Joint Life Insurance Policy, India

Joint life insurance policies are similar to endowment policies as they too offer maturity benefits to the policyholders, apart form covering risks like all life insurance policies. But joint life policies are categorized separately as they cover two lives simultaneously, thus offering a unique advantage in some cases, notably, for a married couple or for partners in a business firm.

Under a joint life policy the sum assured is payable on the first death and again on the death of the survivor during the term of the policy. Vested bonuses would also be paid besides the sum assured after the death of the survivor. If one or both the lives survive to the maturity date, the sum assured as well as the vested bonuses are payable on the maturity date. The premiums payable cease on the first death or on the expiry of the selected term, whichever is earlier.

Accident benefits equivalent to the sum assured are available under Joint life insurance policies on the first death. In case both the lives are covered under Double Accident Benefit (DAB), the surviving life is covered under DAB until the end of the policy year, in which the first life dies under the cover of the policy.

Both the policy holders can avail these benefits, if

Joint life insurance policy is ideal for married couples as it provides financial security and risk protection to both the individuals