Joint Life Policy: Joint policy is a facility in which two people are covered under one policy. It is completely different from term plan. In a term plan, one person gets cover, but in a joint policy, both the people have the facility of cover. Now these questions must be arising in your mind whether it is necessary to take a joint policy and what are the benefits of taking it. Let us tell you about it in detail today.
The term of a joint plan can be from 10 to three years. Its premium is decided on the basis of age and health of the partners. If a couple takes a joint policy at a young age, then they have to pay a lesser amount of premium. If one of the people coming under this policy dies, then the other living person gets full cover.
Special things related to joint policy-
low pay high profit
Taking a joint policy is more beneficial than having two endorsements or a single policy. In this, not only the amount of premium has to be paid less, but the cover is also available more.
don’t depend on anyone
In the joint policy, if one person dies suddenly, then his partner does not have to depend on his relatives or outsiders. For example, if the husband dies, the wife will remain independent even after death. In such a situation, the joint policy provides complete financial protection to the other partner.
Security of loan cover
If you want to get loan insurance cover on joint term insurance policy, then here you get the facility of the same. In the event of the death of one person in the joint policy, the loan or loan received from the insurance company will prove to be helpful in repaying it.
Facility to end joint policy
Often, later on, people develop estrangement or get divorced, due to which they do not want to continue paying into the joint policy. In such a situation, you can also get the joint policy converted into a single policy after a certain period.