical Test Requirement | Sum Assured Range |
| TATA AIA SRS Vitality Protect | 18 to 65 years | 99 years | Yes | Rs 50 lakhs |
Basically, there are two types of joint term insurance policies that we can choose from. Understanding both these types is important.
This type of joint life insurance provides benefits on death of either of the spouse covered under the plan. This plan provides financial safety to the surviving partner so that they can live a comfortable lifestyle.
This policy provides benefits to the nominee on the death of both the policyholders. Generally, the major goal of buying a survivorship life insurance is to protect assets or create wealth for the heirs.
We have provided a list of top joint life term insurance plans that you can consider buying in 2026.
Insurance Providers | Best Term Plans | Claim Settlement Ratio (CSR) | Entry Age | Maturity Age | Check Plans |
| ICICI Prudential Life Insurance | ICICI Prudential iProtect Smart - Joint Life | 99.30% | 18 to 65 years | 99 years | |
| PNB MetLife Insurance | PNB MetLife Mera Term Plan Plus | 99.2% | 18 to 65 years | 99 years | |
| Axis Max Life Insurance | Axis Max - Smart Secure Plus - Life Cover | 99.70% | 18 to 65 years | 85 years | |
| Edelweiss Tokio Life Insurance | Edelweiss Zindagi Plus | 99.2% | 18 to 65 years | 99 years |
The following are the benefits of a joint term plan:
It is cheaper to pay the premiums of a single-term insurance plan rather than paying for two. Therefore, a joint term plan is a cost-effective way to ensure the lives of two people at the price of one.
Some joint-term insurance policies offer a specified amount as regular monthly payments after the demise of the first policyholder and a death benefit to the nominees after the demise of the second policyholder. These monthly benefits are intended to replace the regular income.
The customer can claim the policy premiums as tax deductions under Section 80 (C) of the Income Tax Act 1961. Death benefits are tax-free under section 10(10D) of the Income Tax Act.
The following points will assist you in getting a better understanding of how joint life term insurance works.
Joint term insurance plans and regular term plans operate differently from each other. To learn more about the difference between joint term insurance plans and regular term plans, check out the pointers below-
Some Companies that Provide Joint Term Insurance Plan
| Company | Plan |
| ICIC Prudential Life Insurance | ICICI iProtect Smart - Joint Life |
| Edelweiss Life Insurance | Edelweiss Zindagi Plus |
| PNB MetLife Insurance | PNB MetLife Mera Term Plan Plus |
Since women started to join the workforce proactively, policies like joint-term insurance started to come into the picture. A joint term policy consists of both partners in one policy, providing a protection net.
Advantages of Joint Term Life Insurance:
Disadvantages of Joint Term Life Insurance:
Generally, a joint life policy is designed for couples and offers cost-effective protection in the long term. When either of the spouses dies, apart from the life cover, the surviving spouse is also free from paying the remaining premiums to keep the joint life insurance.
Aside from couples, it is also beneficial for business partners. It allows business partners to use a policy to secure their organization’s interests.
Even parents can also use joint life insurance with their kids to secure the life of the child once both policyholders have passed away. The life cover can be used to protect the financial security of the child, like the costs of education, medical treatments, and regular expenses.
Certain factors must be considered before buying the best joint term insurance plan. Let’s understand these factors in detail.
You can buy a joint term insurance policy through an online or offline medium. Both of these buying processes are briefly explained below.
Online Mode
Offline Mode
To buy a joint term insurance policy offline, you must visit the nearest branch of your chosen insurance company 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, you must buy one to protect your family. Now, you can also buy your joint term policy through an online medium with no difficulties. If you want to keep receiving the benefits from your joint term insurance policy, pay all your premiums on time.
If you are confused about which joint term life insurance policy is best, you can visit PolicyX.com or call us at 1800-420-0269 or visit PolicyX.com. We offer No Spam, No Gimmicks and Only Expert Insurance Advice.
Consult for Personalized Insurance Advice
Schedule a call with India’s number 1 trusted advisor with a 4.5+ rating on Google. We are not your average insurance agents. Our advisors are experts in their insurance knowledge and will give you the right information at the right time. The service is free of cost! Don’t worry, we won’t spam as we value your time.
If you as a couple need similar kinds of coverage, have similar lifestyle patterns, and have very little age difference then you can opt for a joint term plan which will save you from paying for two different term plans.
Since it covers two policyholders and if you add some riders for extra protection and choose a high sum assured then the policy might get a little expensive.
No, only a single death benefit is given in the case of joint term life insurance.
The children chosen as the nominees will get the entire lump sum of the sum assured if both the policyholders die.
You can change your joint term insurance policy into a single term insurance policy.
There are various disadvantages of buying a joint term insurance including expensive premiums, single death payout, etc.
No, joint life term insurance plans are not only for married couples. They can also be taken by parents co-owning a policy with their child and business partners.
Joint life term insurance covers two people under one single policy, providing cost-savings, premium waiver, simplified management, tax benefits, income and child protection, non-earning spouse coverage, and streamlined underwriting.
If both policyholders die, beneficiaries get the full sum assured.
A joint term insurance plan covers two individuals, generally spouses, under one policy. It pays a death benefit on first or both deaths, depending on plan type.
Couples should go for coverage equal to 10 to 15 times annual income, plus liabilities, future expenses like children’s education, and daily living costs for the surviving partner.
You need address proof, age proof, identity proof, income documents, medical reports if required, passport-size photographs, and a completed proposal form for both applicants while purchasing the policy.
See More Term Insurance Articles
See MoreTerm Insurance Articles
ChatGPT
Claude
Perplexity
147-1768458844.png)
2862-1768461875.png)
4573-17437572564599-1745910534.png){kind=logo}
