Joint Life Term Insurance Plan – What is It?
Joint life term insurance plan is the new trending topic in the online term insurance policy segment in India. Do you know what is meant by joint life term insurance policy? I think the name itself is telling everything about this new concept of online term insurance in India.
In this article I will share more details about such policies and also share the existing list of joint life term insurance policy available in current market.
Joint Life Term Insurance Policy Highlights
So far we have heard about online term insurance plans and there benefits. We have also read why is insurance important to everyone. But all such things were possible for a single person perspective only. Means, as a couple if you want to secure both of your lives, then you have to buy 2 term plans.
Here comes the concept of joint life term insurance policy. That means one term insurance plan can cover the life of both. Let’s find out in detail explaining few scenarios below.
1) If any of the spouse dies, then the survival person will get 50% of the sum assured and life cover will continue for rest of term for the other partner.
2) In case both partners die, then the nominee will get the assured sum value.
3) If both survive till maturity, then there will be no maturity value as per typical term plan rules.
These are just few basic & simplest scenarios. But in real-time there might be more calculations for payout on death, on maturity and other special cases. It is better to check out the individual policy documents, but this is what in simple language joint life term insurance plan is.
What are the Joint Life Term Insurance Policies India?
So far couple of insurance companies in India have started providing joint life term insurance plans. Few of such policies are:
You can click on each link and find out more information about these policies online. As the concept of joint life term insurance plan is new, there could be many advantages and disadvantages of doing a joint life term insurance policy. Read complete policy details properly and understand your insurance need, then only go for a single or joint term plan online.