Joint Term
Insurance Plan
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.
Check and compare plans from 21 IRDAI-approved term insurance providers before purchasing a term 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 |
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. If one of the partners, unfortunately, dies the surviving partner gets the sum assured as a death benefit in a combination of lump sum and regular payments for a fixed term. If both the policyholders pass away, the children get the sum assured. Joint term insurance for husband and wife is best suitable for young couples who follow a similar lifestyle, are of almost the same age, and do not wish to invest in two different term insurance policies. Let us have a detailed look at the advantages and disadvantages of joint term life insurance.
Joint term life insurance comes with certain advantages which work best for a couple sharing a single term plan. Let's have a look at some of these advantages.
Along with the benefits, joint term insurance plans also come with some disadvantages attached to them. Let's look at them in detail:
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.
See More Term Insurance Articles
See More Term Insurance Articles
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.
May 1, 2023
I seek help from PolicyX when it comes to purchasing any kind of insurance because they provide me with the best quotes and options for insurance
December 14, 2022
PolicyX has a smooth service from booking policy to verification. Employees are very patient and have good knowledge and help you throughout the process. Had great experience dealing with them
December 9, 2022
I had many confusions regarding the term policies . But Policyx has handled it well, m happy that they are my wayfarer in this journey.
July 11, 2022
Good company. Presents nice term insurance plans and flexible plans also. My husband has brought one for the family.
July 11, 2022
IndiaFirst Term Insurance company ensures that your family s needs are looked after. One of the best companies offers a term plan per your needs.
July 6, 2022
I recently received the claim amount of the policy that my husband had brought for us. I am glad that the company understands the needs of its customers and their families. Well done Canara HSB...
July 6, 2022
I bought a term plan with Canara HSBC for the protection of my family and have been satisfied with the benefits received. It is simple and easy to buy their plans.
July 6, 2022
I am very happy with the term plans offered by the Canara HSBC Life Insurance company. The plans offer comprehensive coverage and I am sure will support my family after my demise.
Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.
