When both spouses share the household income and expenses, there is indeed a need to insure their lives. Same holds for parents and children or business partners. And if this can be done jointly, there is the benefit of a single premium, among others.
The insurance industry has evolved over the years to cater to the positive changes in the society. One of the most popular offerings of the industry has been the term plan. It is a product designed to cover the primary breadwinner of the family but now we are seeing double income households where both members contribute to the income of the family. Even when one member is not earning, it is crucial to cover the lives of both through a joint life term plan.
What is a joint life term plan?
Just like a term insurance plan, joint policies provide life cover for both partners. A couple opting for joint term plan would not have to buy single individual term policies. This means a single premium amount for the cover of two people. While it’s primarily designed for married couples, business partners can also take it to protect their work. A parent can opt for a plan with child. Such a plan can help in taking care of future expenses of education or living.
“A joint life term plan is most preferred in the event where a married couple is looking at buying a term plan simultaneously. In case of a joint term plan, both the partners are entitled to individual covers, and also avail discount on the overall premium paid for the plan,” says Sameer Joshi, Chief Agency Officer of Bajaj Allianz Life Insurance.
Key features and benefits of joint life term plan
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