Benefits of Joint Term Insurance With Spouse
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Joint term insurance is a type of term insurance in India that provides both the spouses the required life insurance cover, under a single insurance policy. These plans provide adequate protection to the couples at affordable premiums and hence is a preferred choice for many especially after the outbreak of COVID-19 pandemic.
There are several insurance companies in the market that offer these plans, which you can find at InsuranceDekho. But first, it is important to understand why going for joint term insurance plans is a better choice than opting for separate term insurance plans. Listed below are the reasons for the same. Read on to understand them and make the right buying decision:
1. Increased Convenience
People often find it daunting to undergo the paperwork associated with buying a term insurance policy. And if you buy two separate term insurance plans instead of one, then this paperwork only increases. This is why it is recommended to buy a joint term insurance policy for self and spouse, as it ensures lesser paperwork. Also, as in a joint term insurance policy, the terms and conditions specified are the same, hence you are required to understand the policy only once, which makes it easier for you.
2. Increased Sum Assured
Another benefit of choosing joint term insurance policy is that it offers increased sum assured to the beneficiaries in case of an unfortunate event of death of either of the spouses. In this case, for instance, the children are the beneficiaries and the spouse dies, then the children will receive the sum assured, even if the sum assured was already paid in case of death of the other spouse earlier. So, joint term insurance policy is recommended to avail greater benefit in case of a misfortunate event.
3. Economic Premiums
Term insurance plans can generally be purchased by paying affordable premiums. However, buying separate term insurance plans can cost you more as compared to buying a joint term insurance policy that covers you as well as your spouse. Hence, for spules, it is recommended to go for a joint term insurance policy as it would be a more viable option instead of buying two separate plans and paying a higher premium.
4. Waiver of Premium
Another benefit of buying joint term insurance plans is that in case one of the spouses die, then the other one gets a waiver of premium. This means that he/she is not required to pay the policy premium anymore in order to keep the policy active. Despite not paying the premiums, the spouse will be able to claim policy benefits and the dependents will be able receive the sum assured in case of a misfortunate event of death.
Bottom Line
Considering the fact that the future is unpredictable, it is recommended for the couples to own a joint term insurance policy to prepare for contingencies in life. But before buying one, they should analyse their requirements, compare different joint term insurance and then shortlist the most suitable one as per their budget and requirements. Rest assured, the policy will offer the beneficiaries financial help in case of a misfortunate event of your or your spouse’s demise.
Do not forget to read: Considering Rs. 75 Lakh Term Insurance? Here's What You Must Know About It
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
