Joint-life plan offers shared cover

The premium is less than that for two separate term plans

- SAIKAT NEOGI

A JOINT-TERM LIFE insurance policy provides smart and affordable financial protection for both spouses in the event of either partner's death. Couples can save up to 30% on premiums compared to the cost of two individual term insurance policies.

A joint-term life insurance policy is ideal for young couples, with a small age difference. Since the policies are underwritten based on the health of both individuals, premiums may be higher if either partner is older or has pre-existing health conditions. In case of death of one partner, the sum assured goes to the surviving partner which helps the family to meet living expenses, children's education or repayment of loans. In case both policyholders pass away simultaneously, their children will receive the sum assured.