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:
Cost Saving
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.
Income Replacement
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.
Tax Benefits
The customer can claim the premiums of the policy as tax deductions under Section 80C of the income tax act of 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 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
| Company | 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.
Online Mode
Offline Mode
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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November 22, 2021
Dinesh Chopra
DelhiNovember 17, 2021
Ramakant dubey
HyderabadBahut achi company hai, mai bht khush hu iske plan leke. premium bhi kafi kam hai. customer care team bhi kafi achi hai aur bht ache se plan ko samjhati hai.
November 17, 2021
Sakhu Wati
KanpurVery reliable company. I have bought PNB Metlife insurance, and I believe that this company will help me in my hard times.
November 12, 2021
Veena Gehlot
PuneHI, my name is Veena Gehlot. I am a widow and have 2 children. After my husband s death, Life was very difficult both emotionally and financially. Thanks to my husband s Exide Term Insurance policy, I am able to fulfil my children s education. Thankyou Exide Life Insurance.
October 29, 2021
Anayesha Siddqui
HyderabadVery good customer support from IDBI Team. I got the Death Befit of my husband s term insurance policy. With this money, I will fulfil my family s dreams.
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