FAQs November 26, 2018

Since it is joint, the premium is also paid jointly by the couple instead of each of them paying their premiums separately for two different policies. This means that in the event of unfortunate death of one of the partners, the surviving partner can claim the death benefits, a post which the insurance policy expires. The additional benefit of premium waiver, i.e., the surviving spouse does not have to pay the future premiums to keep the policy in force also makes it desirable in many cases.

Apart, when the couples buy a joint term insurance plan and appoints their child as the nominee, then the child would be handed over the death benefits in the event of the parents’ death. The death benefits received a lump sum amount or as regular monthly installments can be used to fund the child’s education while also meeting other needs.

Examples of joint term life insurance policies for couples are listed below:

  • Bajaj Allianz iSecure Insurance Plan
  • HDFC Spouse Term Assurance Plan
  • Aegon Religare iSpouse Plan

Though couples can buy these policies both in the online or offline mode, the couples would still require to submit their documents in person.