Joint Life Insurance Policy in India
Joint life insurance policies are alike to donation policies as they too present prime of life benefits to the policyholders, separately form covering risks like all life insurance policies. But joint life policies are categorized unconnectedly as they cover two lives simultaneously, thus offering a unique advantage in some cases, notably, for a married couple or for partners in a business firm.
Under a joint life policy the sum assured is payable on the first death and again on the death of the survivor during the term of the policy. Vested plus would also be paid besides the sum assured after the death of the survivor. If one or both the lives stay alive to the maturity date, the sum assured as well as the vested bonuses are payable on the maturity date. The premiums payable cease on the first death or on the expiry of the selected term, whichever is earlier.
