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Joint Life Policy- All You Need to Know

Life insurance plans secure your life goals and protect your family from financial stress in case of your death. Term plans, a pure life insurance product have earlier been associated with a single life assured. However, with the change in market and social factors, the necessity to insure multiple individuals under a plan has increased to provide dependents with financial security. 

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These plans are known as Joint Term insurance plans and are most common among married couples. They provide life cover to two persons within a single plan. Let us understand about Joint Life Policy in detail:

What is Joint Life Insurance Policy?

The Joint Life Insurance Plan provides coverage to two individuals (wife and husband) under a single plan. This type of combined term insurance plan will ensure the financial security of the family in case of the death of one of the life assured. The premium amount for Joint Life Policy should be paid in regular time intervals as an individual term plan. In case one of the life assured passes away, the life cover amount is paid to the other life assured. However, the policy expires with the death of one insured spouse.

If the surviving life assured wants to increase the term policy coverage, he/she must buy a new term plan. Also, the plan works on the basis of the first death, which simply means that in the case of unforeseen death of one partner in the policy term, the other one could file a claim for reimbursement.

Types of Joint Life Insurance Plans

A Joint Term insurance policy, also called as couples life insurance is of two types- a joint endowment plan and a joint term insurance plan:

  1. Joint Term Plan

    A joint term insurance plan has features like a regular term insurance plan. In this, you and your partner pay a premium amount for a fixed time period to remain covered in a joint life plan. During this time, you can easily claim the sum assured amount if any one of the partners meets with an unforeseen event. Once the claim is done, the joint-life cover will cease.

  2. Joint Life Endowment Plan

    The joint endowment plan has double benefits of insurance and investment. It is applicable for a fixed time period – usually before the start of retirement. The insurer will pay you some amount i.e., called endowment after the expiration of the policy. This plan works just like a basic endowment policy, with the exemption that the endowment policy will pay the couple when the plan has expired.

    Even in the case of the death of one policyholder, the amount is paid to the surviving policyholder. These plans also provide maturity benefits. And, the premium payment is stopped after the death of one of the policyholders.

Why Should You Buy Joint Life Policy?

Following are the components of a joint term insurance plan that makes it a smart option:

  • Low premium amounts: Joint life policies are economical and have low premium rates. It does not create financial difficulty and secures two persons in a single plan

  • Additional income: Some plans offer the added benefits of regular income to the policyholder (surviving). In case of the death of one of the life assured, the surviving one will be offered a regular income for 60 months. This makes sure the family’s financial security with an added income.

  • Provides financial protection: Specifically, for young couples and nuclear families, it is beneficial to buy this plan to enhance the family’s financial security. In case of any unpredictability, the obligation and liabilities will be taken care of by this plan

Apart from all these points, there are other reasons also to buy a joint life policy:

  • You can receive coverage of 50% of life cover

  • If both partners die in an unforeseen event, the life cover is distributed to the beneficiaries of the policy

  • Some joint plans also provide premium bonuses in case of a primary assured’s death.

Features of Joint Life Policy

Here are the different features of a joint life insurance plan:

  • Provides security: If your partner dies during the policy tenure, you will get the amount.

  • Benefit to Beneficiary: If both partners meet with an unforeseen event, the legal beneficiary would be liable to get this amount

  • Choose as per your preference: After the death of your partner, you can select to get the amount as a regular (monthly income) or as a lump sum, as per your requirements

  • Tax Savings Benefit: You will also get tax benefits on the premium amount paid. Moreover, you can claim a deduction on tax u/s 80C of the ITA, 1961.

Benefits of Joint Life Insurance Policy

Following are the benefits of a joint life insurance policy:

  • Single-Premium: You will receive coverage for 2 individuals in a single premium amount

  • Economical: Compared to individual plans, joint life cover plan premiums are less

  • Less Documentation: The joint-life policy has easy and minimal procedures for documentation

  • Replacement of Income: In case of the policyholder’s death, the nominee can get advantage from the monthly installments offered by the plan, which will help them in setting their budget and offers a constant income source. Being a life assured, you can select the payout type between monthly installment and lump sum, based on the family’s requirements.

Who are Eligible to Get a Joint Life Policy?

Generally, couples consider a joint-life policy as it is cost-effective and helpful in the long run. If one of the policyholders passes away, the surviving partner is eligible for the full life cover amount and he/she is also exempted from paying future premium amounts to keep the policy active.

Additionally, joint life plans are right for married couples and also for business partners. This helps a large number of people to use a life insurance plan to protect their company interests. Parents are also eligible to buy a joint life policy with their kids. The amount from the plan can help provide financial security to the child such as in increasing education costs, medical treatments, etc.

Wrapping It Up!

Life is full of unpredictabilities. Therefore, you should always focus on good financial planning to protect the future of your family in your absence. A joint life policy is the best option for couples as it acts as a cost-effective financial safety net for your spouse in the long run. Compare term plans and select the best plan as per your requirements.

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