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I am Married. Should I Consider Buying Joint Term Insurance Plan?

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.


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What is Joint Term Life Insurance?

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.

When Should You Buy a Joint Term Insurance Plan?

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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What are the Advantages of Buying A Joint Term Insurance Plan?

There are many benefits to buying a joint term insurance plan. Listed below are some of the many advantages that this term plan offers:

  1. Saves Money

    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.

  2. Income Replacement

     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.

  3. Tax Benefits

    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. 

Is a Joint Term Insurance Plan Different From the Regular Term Insurance Plan?

Let us understand the certain aspects of the difference between joint term insurance and regular term insurance below:

  1. The Nature of the Plan

     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.

  2. Number of Policyholders

    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.

  3. Death Benefit Pay-outs

    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.

Understanding the Joint Term Insurance Cover

Listed below are some pointers to make you understand the working of a joint term insurance cover:

  • It works primarily upon the principle of the first death basis, which implies that any of the two insured people demises during the policy term, then the insured who is surviving will obtain the pay-out in a lump sum as a death benefit.
  • In case both the insured passes away under any unfortunate circumstance, the beneficiary or the heirs of them legally will obtain the sum assured as death benefits.
  • The joint term life insurance plans accessible in the market offers the spouse a cover that is up to 50 per cent of the sum assured upon the demise of the insured that is primary.

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.

How to Buy a Joint Term Insurance Plan?

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:

  1. Offline Mode

    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.

  2. Online Mode

    The following are the steps to be followed to buy the joint term insurance plan online:

    • You need to visit the nearest branch or the branch that you prefer the most, which offer this plan.
    • Opt for the desired term insurance product from the list given to you.
    • Next, give a thorough read to all the terms and conditions of the different plans. Once finished reading opts for the plan that fulfils your requirements and needs.
    • Before you zero down the plan, make sure that you have read the plan thoroughly and taken an in-depth understanding of the same. Use a term insurance calculator online to have an estimate of the joint term insurance premium. You can find such a calculator on the website of the insurance company.
    • Now, that you are clear with the terms and premium sum you need to fill the application form. Provide all the information correctly along with the details of the partner. Likewise, you will be required to complete the process of the KYC.
    • When you have applied, you will need to make your first joint term insurance premium.
    • After the payment is done, the policy will be mailed to you after the guideline of underwriting has been met. Likewise, you will also obtain a soft copy of the joint term insurance document.

The Bottom Line

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.

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