Getting married can be a beautiful feeling as it welcomes the beginning of a new chapter where two people come together to partake in each others happiness and sadness and be the support system for each other. As the couple work together to bring their dreams to life, a tool is required so that their goals can become a reality irrespective of whether one of the partners is around or not. As families in India are becoming smaller and both husband and wife more career oriented, a joint life insurance is a must which should be availed by the couple to ensure that nothing comes between their goals and no situation can stop them from achieving them.
A joint life insurance policy provides various benefits to a couple, some of the benefits offered by them are:
Any couple can take a joint life insurance policy. This policy is ideal for those couple, where one of them is a homemaker or is in a low income job. The best time to take a plan is when both the individuals are in their 20s or 30s.
Joint life insurance policies are very much similar to a normal life insurance except that the former will have two persons becoming a part of the policy .i.e. ‘Principal Life Assured’ and ‘Spouse Life Assured’. One of the persons will become the principal life assured and will decide the sum assured and premiums they will pay.
Incase the principal life assured dies due to any unfortunate event, the sum assured will be paid to the spouse life assured and vice versa. In short, these kind of policies allow a couple to be both the owner and the beneficiary as well. A joint insurance policy ensures that one of the partners does not suffer financially incase the other individual is no more.
A couple can opt for a seperate insurance policy of their own, but it is highly recommended that they do go for a joint life insurance plan. It is also relatively cheaper as compared to single life insurance policies which allows the couple to plan for their future.
Incase of death of one of the partners, the other person gets the sum assured. Various companies provides waivers and discounts on future premiums payable in the event of the insured’s death which takes off a huge financial burden off the other person’s shoulder.
As mentioned earlier, a joint life insurance is very much ideal if one of the person is in a low income job or is a homemaker.
Some of the joint insurance policies which are offered in India are:
This is a ULIP based plan. Some of the benefits which a couple can enjoy are given below
It is a unit linked plan which not only provides cover but also allows the Principle Life Assured to choose the sum assured he/she wants for himself/herself and his/her partner depending on the mode of premium payment and the premium amount he/she will pay. Some of the other benefits which a couple can enjoy are given below:
It is a joint non-linked endowment plan which not only provides cover to the couple availing this plan but also saves money which would help them in future. Some of the other benefits a couple can enjoy are given below:
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