Joint Life Insurance Policy – Everything You Need to Know What is Joint Life Policy – Meaning, Types & Benefits Details Joint life insurance policies have become very popular and knowing more about them can help you too in making the right policy purchase. What are joint life insurance policies? A joint life plan can be defined as a plan that offers coverage to two individuals at the same time. Normally these policies are offered to wives and husbands. Such policies guarantee the financial security of the family in case one of the two policyholders dies within the policy coverage period. However, you have to make sure that you are paying the premiums of these policies as per...
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What factors affect the cost of life insurance? Factors affecting the cost of life insurance include your age and health, and the amount of insurance you choose based on your life situation. See the table below for examples of the cost of life insurance for one person or as joint cover for two persons, and how the insurance amount is affected if you are a prime customer of Pohjola Insurance or an owner-customer of an OP cooperative bank. Right now, you can get a 20% discount on new life insurance policy premiums for the first 12 months. The offer is intended for personal customers and is valid until 31 August 2022. Venla, 29; an OP cooperative bank owner-customer Venla has a 3-year-old...
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A term insurance policy has become a quintessential requirement for modern-day individuals who are still reeling from the after-effect of the pandemic. Gradually, the awareness about term insurance plans is increasing in India. As per a survey called Max Life India Protection Quotient 2.0, compared to 2019, the India Protection Quotient (the degree to which Indians feel secured in an emergency) has gone up by 2 points to stand at 37. 55% of urban India feels that they are not adequately protected. This has, further, made term plans popular. Even insurance companies are offering innovative term insurance plans to provide comprehensive coverage to policyholders. One such innovation is joint...
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Best Term Insurance Plan for Couple A joint term insurance plan is taken by a couple. It is a single life cover that offers protection for two people. There are many advantages to buying such a plan. Take a look at this article to know more about the best term insurance plan for couple and see which policy you want to opt for. Some of the Best Term Insurance Plans for Couples Here are some excellent options for you to choose from: HDFC Term Assurance Plan Benefits of the Best Term Insurance Plan for Couple Joint Cover The biggest advantage of buying a joint term life cover is that you get a single cover for both yourself and your wife. You do not need to buy two separate covers....
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Types of joint life insurance cover Joint life insurance can be purchased as one of three main types of cover: Decreasing term cover (also known as mortgage life insurance) Term life insurance provides coverage for a set period - or 'term length'. When taking out a policy you and your insurer agree to a set period (i.e 30 years). Your loved ones will only receive a pay-out providing you or your partner die within the policy term. However, if you survive the policy term then the policy ends and you won't receive a pay-out when you eventually die. Whole life insurance - also known as 'whole of life insurance' covers you for the rest of your life - so long as you keep paying your monthly...
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Is joint life insurance right for your family? It’s an important question to think about, especially when you have a partner and kids who depend on you. “When one spouse or partner in a relationship dies before another, financial difficulties from loss of income are the last thing anyone wants to deal with,” explains Time Magazine. The good news is that getting the right coverage to protect your family is easier than you think. Couples can opt for separate policies or joint life insurance. There are benefits and drawbacks to both, so let’s examine both and see which works better for your family. For many couples, a joint life insurance policy is one worth considering when looking into life...
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One of the types of term insurances in India for couples is a joint term insurance, wherein life insurance cover is provided to both spouses under a single insurance policy. Purchase of term policies have surged by 25% since the outbreak of COVID-19 pandemic. This proves the increased need of protection . With evolving times, especially with the number of working couples rising, the need for joint life covers is also increasing . More people are buying bigger life insurance covers, post COVID-19. This means people are not just looking for protection, but adequate protection Various insurance companies offer a host of term plan benefits, and couples can opt for a suitable plan based on their...
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Term insurance is the purest type of life insurance that provides coverage for a specified “term” of years. A fixed death benefit is paid to the nominee in the event of the insured person’s unfortunate death during the period specified in the policy. A term life insurance is an affordable option and has great coverage, due to which it is liked by people who wish to secure their families financially in the future. It provides a high lump sum claim at a very low premium rate. Many riders or value-added benefits can be combined with a basic term plan. Joint term insurance is a relatively new concept. It started developing after women started joining the workforce. Since women also contribute...
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There are a host of potential pros and cons to single and joint life insurance that you need to consider before applying for cover. What’s the difference? A single life insurance policy only covers one life, so if both members of the couple want cover then they will each need to take out their own policy. The alternative is to go for a joint life insurance policy. Both lives are protected by the policy, with a payout generally made after the first partner dies during the term. One factor for any couple to consider when arranging their cover is the cost. There are all sorts of different factors that go into determining the cost of any life insurance policy, whether for an individual or...
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As a newly married couple, you would be excited about starting your life together. There is a world of opportunities out there for you, now that you are a team. While it is exciting to embark on this new journey together, it is prudent to be prepared for any mishaps in life. If 2020 and the Covid-19 pandemic burnt one lesson in our minds, it is that life can be unpredictable. It is for these unpredictable moments, that a term insurance becomes critical. However, what is term insurance? It is a simple life insurance plan that provides an assurance of a pre-determined pay-out to the nominees of a policyholder, in case of his or her untimely demise during the policy term. With the evolving...
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