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Individual Term Insurance V/s Joint Life Term Insurance

Though not very common in the life insurance industry, joint life insurance policies are offered by some insurers in the market. These policies are often preferred by couples who wish to get coverage for both of them within the same policy.
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About Joint Life Term Insurance

Term insurance planshave been around for many years, and offer pure risk protection at very affordable costs. However, as years have passed, more and more women have joined the workforce. As a result of which, it is common to find nuclear households where both spouses work to financially provide for the family. With this change in family income dynamics, it has become essential that due importance be given to both earning members in the family, especially the woman. Taking a hint from this changing trend, insurers have introduced a unique term life insurance product which covers a both partners jointly under a single term insurance policy. These policies are known as joint life term insurance policies and are offered by many insurers in India. The basic premise of a joint life term insurance policy is that the policy covers a couple as a whole under a single plan, and on the death of either spouse, the plan provides a sum insured payout to the surviving spouse.

Features/Benefits of Joint Life Term Insurance Plans

  • Claim Payout Options – Joint life term policies offer a number of claim payout options to policyholders. For instance, some joint term policies make claim payouts on the first claim basis wherein the complete sum assured is paid to the surviving beneficiary in case of the death of one of the policyholder, following which the policy ceases to provide cover. Another option that can be chosen is to receive a certain amount of the sum assured on the death of each insured policyholder.
  • More economical - Joint life term insurance policies are often more cost effective compared to the premium cost involved in the purchase of two individual term insurance policies.
  • Easier to maintain – When it comes to insurance, it can often be difficult for one to keep track of premium payments. That hassle is doubled if a couple has two separate term plans. A joint term plan, on the other hand, helps eliminate this hassle, as it is a single plan which covers both individuals. Therefore, the hassle of maintaining two individual policies is eliminated here. Also, both partners can manage the account, which makes it easier to make premium payments on time.
  • Tax benefits – Just like any other life insurance plan, joint life term insurance plans also offer attractive tax benefits to policyholders on the premiums which they pay towards the plan. Also, the benefits received under the plan are also tax-free under the provisions of the Income Tax Act of 1961.
  • Additional benefits – Besides the above benefits, joint plan also provide other options in term of the claim payout. Under some joint term policies, the surviving spouse is eligible to receive a regular income for a specified duration, in addition to the sum assured death benefit which is paid on the demise of one of the insured partner. Some joint life term plans offer an additional amount of benefit, if one of the insured has passed away following an accident.
  • Riders available - Furthermore, certain joint term plans which have been introduced lately offer a number of additional benefits such as a built-in accidental death benefit (if death has occurred due to an accident), or a terminal illness benefit (where the one of the insured has been diagnosed with a life-threatening medical condition).

How Do Joint Life Term Plans Work

A joint term life insurance policy works similar to a regular term life policy. However, here, a single plan provides cover to two individuals, instead of just one. The premium paid towards coverage provided to the 2 people is combines as one. The coverage term for the policy is fixed, and premium payment is usually throughout the tenure of the policy. In case either of the insured partner passes away before the policy term expires, then the surviving partner is entitled to the um assured benefit amount.

Payout Options Under Joint Life Term Insurance Plans

When it comes to claim payouts, there are various options available under joint term insurance policies. In case of demise of one insured partner, and depending on the type of payout option that has been chosen, the surviving policyholder can choose from the following options:

  1. Receive the sum assured benefit amount in lump sum, following which the policy will terminate.
  2. Receive the sum assured benefit amount, after which the policy will continue, either with or without waiver of future premiums. The policy will terminate either when the last surviving insured partner dies, or the policy tenure gets over, whichever happens earlier.
  3. Some policies will provide the surviving insured policyholder with the life cover amount, along with regular payouts for a fixed time period.

Joint Term Plans Versus Individual Term Plans

Criteria Joint Term Plan Individual Term Plan
Coverage Both partners are covered under a single policy. Each partner takes an individual policy.
Sum Assured The collective sum assured is decided based on the yearly income of the policyholders. Both partners are usually covered under the same terms. Sum insured is decided based on the policyholder’s annual income.
Death of one insured partner Depending on the plan that has been chosen, the payout will be made to the surviving partner. Policy continuance will depend on the type of plan that has been chosen. The complete sum insured amount will be provided to the nominee names in the policy, following which the policy terminates. The surviving partner continues to be insured as they are covered under a separate plan.
Death of both insured partners If both partners have perished, the sum insured amount will be provided to the legal heir named in the joint life term plan. If both partners have taken individual policies, each policy will provide the sum assured payout to the legal heir named in the policy.
Divorce In case of divorce, the insurer must be contacted to find out if the policy can be split to be continued. If both partners have taken individual term plans, then there is no change. Only change required in this case may be for the nominee details, in case the spouse has been named as the nominee under the policy.

Suitability

Joint life term plans Individual term plans
These plans are suited for:
  • Partners who are of approximately the same age
  • Middle aged couples who want to save on policy premiums
  • Partners who have matching lifestyles – smokers, non-smokers, etc.
These plans are suited for:
  • Those who have recently started working and are supporting dependents
  • Couples with a wider age difference since the combined premium may be lower than what may have to be paid by the older partner

Individual Term Insurance V/s Joint Life Term Insurance Reviews

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  • Kotak Life Life Insurance
    "Excellent"
    0.5 4.5/5 "Excellent!"
    I am a employee of Kotak Life and have taken one policy for saving also company has provided me a policy. It is a long term policies. The tenure period is 15 years. I pay the premium of 18K yearly through online or sometimes cash. The online app is good and the transactions are done immediately.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 23, 2019
  • Birla Sun Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have applied my life insurance with birla life, there agent was good, they have explained me clearly about the policy benefit, and there coverage, and the premium amount they have charged me was nominal, it was on yearly basis , and i use to pay premium through on line.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 23, 2019
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my life insurance with HDFC LIFE from long time, and I itself have applied for this insurance is i have knowledge regarding this,and there premium amount they have given me was nominal ,i use to pay up to 3500 as an premium on yearly basis,and there is no hidden charged , and i pay premium through on line.
    Was this review helpful? 0
    , jaipur
    Reviewed on Jan 23, 2019
  • ICICI Prudential Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my life insurance with ICICI prudential ,i took this insurance long bank , and i was agent and previously i was Ex -employee for them ,so i have knowledge about the insurance which insurance will be best ,and i pay premium on yearly basis, i use to pay through on line mode.
    Was this review helpful? 0
    , jaipur
    Reviewed on Jan 23, 2019
  • LIC Life Insurance
    "Good "
    0.5 4.5/5 "Excellent!"
    I have one LIC policy and its a term plan which was taken in the year of 2000 through an agent. I am happy with the service and the benefits are good. Am paying the premium of 25K per year through online. The sum assured value is 5L and I need to pay the premium till 2020.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 23, 2019
  • LIC Life Insurance
    "Not satisfied"
    0.5 3.0/5 "Satisfactory"
    I am having LIC policies and am using the service for more than 10 years. I only visit the branch and never contact the customer care center. I think its a money back policy and need to pay only once. I have paid the premium of 45K for 3 years through cheque. The benefits are below average.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 23, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    My life is insured with LIC from last 12 years and it is a money back policy. I get money back after every 5 years in this policy. I pay my premium once in 6 months and i am convenient with the payment options. Tenure period for this policy is after 30 years.
    Was this review helpful? 0
    , surat
    Reviewed on Jan 23, 2019
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance policy with LIC from last 15 years and it is a long term policy. My premium amount is auto debited from the salary account for this policy. I am happy with the returns and benefits of this policy. This policy will get matured at 2028.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 23, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have a life insurance policy with LIC from last 8 years and it is a money back policy. I get money back after every 5 years and this policy is for 20 years. I pay my premium on annual basis through online and i get good returns after maturity period.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 23, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 3.5/5 "Pretty good"
    I have taken Jeevan bheema from Lic as its been Government institution , so the assurance is there regarding the policy benefits , I used to get income tax benefits I make the payments through auto debit option overall am pretty much satisfied with the service and response. .
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 23, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 3.5/5 "Pretty good"
    I took this Life insurance Money back policy from Lic insurance company mainly because of the good returns, its long tenure period of 20 years , the payment can be done through only payments Quarterly . The best about the policy is claim rate is high compared to other policy available in the market. There customer service and customer response is good .
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 23, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 3.5/5 "Pretty good"
    I took life insurance jeevan saral policy from life corporation of India . I already paid for few years . As the policy coverage of good sum assures amount , which was my first policy at my initial stage . It has good benefits like accidental coverage and critical illness coverage . The tenure period is 25 years . Overall am satisfied with my policy
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 23, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 3.5/5 "Pretty good"
    I took this life insurance jeevan anand policy from Lic insurance company mainly because of the good returns. The tenure period is 20 where i already made the payment for first 2 yeairs . Am doing my payment yearly through online banking this policy covers accidental benefits and critical illness .
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 23, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my life insurance with Life insurance corporation of India, there service is good, the agent had explain me about the policy coverage,and about plan benefits clearly, and the premium amount they have charged me on yearly basis, and they have charged me up to 3000 it is nominal , and premium amount i use to pay through on line.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 22, 2019
  • Birla Sun Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my life insurance with Aditya birla , there service is they provide me was excellent, till now i have not face any issue in that, there premium amount they have charged me in monthly basis,they have charged me up to 6200, and it is nominal to me , the agent had explain me about the policy coverage and plan benefit properly,i use to pay on on line mode. overall service is good.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 22, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have purchased my money back policy long bank and twice i have received the cash in my account without giving any request and I'm quite happy about the received sum assured amount. I pay the premium amount of Rs. 600 every month. I make the premium through online.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 22, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    Bought my life insurance policy from LIC. I have chosen the plan called Jeevan Anand. This is the tax benefits policy. I pay the premium amount of Rs. 1000 every month with the tenure period of 2.5 lakhs. This is a 15 years tenure period policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 22, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have bought the life insurance policy in the year of 2011. My agent has suggested me about this policy. I have been paying the premium amount of Rs.10300 through ECS. I have chosen the mode of annually. Overall, I'm satisfied with the LIC policy.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jan 22, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    Purchased my money back from LIC. I have selected the LIC company for my policy its because of the better option. They are providing various payment mode facilities. I'm satisfied with the sum assured amount and LIC customer care service is really fine.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 22, 2019
  • Kotak Life Life Insurance
    "Good Insurance Policy"
    0.5 4.0/5 "Great!"
    I have purchased a accidental covered policy from Kotak Mahindra bank. Kotak gives more online services and the app is really good. I have got this policy 5 months back. I made a premium amount of Rs. 1200 and this policy covers only for me. I have not claimed anything in this policy so far.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 22, 2019
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