Joint Life Policy Good for Better Future Planners

There is no much difference between the Joint life policies and endowment policies, both provides maturity benefits to the insured. But, these insurance products are categorized separately as it protects two lives together thus serving a very special benefit in some cases, for partners in a business firm or for a married couple. Since, it is designed for two individuals, the risk factor & the claiming possibility both are higher.

Under this insurance, the sum assured is payable on the first death and again on the death of the survivor during the policy term. In fact, vested bonuses would be paid besides the sum assured after the survivor’s demise.

In case, one or both lives to the maturity date, the sum assured & the vested bonuses are payable on the maturity date. The payable premium cease on the expiry of the selected term or on the 1st death, whichever happens first.

It offers dual-purpose income and risk protection especially for couples, belonging to every class of income and society. After the death of first insured, premium payment stops, but bonuses are continue to accrue on the basis of Sum Assured till the death of second insured or at maturity date.

Affordability is the main reason why married couples prefer to buy this policy. Instead of purchasing two separate policies, this one cuts the cost of insuring two people. Do not underestimate the option of reasonable payment and the ratio of cost to quality is also impressive.

It can be renewed when the agreed upon term is over. For young couples, it is the best way to start their life together.

But, the major drawback of this policy is that if a relationship fails, then the insurer would not be able to separate it into two single policies. If one claims against a joint policy, then the remaining life would be left in absence of life cover and buying another life insurance can be expensive. If one of the insured persons decides not to pay their share of premium, the policy may lapse.

Still, it is a good scheme for married couples or professionals as it offers financial security for both the lives. If you are not single and searching for the best value for you & your dear ones, then this product surely fulfills your requirement.

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