Joint Life Policy

A joint life policy provides well defined coverage for two or more people. It can be a universal or whole policy and not much different than other life insurance policies. These different policies are designed with more acceptable and flexible options for the common people. Our knowledge about life insurance policies are often limited, so a better understanding about the policy is indispensable. The joint life policies offer maturity benefits to the policyholders and it do not have the common risks of all other life insurance policies.

The right insurance plan for you is best selected according to your age. It will depend on your financial state as well as marital state. Taking into consideration on what stage of life you are at, you can decide which plan is best for you. The joint life insurance policies are meant for married couples, but the joint members need not be spouses. This policy is also taken by the business partners for their business benefits. It protects two people but the value of the policy is paid only after the death of either insurer. The joint life policies in India are selected by the couples according to the income level of the couples. If only one among the couple is an earning member, it is preferred to go for a single life insurance.

There are different levels of joint life insurance.

Level Term Assurance

The basic level of a joint life policy is level term assurance where the paid out is made when one of the policyholder dies. If the policy is not continued and surviving spouse dies, then no payments will be received.

Decreasing Term Assurance

It is the insurance which usually protects the mortgage. It basically covers capital and interest, it is all payable when one of the policyholder dies.

Critical Illness

When one of the policyholder is diagnosed of any critical illness, the policyholder is benefited. The critical illness may be heart attack, stroke or cancer.

The joint policies are of two types, the joint term life policy and whole life policy. Term life policy has a definite premium and is taken for a specific term. But the whole life policy is a type of permanent life insurance.

The joint life policies in India are reasonably priced and have a fixed premium. It protects both the policy holders and is a great help for couples and business partners. It will also benefit the children if a policyholder dies.

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