Joint life insurance plans

Joint life insurance plans 

• Joint life insurance plans offer insurance coverage for two persons under one policy. This plan is ideal for married couples or partners in a business firm. 
• With some joint life insurance plans the death cover (sum insured) is payable on the death of the first joint policyholder and then again on the death of the surviving policyholder, along with the accumulated bonuses up to that date, if the death of both the policyholders happens during the tenure of the policy. 
• If both the joint policyholders survive until maturity or one of the joint policyholders survives until the maturity of the policy, then the maturity benefit along with the bonuses accumulated until that date is paid. 
• For some joint life policies the premiums have to be paid until the selected term or premium payment ceases on the death of the first joint policyholder. 
• In the case of joint life policies each life will be underwritten separately.

Anand Khemka
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