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Any individual who has started earning and has immediate dependents should consider buying a term insurance plan. Term insurance will secure you and the family from any unpredictability that might occur at any point in time. In simple, term insurance in place will shield the financial future of the family. In case the policyholder passes away, the term insurance will take care of the family’s requirements.
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Note: Know more about what is term insurance first before reading this article.
There are several other advantages of buying a term insurance plan online.
In case you are married, then buying a joint term insurance plan should be considered as these days it remains a preferred choice. It not only permits to share the premium sum but moreover provides life coverage to both the partners that are covered within the joint term insurance plan.
Now, let us get into the details of buying the joint term insurance plan one by one and then accordingly make the decision.
Primarily,
Term Plans
Once you pay the premium sum, a joint term insurance plan offers a life cover to the insured and the spouse within the single plan. A joint term insurance plan does not offer any maturity benefits. Therefore, once the policy expires, the insured and the spouse receive no maturity benefits. On the contrary, you or your spouse is not able to survive the policy period, and then the death benefit will be paid out by the insurance company.
This type of term insurance plan for newly couples should duly be included in financial planning. A joint term insurance plan remains opulent amongst the couples who are married. Moreover, this is just not limited to people who are married.
A joint insurance policy also permits business associates and let them enjoy the advantage of a joint life cover. Furthermore, even the parents are permitted to hold the joint term insurance policy with their respective children.
A joint term insurance plan should be bought when you have any liabilities such as a home loan, and so forth. It will secure the family against the demise and disability of the earning family members and the financial burden will not be increased.
Joint term plans for the newlyweds should be duly considered and bought as well to secure the future in case of adversity that may happen in the future. Prevention is always better than cure.
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There are many benefits to buying a joint term insurance plan. Listed below are some of the many advantages that this term plan offers:
This is the key advantage of buying a joint term insurance plan. With a single policy, two individuals can be covered, which reduces the financial burden of buying two separate term insurance plans and paying the premiums. Joint term insurance can easily reduce the sum of premium that is to be paid each year and that helps to save money in the long-run perspective.
A specific joint term insurance plan provides a fixed sum as constant monthly payments including the sum assured that is the death benefit. These regular payments are designed to take place of the income, which is regular that the insured partner could have enjoyed if not for the demise of the spouse.
The joint term insurance premiums can be claimed within Section 80C of the Income Tax Act as tax deductions. Moreover, under Section 10(10D) the death benefit obtains a tax exemption. It is to be noted that these are subject to change in the existing tax laws that are amended at a regular point in time. With such segments, one can easily reduce the liability for the tax and enjoy the life cover inclusively.
Note: The tax benefits are subject to change as per the existing laws.
Let us understand the certain aspects of the difference between joint term insurance and regular term insurance below:
If you are looking forward to having a cover for self and spouse then going with a term insurance plan you would need to go for two different individual term plan with various term and conditions that will be different. With a joint term insurance plan, with a single policy contract with equivalent terms and conditions, the life cover will be offered to both partners.
This is one of the key differentiating factors between these two plans. With a regular term life insurance plan, the life cover is only for one policyholder whereas with a joint term insurance plan. It supports two people by providing them with two covers for life.
In the case of a regular term plan, the sum assured will be to the legal heir or nominee. In the case of a joint term insurance plan, the same will be paid to the surviving partner who is insured. The legal heir or the nominee will obtain the death benefit when both the policyholders have passed away.
Listed below are some pointers to make you understand the working of a joint term insurance cover:
For example, Mr Sharma bought a joint term insurance plan along with his spouse. Now, this spouse is the insured partner. As per the plan, Mr Sharma is eligible for the death benefit sum assured sum of let’s just say Rs 20 lakh. And the spouse is eligible for a sum assured of Rs 10 lakh.
Now, in the event where Mr Sharma passes away, the spouse will obtain the complete sum assured of Rs 20 lakh. On the other hand, in case the spouse passes away, Mr Sharma will receive the sum assured as compensation of Rs 10 lakh. In case both Mr Sharma and his spouse demises at the same point in time, the nominee or the legal heir will obtain Rs 30 lakh.
Anyone who wishes to buy a joint term insurance plan can buy it either offline or online. Listed below is the process of buying the term plan in either of the modes:
If you wish to buy a joint term insurance plan taking the offline route, you need to visit the nearby branch of the branch you prefer of the respective insurance provider. Visit the branch with your spouse/partner and fill out the application form and provide all the correct information. Before you purchase the joint term insurance plan, you will be required to submit the documents for the KYC process so carry the essential documents accordingly.
The following are the steps to be followed to buy the joint term insurance plan online:
As you have all the details in regards to the joint term insurance plan, do not overlook or neglect this plan. Invest in the best joint term insurance plan for the newly married couple and protect your loved one.
Make the entire joint term insurance premium on time and enjoy the advantages and benefits offered within the plan.
Note: You should also check the term insurance benefits if you are planning to purchase the term insurance plan.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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