Joint Term Insurance Plans: A Better Option For Working Couples

Nuclear families and working couples is now the new phenomenon in most of the Indian metros today. In traditional patriarchal Indian families where the male member used to be only bread earner in the family and the rest of the family used to depend on him the insurance needs where quite different. Even if we want to look at it specifically from the term insurance perspective the planning one used to follow was also quite different.

The need for joint working couples involved in the Indian cities is mainly because of rising cost of living and education of children and also because of rising aspirations for better life. This lead to the concept of insurers offering joint term insurance plans. Previously term plans where mainly meant for individuals but with the change in context the concept of joint term plans have started evolving. In the context of joint term plans there two types of options which are now available today, which are:

  1. First death option: In this case the 2nd spouse is paid the total sum assured in case of the death of the first one and the policy ceases to exist
  2. Death of each life: In this case the 2nd spouse is paid only a part of the sum assured in case of death of the first one but the policy stays active with a reduced premium similar to an individual term of the second spouse.

Read Related Article- HDFC Online Term Policy: HDFC Click 2 Protect


The key benefits to look into are:

  1. Though the cost benefits are not much considering the cost of two individual plans but the small savings can always to long term benefits.
  2. Tax benefits that accrue in a joint plan are exactly similar to an individual plan. Both tax exemption under Section 80C and benefits the nominee gets in terms of a tax free claim under Section 10(10D) is also similar.
  3. The Joint plan is comparatively less complex in managing your insurance portfolio. You don’t need to furnish different documents at different times so the KYC process is not that cumbersome. Other than no remembering of different renewal dates for different policies.
  4. Joint plans also come with the advantage of premium waiver riders also. Though only few insurers provide this rider but it is always an additional advantage. In case of waiver rider if one of the spouse dies other needn’t have to pay the premium to continue to plan, he or she can still enjoy the benefits of the plan for the remaining plan. Though this option is only available in case of Death of each life option but still it is a boon for the policyholder.

Though the joint plans have their own benefits when compared to individual plans but while buying one you should properly evaluate the requirement as you would have considered in case of individual plans for each member. Other than that one should also consider factors like sum assured amount, premium, additional benefits, the policy term, surrender values and claim settlement ratio of the insurer before selecting any specific plan. As in case of individual term plan, joint plans also have their online versions which are always cheaper than their offline alternatives so once you decide upon your plan you should try using online platform of buy one. The online platforms like can also help you do a fair comparison between two different plans in a much better way.

joint term insurance plan, joint term insurance India, joint term insurance, joint term life insurance, joint life insurance term plan, joint term insurance policy India, My Insurance Bazaar

My Insurance Bazaar: The Need Joint Term Insurance Plans online in India because working couples is now the new phenomenon in most of the Indian metros today In traditional patriarchal Indian families