Is It Beneficial to Buy Joint Term Insurance Plan in India?

There are various life insurance companies that offer joint term insurance plans for couples. The logic behind most modern Indian couples opting for it is that it is a cheaper way to gain the advantages of term insurance sans the hassle of paying for two separate plans. But are joint term insurance plans really beneficial?

The biggest difference between a joint term insurance policy and level term insurance is that while in the former both partners of the couple qualify as owners and beneficiaries of the death benefits predetermined while buying the plan, the latter allows only the nominee(s) of the policy to avail the life cover. Though the craze for joint term insurance plans seems to gain steam gradually, a detailed examination of the same would enable to understand if the benefits promised are really worth the price paid for them.