What is Joint Life Term Insurance | Joint Life Insurance for Couples/Married

What is Joint Life Term Insurance

Well known by everyone that there are plenty of insurance plans available in the market, but how many know What Is Joint Life Term Insurance? When both husband and wife step together, job together then why to buy separate term insurance. Currently there are so many variants of joint life term insurance policies which have started these types of plans so check the detail of Joint Life Insurance for Couples/Married by scroll down the page.

What is Joint Life Term Insurance

A Joint Life Insurance plan can be either an endowment policy or a basic term plan, which is applicable for couples instead of individual. Life insurance has conventionally been intended to cover the life of the primary breadwinner of a family and under this policy both husband and wife will be propose, a spouse must undergo the medical test and submit the income proof certificate, along with all the mandatory requirements, both husband and wife can apply for Joint Life Insurance.

What Is Joint Life Insurance?

It is a comprehensive protection plan carrying multiple benefits for you and your spouse. In a regular life insurance policy beneficiary is mentioned while in the case of joint plan both partners qualify as owners as well as beneficiaries, if something untoward happens to one individual, the other can avail of the policy.

The main purpose of insurance companies introducing joint life insurance policies for couples is provide the best support to the couples so that in case of any misshapen like first policyholder passes away, your spouse can be capable to manage all the circumstances. To buying a single policy is competitive, alternative to purchase separate policies for couples and it is affordable, so joint account is better option for them.

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Advantages Of Joint Life Term Insurance

  • It is more convenient to manage their life insurance need rather than a single policy.
  • If you purchase a joint life term insurance policy Instead of an individual policy then the premium will get reduced.
  • A few term insurance policies consider the average age of spouse that are beneficial in terms of premium rate consideration.

Disadvantages Of Joint Life Term Insurance 

  • While purchasing this policy is aware because your agent may be sell your life ENDOWMENT PLAN.
  • In case of divorce, it is too typical to eliminate one insured and continue the policy.
  • If the wife stayed away from the job due to any reason then, no insurance required for her.
  • If you don’t payout the complete premium of your policy spouse has to continue without any life insurance.
  • If the both husband and wife death together then in such condition nominee can receive on the sum assured.

Joint Life Term Insurance V/S Separate Term Plans

About Death

Mostly couples choose Joint Life Term Insurance in spite of Separate Term Plan because it is affordable and less expensive than other term plans. To deal with just one set of paperwork also easier.

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One Pay-Out

If you take joint policy then the insurance panels pay-out only one death. That means if a husband and wife both dies in a car accident then the beneficiary get single death-related payment while on the other hand in individual policies if the couples dies in card accident, then beneficiary would be obtain two separate death-related payouts.


In the joint policy if the couples decide to take divorce, they are not eligible to divide-up the policy. That means if one is deny to pay premiums the policy will probably cease unless another partner take the responsibility to pay complete premiums. And this will not happen in individual insurance.

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Companies Offer A Joint Account

Currently, few companies offer such policies along with various features and services. Some of them are listed here;

  • PNB MetLife’s Mera Term Plan
  • Aegon Religare’s iSpouse
  • Bajaj Allianz iSecure

If the spouse dies, some policies provide an expected income for surviving spouse at a fixed period of time, the regular income is big support for your partner. Some joint life plans offer the option of adding a critical illness insurance rider to the base policy; the advantages acknowledged under these policies are appropriate for tax benefits under Section 80C


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